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Vernon Downs' Independent Auditor Quits

VERNON DOWNS, New York – As reported by the Associated Press: "The independent auditing firm representing the owners of the troubled Vernon Downs harness track have resigned because of the company's delinquency in filing its required financial reports with federal regulators, officials said Monday.

"Urbach Kahn & Werlin, an Albany, N.Y.-based certified public accounting firm, notified Mid-State Raceway Inc. of its resignation in a Dec. 11 letter to Jerry Mottern, chairman of the company's audit committee.

"Urbach Kahn & Werlin partner Paul Goetz said Mid-State officials were put on notice at an Oct. 16 meeting that the auditing firm was concerned about their failure to file several quarterly Form 10-Qs and an annual 10-K report with the Securities and Exchange Commission.

"…Last week, track President Hoolae Paoa turned over management of the 52-year-old track to racing director David Wilson while Paoa appealed the state Racing and Wagering Board's decision to deny him a racing license…"

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