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Judge wants more proof

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March 07, 2006 Send To A Friend  | Print View

According to the Syracuse Post-Standard a federal bankruptcy judge on Friday asked for more proof that a company bringing Vernon Downs racetrack out of bankruptcy has enough money to pay creditors.



Judge Stephen Gerling ruled that a letter submitted by Vernon Downs Acquisition, saying it has received $5 million from an investor and has a commitment for an additional $15 million, isn't proof enough. The court had ordered Vernon Downs Acquisition to have $15 million on hand by Monday.



Jeff Gural, a New York City real estate investor who is leading Vernon Downs Acquisition, said Monday he deposited the necessary funds and would provide an affidavit to the court certifying it.



In related news, the Harness Horse Association of Central New York has asked a judge to order Vernon Downs Acquisition to pay it $384,000 from the track's purse reserve account. The judge will hear the argument Thursday.

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