The New York Breeding and Development Fund Corp issued the following advisory:
“Please be advised that the NYS Thoroughbred Breeding and Development Fund is unable to disburse the 2009 30% withholding award amount due to NYCOTB’s Chapter 9 bankruptcy filing. The Fund remains a creditor in the bankruptcy proceeding and, pursuant to statute, must pay awards earned in 2009 (including the withholding amount) with revenue from 2009. When the Fund receives what it is owed from NYCOTB, then the withholding checks can be released.
Please note, however, that when the 2009 withholding checks are disbursed, breeder award recipients will receive approximately 97% of all that was earned (due to statutory cap) and open-company owner and stallion owner award checks will be funded at 100%. The Fund expects to be current in its 2010 award mailings.”
Source URL: http://www.nytbreeders.org/news/2010/03/08/ny-breeding-fund-2009-30-withholding-advisory/
Copyright ©2012 New York Thoroughbred Breeders, Inc. News unless otherwise noted.