Ryan Conley

MEC: Other Assets to be Sold Separately

MEC: Other Assets to be Sold Separately

Several assets owned by Magna Entertainment Corp. will apparently be offered separately for sale from a $195-million "stalking horse bid" its parent company has tendered in relation to MEC's Chapter 11 bankruptcy filing March 5.

Third Director in a Month Leaves MEC

Anthony R. Campbell has resigned as a director of the board of Magna Entertainment Corp., the third director to leave the company in a month, and the second in the span of five days. In separate filings with the Securities and Exchange Commission, company officials said they were engaged in discussions over potential "in-court or out-of-court" reorganizations.

MID Shareholder: Foreclose on MEC Loans

MID Shareholder: Foreclose on MEC Loans

A prominent shareholder is asking MI Developments to foreclose on loans it has with its subsidiary Magna Entertainment Corp., if and when those credit agreements go into default, in hopes of recouping some of its investment in potential bankruptcy reorganization.

Judge: 'Tough Issues' in CDI Lawsuit

Judge: 'Tough Issues' in CDI Lawsuit

A federal judge presiding over the antitrust lawsuit filed by Churchill Downs Inc. against horsemen's groups basically said Feb. 19 he has his work cut out for him in trying to resolve the complex issues involved in the case.

MEC Reorganization Plan Scrapped

MEC Reorganization Plan Scrapped

Magna Entertainment Corp. said Feb. 18 it might not be able to meet pressing financial obligations unless alternative measures are found, a revelation disclosed following the sudden halt of a controversial reorganization proposal for the company and its controlling shareholder, MI Developments.

MEC Files Suit over Rejected Slots Bid

Magna Entertainment Corp. has filed a lawsuit over its rejected bid for a slots license in the state of Maryland, and is asking a state circuit court to grant injunctions stopping the process from going forward until its legal challenges have been resolved.

Greenlight Rips MEC Reorganization Plan

Greenlight Rips MEC Reorganization Plan

A longtime adversarial shareholder in MI Developments has blasted the latest reorganization proposal to spin-off subsidiary Magna Entertainment Corp., a plan which includes $75 million in funding for a potential slots parlor at Laurel Park in Maryland.

PNGI 'Not Enthused' About Maryland Slots

After absorbing a $378.6-million loss in 2008's fourth quarter alone, Penn National Gaming Inc. posted an annual loss of $153.3 million for the year, and said while it isn't "enthused" about developing a potential new slots facility in Maryland, it will pursue those plans.

Jury Gives Mixed Results in Singer Trial

After deliberating late into the night of a rare Saturday trial session, jurors in a Kentucky state court trial partially sided with Paula Singer in a wrongful-termination action by delivering a judgment of $47,417 against a prominent equine insurance agency and former boss Richard Vimont, but awarded her no punitive or emotional distress damages.

'Chilling' Tales Told at Kentucky Trial

In a Kentucky court trial interrupted for two days by a paralyzing ice storm, jurors returned to hear chilling testimony that a manager was fired from her job with an equine insurance agency because she terrorized her staff, and not because she was on the verge of discovering an international scheme of fraud.

Kentucky Trial: Insurance Fraud? Or Not?

Jurors in a Kentucky state courthouse are basically asked to believe one of two things pertinent to a civil lawsuit being tried there: Former Kentucky resident Paula Singer was either fired from Bluegrass Bloodstock Agency in 2001 for being a poor manager; or, that the former head of the company's equine insurance division was unjustly terminated because she was on the verge of uncovering a scheme of international fraud involving her boss.

TrackNet Signal Cut-Off Looms in Nevada

TrackNet Signal Cut-Off Looms in Nevada

Despite comments from TrackNet Media Group that negotiations are "going backwards" over issues involving racing signals to Nevada racebooks, the player on the other side of the table offered guarded hope matters can be resolved before a Jan. 25 cut-off deadline.

Caliente: Clean Bill of Health from TRPB

Mexico's Caliente Group, which for years has battled sometimes intense scrutiny of its South American bookmaking operation, has completed the comprehensive due-diligence process of the Thoroughbred Racing Protective Bureau.

TrackNet Poised to Cut Off Nevada

TrackNet Poised to Cut Off Nevada

TrackNet Media Group is poised to cut off its signals to more than 80 Nevada casinos Jan. 7 unless a new agreement is met for what the content company feels are more equitable fees.

CDI Lawsuit Active Despite Agreement

CDI Lawsuit Active Despite Agreement

While a signal deal has been struck between Churchill Downs Inc. and Kentucky horsemen for the Churchill Downs spring meet, still unresolved are claims and counter-claims in federal antitrust lawsuit featuring many of the principal parties.

TVG, NYRA Reach Signal Agreement

TVG, NYRA Reach Signal Agreement

TVG and the New York Racing Association have reached a two-year agreement on the distribution of NYRA signals, allowing Aqueduct programming to return to the horse racing network Jan. 3.

