New York’s OTB buys itself a one-year reprieve

ElectricChairSo after months of panicked negotiations, veiled threats and predictions of armageddon, New York’s troubled OTB has come up with a scheme to extend its miserable life for another 12 months. How’d they pull it off, I hear you asking, when New York governor David Paterson refused their requests for a bailout? Well, to begin with, OTB has decided to stop paying its creditors, at least for the interim. Fuck me, that’s brilliant. Think I’ll tell the bank not to expect my mortgage or car payments this month and see what happens. Read more.