The second New York off-track betting corporation to seek bankruptcy protection has filed a proposed schedule with a federal court to make good on its liabilities.
Wednesday, May 11, 2011Indianapolis Downs LLC, which operates Indiana Downs and its companion Indiana Live! Casino, said April 7 it has filed voluntary Chapter 11 petitions.
Thursday, April 07, 2011A U.S. District Court judge in Maryland Feb. 2 upheld the purchase of shuttered Rosecroft Raceway by Penn National Gaming Inc., which operates a casino in the state and owns 49% of the Maryland Jockey Club.
Wednesday, February 02, 2011
A federal bankruptcy judge Jan. 25 dismissed the shuttered New York City Off-Track Betting Corp.'s Chapter 9 bankruptcy case, rejecting a motion by a union representing more than 1,000 fired workers.
Tuesday, January 25, 2011Gastar Exploration Ltd. said it entered into a settlement agreement effective Nov. 1 regarding seven lawsuits tied to the ClassicStar mare lease program.
Tuesday, November 02, 2010A federal bankruptcy judge has ruled that simulcast providers owed money from tracks operated by bankrupt Magna Entertainment are entitled to funds they paid bettors but not reimbursement for fees and commissions.
Tuesday, September 21, 2010Seven creditors are negotiating to clear the slate on nearly $100 million in debt owned by the New York Off-Track Betting Corp.
Friday, August 27, 2010A major creditor of Richard and Audrey Haisfield's Stonewall Stallions and related entities has filed an emergency motion in federal bankruptcy court seeking to foreclose on the Midway, Ky., farm and stallions.
Tuesday, August 17, 2010
A group of creditors involved in the NYCOTB bankruptcy proceeding has suggested a number of changes, including a 1% surcharge on wagers, according to a June document.
Tuesday, July 27, 2010The New York Racing Association could run out of cash before July 1 under a doomsday scenario provided to its board of directors.
Friday, April 30, 2010
A Delaware Bankruptcy Court judge April 26 confirmed a reorganization plan submitted by Magna Entertainment Corp., parent company MI Developments, and a committee of unsecured MEC creditors.
Tuesday, April 27, 2010NYRA may get a $17 million loan to help its cash crunch. Meanwhile, New York Off-Track Betting on April 23 cut 35 employees from his staff as it works through bankruptcy reorganization.
Friday, April 23, 2010
Zayat Stables has agreed to sell all of grade I winner and probable Kentucky Derby favorite Eskendereya this year under a bankruptcy reorganization plan that projects all creditors will be paid in full.
Monday, April 19, 2010
Attorneys for Ahmed Zayat's Zayat Stables are refuting claims by Fifth Third Bank that the prominent stable violated terms of a cash collateral agreement by withdrawing four horses from a Keeneland sale.
Tuesday, April 13, 2010A United States Bankuputcy Court judge in Maryland has tossed out a plan by Cloverleaf Enterprises Inc. to sell Rosecroft Raceway without having to make good on several claims.
Monday, April 05, 2010
New York City Off-Track Betting Corp., facing a possible shutdown, can continue its bankruptcy reorganization case, a federal judge ruled March 22.
Monday, March 22, 2010
Thoroughbred owner Ahmed Zayat will keep control of his stable for the time being as Fifth Third Bank has decided not to seek a trustee to run Zayat Stables.
Monday, February 22, 2010
Even though Zayat Stables has filed for Chapter 11 bankruptcy protection, Fifth Third Bank will continue its push to have a trustee named to oversee the operation.
Tuesday, February 09, 2010
The Feb. 3 Chapter 11 bankruptcy filing by Zayat Stables shows that Keeneland sales company, a handful of trainers across the country, and breeding farms are among the creditors of Ahmed Zayat's racing operation.
Thursday, February 04, 2010The New York City Off-Track Betting Corp.'s bankruptcy petition and attempt to alter how it funds the industry risks undermining the state's already hard-hit breeding programs, New York's leading breeding group is warning.
Thursday, January 07, 2010
The recent bankruptcy petition by the New York City Off-Track Betting Corp. should be tossed out of federal court, the New York Racing Association argues in a lengthy legal brief filed Jan. 4 in Manhattan.
Tuesday, January 05, 2010
A new entity called Blow Horn Equity has submitted a bid for the Maryland Jockey Club assets, the company announced Dec. 18.
Monday, December 21, 2009New York City Off-Track Betting Corp. plans to seek Chapter 9 bankruptcy protection in an attempt to reorganize its business.
Thursday, December 03, 2009New York Gov. David A. Paterson on Sept. 1 signed Executive Order No. 27, authorizing the New York City Off-Track Betting Corporation (NYCOTB) to file a petition for reorganization under Chapter 9 of the federal bankruptcy code. The governor issued the order after it was determined that NYCOTB requires major restructuring to regain solvency. Paterson has directed the NYCOTB board of directors, led by Chairman Meyer "Sandy" Frucher, to provide the governor's office with a restructuring plan within two months, which likely will include a Chapter 9 filing for NYCOTB.
Tuesday, September 01, 2009Joanne Nor, who operated Norfields Farm near Versailles, Ky., and raced Breeders' Cup winner Desert Stormer, has filed for Chapter 7 bankruptcy protection in the Eastern District of Kentucky U.S. Bankruptcy Court.