TVG Sale Now Targeted for 2009

TVG Sale Now Targeted for 2009

In announcing a deal to sell its TV Guide Network for $255 million, Macrovision Solutions Corp. said Dec. 18 it also hoped to reach a deal to sell the TVG horse racing network in early 2009.

Ocala Industry May Seek Racing Permit

Ocala Industry May Seek Racing Permit

Cognizant of negative dynamics hammering the racing scene in South Florida, leaders of the Thoroughbred industry harbored in the central part of the state are considering preemptive-strike plans to pursue a permit for pari-mutuel meets to be run in the Ocala area.

Cushion Track Blames Others for SA Woes

Cushion Track Blames Others for SA Woes

Cushion Track has answered speculation it would add third-party defendants to it case with the Los Angeles Turf Club, charging several contracted companies with fault in the development of the former troubled synthetic surface at Santa Anita Park.

Judge Rules for Fulton in Stallion Suit

A Kentucky state judge has ruled on a summary judgment in favor of Stan Fulton in his lawsuit against Stonewall Farm Stallions, saying the stud farm owes the horseman and racetrack owner more than $800,000 on the sale of sire It's No Joke.

Jockeys' Guild Bankruptcy Plan OK'd

Jockeys' Guild Bankruptcy Plan OK'd

A Kentucky federal judge has confirmed the reorganization plan which will allow the Jockeys' Guild to emerge from bankruptcy, a little more than 13 months after the protective action was taken, and just days before the group's annual national assembly in Las Vegas.

Judge Jump-starts ClassicStar Litigation

Judge Jump-starts ClassicStar Litigation

More than two years after the first federal lawsuits were filed in connection to the former ClassicStar broodmare lease operation, efforts are being made to clear legal logjams that have impeded resolution of now multiple disputes.

PNGI Seeks Dismissal of Shareholder Suit

Penn National Gaming Inc. has asked a Maryland federal court to dismiss a lawsuit brought against the company for alleged securities violations inherent to its failed buyout deal earlier this year, claiming the legal action is an attempt by the plaintiffs to recover bad investment decisions.

Cushion Track Countersues Santa Anita

Cushion Track and related defendants have filed a counterclaim against the Los Angeles Turf Club and its general counsel in the lawsuit over the troubled former synthetic surface at Santa Anita Park, asking a California federal court to award it at least $1.3 million in damages.

Youbet Reaches Settlement in IRG Deals

Youbet Reaches Settlement in IRG Deals

Youbet.com said Nov. 19 it has settled several disputes with the former owners of defunct off-shore wagering entity International Racing Group, a deal which features both cash and stocks changing hands, and mentions that a federal investigation into IRG may still be active.

Fair Grounds ADW Deal: Good or Bad?

Fair Grounds ADW Deal: Good or Bad?

A recent deal that allowed expanded distribution of the Fair Grounds racing signal was hailed by some as a step forward in the months-long nationwide dispute between horsemen, racetracks, and advance deposit wagering entities. But some horsemen's groups are categorizing the development as a step backwards in an overall plan to secure higher revenue shares for purses from a growing wagering segment.

OK of Guild Bankruptcy Plan Expected

OK of Guild Bankruptcy Plan Expected

Confirmation of a plan allowing the Jockeys' Guild to emerge from bankruptcy was delayed for at least a couple of weeks during a Nov. 17 hearing in a Kentucky federal court, but the judge presiding over the Chapter 11 reorganization said he expects to approve the necessary order when it crosses his desk.

Jackson Makes Bid for Curlin Interest

Jackson Makes Bid for Curlin Interest

Jess Jackson is involved in a private bid to buy out the 20% minority interest he doesn't control in reigning Horse of the Year Curlin, but actions in a Kentucky court Nov. 13 on the surface probably won't help speed a decision on the champion colt's future.

FG Signal Going to Youbet, But Not TVG

FG Signal Going to Youbet, But Not TVG

The signal for the Fair Grounds race meet starting Nov. 14 will be available to a wider variety of advance deposit wagering outlets, a group that does not include TVG, Churchill Downs Inc. announced Nov. 12.

Inside Track: Capturing the Spirit

Inside Track: Capturing the Spirit

What started as a simple conversation 13 years ago with the then chairman of Ocala Breeders' Sale Co. has turned into an extended labor of love for artist Catherine Goldman-Bloomfield - nearly 2,500 square feet of painstaking Thoroughbred painting excellence.

Deal to Sell TVG in 'Final Phases'

Deal to Sell TVG in 'Final Phases'

TVG has been classified as a discontinued operation by parent company Macrovision Solutions Corp., which says it in the "final phases" of negotiations to sell the horse racing network.

No Acceptable Bids for Curlin Interest

No Acceptable Bids for Curlin Interest

The sealed-bid process for selling the minority interest in reigning Horse of the Year Curlin failed to produce an acceptable bid, but private negotiations will continue for the 20% ownership held by Midnight Cry Stable.

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