A Closer Look at OTB's Bankruptcy

The New York City Off Track Betting Corporation is headed for Chapter Nine bankruptcy. Governor Paterson issued an executive order yesterday, clearing the way for reorganization; saying he didn't have much choice.

PTERSON: This is the only way that we feel that OTB can preserve its diversities and at the same time be a viable part of new york city's racing industry, this is an unprecedented move, this is a necessary move.

REPORTER: What drove New York City OTB to bankruptcy, and what would a reorganized betting corporation look like? WNYC's Ilya Marritz has been following this story and he joins us to discuss it.