The permit was denied by the Oklahoma Horse Racing Commission.
A "construction ini permanent loan" of $57 million for five years was arranged by through the Arab International Trust by Bankers' International Group Inc. of Annandale, Va., for the proposed Oklahoma Park, according letters from Kyle L. Doniff, president of Bankers' International.
The letters were included with other correspondence in the application submitted to the commission by John F. Wolcott Sr., Laurence W. Ritter and Gladys Ritter of Oklahoma Park Inc.
"We can nominate theled bank until the permit is issued per mandate requirement," said Doniff in a letter dates April 19. "The lead bank will be one of the following:
- "Dow Bank, Zurich, Switzerland.
- "Scandia Bank, Geneva, Switzerland.
- "Banque Nationale de Paris, Geneva, Switzerland."
The Arab Trust Co. was mandated for three months to arrange the $57 million loan at an interest rate of "LIBOR six months plus 1 1/2 percent per annum (9 3/16 plus 1 1/2 per annum on Feb. 15)," according to letters in the application.
The security against the loan was "a first trust property known as Oklahoma Park covered by a satisfactory financial guarantee bond," according to a letter from Pieter G. …