Angel investor could rescue RSI
By maddy
Racing Services Incorporated (RSI), which provides online information on thoroughbred racing was recently charged with 12 counts related to money laundering, illegal gambling and accusations of taking more than US$99 million in wagers at an unlicensed gambling site in south Fargo between October 2003 and April 2004.

The state of North Dakota claims it's owed nearly US$6.5 million in overdue taxes from the unreported wagers, making it RSI's largest creditor. The beleaguered simulcast sports-betting business could be seeing good times soon.

A judge has delayed the liquidation of Inc. by one week after a potential buyer emerged for RSI. ‘A group of investors led by horse industry veteran Richard Mullikin of Kentucky is interested in buying RSI,’ said Fargo attorney John Goff said in US Bankruptcy Court in Fargo.

A letter from Mullikin’s attorney offered to wire US$40,000 to a trust account to indicate Mullikin's ‘bonafide interest’ in buying all or some of RSI's assets.

Judge Goff said that Mullikin and his investors are interested in at least the three betting sites in South Dakota for which RSI provides racetrack signals.

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