04/15/2010 11:00PM

New York OTB offers withdrawal options


Customers who have money in accounts at New York City Off-Track Betting Corporation will be able to make withdrawals from their accounts for six days after the company closes - if the company closes.

According to a statement released by the company on Friday afternoon, in the event that the company shuts down as of the close of business on Sunday, six of its parlors will remain open to allow customers to cash tickets, redeem betting vouchers, and make withdrawals from accounts. In addition, the company's customer-service center in midtown Manhattan will remain open for six weeks following a closure to allow customers to conduct the same transactions.

New York City OTB filed for bankruptcy earlier this year. Account-wagering funds that are on deposit with the company are segregated from the company's operating funds and are therefore protected from any creditors or rulings of the bankruptcy court.

Ten days ago, the board of directors of the corporation postponed a plan to close as of April 11 by one week, with the new date for closing set for the close of business on Sunday. However, the corporation's board is scheduled to meet on Saturday morning at 11 a.m. to discuss a further postponement of the plan to close, based on ongoing negotiations with legislators on a rescue plan.