IN RE MID-STATE RACEWAY, INC.

No. 04-65746, No. 04-65745.

323 B.R. 40 (2005)

In re MID-STATE RACEWAY, INC., Debtor. v. In re Mid-State Development Corporation, Debtor.

United States Bankruptcy Court, N.D. New York.

February 11, 2005.


Attorney(s) appearing for the Case

Harris Beach LLP (David M. Capriotti, Lee E. Woodard, of counsel), Syracuse, NY, for debtor.

Menter, Rudin & Trivelpiece, P.C. (Mitchell J. Katz, Esq., Jeffrey A. Dove, Esq., of counsel), Syracuse, NY, for Vestin Mortgage, Inc.

Lackey Hershman LLP (Deborah Deitsch-Perez, Esq., of counsel), Dallas, TX, for All Vernon Acquisition, LLC.

The Towne Law Offices, P.C. (Michael Rhodes-Devey, Esq., James T. Towne, Esq.), Albany, NY, for Jeffrey Gural.

Pryor Cashman Sherman & Flynn LLP (Tina Niehold Moss, Esq., Dallas L. Albaugh, Esq., of counsel), New York City, for Raceway Ventures, LLC.

Green & Seifter, PLLC (Michael J. Balanoff, Esq., of counsel), Syracuse, NY, for Harness Horse Association of Central New York.

Hancock & Estabrook, LLP (Stephen A. Donato, Esq., of counsel), Syracuse, NY, for Official Committee of Unsecured Creditors.

Mc Namee, Lochner, Titus & Williams (Peter A. Pastore, of counsel), Albany, NY, for The Renaissance Companies, Inc., Esq.

Bond, Schoeneck & King, PLLC (Joseph Zagraniczny, Esq., of counsel), Syracuse, NY, for VIP Structures, Inc.

Costello, Cooney & Fearon, PLLC (Anthony R. Hanley, Esq., of counsel), for County of Oneida.

E. Lisa Tang, Esq., Delmar, NY, for Dominick Giambona.

Simpson Thacher & Bartlett (James G. Gamble, Esq., of counsel), New York City, for § 1104 Trustee Richard Breeden.

Guy A. Van Baalen, Esq., Utica, NY, Assistant U.S. Trustee.


MEMORANDUM-DECISION, FINDINGS OF FACT, CONCLUSIONS OF LAW AND ORDER

STEPHEN D. GERLING, Chief Judge.

Under consideration by the Court is a motion ("Motion") filed on January 20, 2005, by Mid-State Raceway, Inc. ("Debtor" or "Mid-State Raceway") and Mid-State Development Corporation (hereinafter jointly referred to as the "Debtors" seeking approval of postpetition financing to be provided by Jeffrey Gural ("Gural...

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