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Mid-State Raceway May be Going Broke

VERNON, New York – As reported by the Associated Press: "The parent company of the troubled Vernon Downs harness track may be days away from going broke.

"That's according to federal government officials, who say Mid-State Raceway could run out of money within the next week.

" It is essential that an independent party ... be appointed as soon as possible' to oversee Mid-State's finances, said U.S. Trustee Deidre Martini in papers filed Wednesday in federal bankruptcy court.

"Las Vegas investor Shawn Scott, president of Mid-State, sold his 52 percent of the company stock in April to a group of Florida investors.

"But after those investors couldn't get licensed, the stock came back to Scott, bringing him once again the controlling share of Mid-State, which had its license suspended in July and filed for bankruptcy in August…"

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