But the New York Law Journal suggests that chances are low:
Last year, 152 notices of appeal were filed in New York, according to a Court of Appeals spokesman. Of those, 70 were subjected to preliminary inquiries and of those 70, all but 10 were dismissed. The average length of time from a notice of appeal until oral arguments was seven months.
That means if the case does gets accepted, the delay could throw a monkey wrench into plans to have tax-exempt bonds issued by the end of the year.
Then again, I've been told, there are ways to have bonds issued but to put a hold on the process, thus raising costs for the borrower somewhat but not removing the substantial advantage--at least $150 million on the arena--such tax-exempt bonds would offer.