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Gural, Scott reach deal

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March 21, 2005 Send To A Friend  | Print View

According to a story in the Oneida (N.Y.) Daily Dispatch, Jeff Gural and Shawn Scott are close to reaching an agreement to help bring Vernon Downs' parent company of Mid-State Raceway out of bankruptcy. The story quotes Gural as saying, "We had some discussions and I'm hopeful we'll be able to reach an agreement. We're fairly close to reaching an agreement."



Gural added that the agreement is a "four-way settlement" between him, Scott, Raceway Ventures (which previously owned the track but could not get licensed) and Vestin Mortgage, which holds $26 million in Mid-State's debt.



The agreement calls for Gural to become majority stockholder and Scott to be bought out, however those numbers still have to be worked out between the parties.

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