As Cablevision posts a first quarter loss of $118 million, they will also have to pay a $35 million bond in order for a State Supreme Court judge to proceed with Cablevision's lawsuit against the MTA and the Jets over the West Side railyard bidding. Justice Herman Cain said, "The understanding is the bond will protect the MTA against any loss it sustains" and Gothamist is glad there is a bond - the MTA can't afford to lose any more money as is. Justice Cain, who hasn't (as far as we can tell) asked other groups, like the Straphangers Campaign and Transport Workers Union, who are suing to stop the MTA-Jets deal to post bonds; Justice Cain is supposed to make a decision about whether the biddind was fair on June 2.
Cablevision Needs to Pay Bond for MTA-Jets Lawsuit
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