New York Tobacco Debt Gets Boost From Arbitrator Ruling

On September 16, 2013 by admin

The Islanders are due to move into the building at the start of the 2015-16 season. (Photo: Bruce Bennett, Getty Images) Story Highlights The Islanders opened training camp Thursday at Barclays Center Islanders will move to Brooklyn for the 2015-16 NHL season An earlier move is still possible if adjustments could be made to the Islanders’ lease SHARE 6 CONNECT 4 TWEET COMMENTEMAILMORE NEW YORK (AP) The New York Islanders rode the train from Long Island to Brooklyn a trek they hope many of their fans will take once the club moves there in two years. Training camp opened for the Islanders on Thursday at Barclays Center, which will become the team’s new home for the 2015-16 NHL season. The Nassau Coliseum will be a distant memory for the Islanders as they leave the aging building for the first time since they entered the league in 1972. “One word for it: beautiful,” team owner Charles Wang said. “When you look at what is going on here, it’s unbelievable. I am very happy as you can see from the smile.” NHL: Cleary to return to Red Wings He stopped short of comparing this day to other big ones in his life. “I’m ecstatic today. Is it happier than the day I got married?” Wang asked, before an answer was drowned out by laughter. “You enjoy that moment. I have a big smile on my face.” One by one, the players left the Long Island Railroad train that carried them from Garden City, N.Y., to Brooklyn on Thursday morning. They were decked out in their jerseys and received a warm welcome as they approached the sparkling new arena.

New York at Boston

The Red Sox honor Mariano Rivera with a pregame ceremony in his last scheduled trip to Fenway Park.  (USATSI)

Eight other states won decisions yesterday over the disputed payments, while six lost, Larkin said. Besides New York, three of the winning states — Ohio , Illinois , and Iowa — have issued tobacco bonds, he said. None of the states that lost issued them, he said. Prices on Ohio tobacco bonds maturing in 2034 rose in trading today to about 73 cents on the dollar from 71.5 cents yesterday, according to data compiled by Bloomberg. The prices are based on trades ranging from $2.4 million to $5 million. Health Costs The 46-state tobacco settlement in 1998 required the companies to make annual payments to resolve their liability in health-care cost litigation. Some states and municipalities borrowed against the payments, which are based on cigarette shipments. Most of the tobacco bonds graded by rating companies are ranked below investment grade. A dispute between the tobacco makers and states later arose over more than $7 billion due under the deal for the years 2003 to 2012, stemming from claims that market-share erosion reduced the companies obligations. High-yield tobacco bonds have lost 15.4 percent this year, compared with a 5 percent drop for the broader municipal-bond market, according to Barclays Plc (BARC) data. Indian Sales In New York, the disagreement centered on the states policy of not taxing cigarette sales on Indian reservations. The state didnt collect payments from companies that didnt join the national settlement on reservation sales.

Boston added two more in the sixth and two in the seventh to win for the 10th time in 12 games and 17 of their last 21. They have beaten the rival Yankees six times in seven games over 11 days. Buchholz gave up four walks and an unearned run while striking out three. Since coming off the DL, where he spent more than three months with a strained neck, he has allowed five hits and zero earned runs in 11 innings to lower his ERA to 1.51. He is the first Red Sox pitcher to win his first 11 decisions since Roger Clemens started 14-0 in 1986. Notes Napoli was ejected by home plate umpire Ron Kulpa for arguing a called third strike in the sixth inning. It was the first ejection of Napoli’s career. The strikeout, his second of the game and 178th of the season, broke Mark Bellhorn’s franchise record for a season. … The Red Sox are the first team to beat the Yankees 13 times in a season since the Baltimore Orioles went 13-5 against them in 1976. …

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