Tuesday, July 28, 2009A Maryland harness track July 15 was denied a temporary restraining order to force TrackNet Media Group and 15 other racetracks to provide it with Thoroughbred signals.
Friday, July 17, 2009
The Thoroughbred Owners of California is among the interested bidders in Santa Anita Park, an organization official confirmed.
Sunday, June 07, 2009Magna Entertainment Corp. chairman Frank Stronach criticized certain hedge-fund investors for putting "unwarranted" pressure on the bankrupt racetrack company's parent entity, suggesting May 8 that those antagonists could start their own company if they didn't like what they saw.
Friday, May 08, 2009
Magna Entertainment Corp. submitted a new court plan May 1 to auction off some of its racetracks, including Santa Anita Park, as part of its Chapter 11 bankruptcy reorganization.
Saturday, May 02, 2009
Breeders' Cup said April 29 this year's two-day World Championships will remain at Santa Anita Park.
Wednesday, April 29, 2009
MI Developments said April 20 it has agreed with MEC to terminate its "stalking horse" bid of $195 million to purchase various assets, including racetracks. MEC filed for Chapter 11 bankruptcy protection in early April, at which time MID announced it would buy some of its assets.
Monday, April 20, 2009The Office of U.S. Trustee is backing a shareholder's demand to install an independent examiner as an overseer of transactions related to Magna Entertainment Corp.'s bankruptcy reorganization, a move which the horse racing company claims will be detrimental to various interests.
Thursday, April 16, 2009Magna Entertainment Corp. has appointed restructuring adviser Greg Rayburn as interim chief executive officer, the company announced the evening of April 7.
Tuesday, April 07, 2009
Technology entrepreneur Halsey Minor said on April 3 that he has submitted a bid to Magna Entertainment Corp. under which he would buy substantially all of that bankrupt company's assets except Gulfstream Park in Hallandale Beach, Fla.
Saturday, April 04, 2009Magna Entertainment Corp. received an additional $2.5 million in interim financing to continue its operations through the initial stages of its bankruptcy reorganization April 3 after apparent agreements were reached with some of its objecting creditors
Friday, April 03, 2009Joining in the parade of objectors to Magna Entertainment Corp.'s proposed debtor financing and sale of assets is the unsecured creditors committee, which primarily singled out company chairman Frank Stronach for his role in MEC's bankruptcy reorganization process.
Thursday, April 02, 2009
Thistledown, at the suggestion of the Ohio Horsemen's Benevolent and Protective Association, has suspended the $300,000 Ohio Derby (gr. II) for 3-year-olds. The race was to have its 75th running in 2009.
Wednesday, April 01, 2009
Churchill Downs Inc. has moved to protect its interest in joint ventures with bankrupt Magna Entertainment Corp. by joining in a flurry of objections filed recently in a Delaware federal court.
Saturday, March 28, 2009Three banks holding liens on racetracks such as Pimlico Race Course, Santa Anita Park, and Golden Gate Fields have filed objections over Magna Entertainment Corp.'s proposed bidding process to sell those racetracks and certain other assets.
Friday, March 27, 2009
Magna Entertainment Corp. announced March 26 that it will not be filing its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2008, nor will it be filing quarterly reports on Form 10-Q, with the U.S. Securities and Exchange Commission or the Canadian securities regulators during the period it continues to operate its business as a debtor in possession under the U.S. Bankruptcy Code.
Thursday, March 26, 2009
The Ohio State Racing Commission ruled March 19 that Thistledown's racing permit will be suspended as of March 28 if parent company Magna Entertainment Corp., which filed for Chapter 11 bankruptcy protection March 5, fails to renew a $1-million bond.
Thursday, March 19, 2009
The Maryland Jockey Club March 17 officially unveiled a 2009 spring stakes schedule at Pimlico Race Course that's down about $1 million from last year and doesn't include the grade I Pimlico Special.
Tuesday, March 17, 2009A judge signed an interim order March 13 allowing Magna Entertainment Corp. to borrow $13.4 million to continue its operations during the early stages of the company's bankruptcy reorganization, though final approval for the lending facility won't be authorized until an April 3 hearing.
Saturday, March 14, 2009Prominent trainer Scott Lake has filed for Chapter 11 bankruptcy reorganization in a New York federal court, according to recent filings.
Friday, March 13, 2009
Golden Gates Fields is not in any immediate danger of being closed and could possibly remain a racing operation indefinitely, a leading official with MI Developments said March 12.
Thursday, March 12, 2009Magna Entertainment Corp., which recently filed for Chapter 11 bankruptcy reorganization, received notice March 9 its Class A shares would be delisted frolm the Nasdaq stock exchange effective March 16.
Monday, March 09, 2009
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.
Friday, March 06, 2009
Magna Entertainment Corp. announced March 5 it filed for Chapter 11 bankruptcy protection, and also unveiled a plan to sell many of its assets, including Gulfstream Park in Florida, Golden Gate Fields in California, and Lone Star Park in Texas.
Thursday, March 05, 2009Magna Entertainment Corp. and partner Forest City Enterprises announced Feb. 26 the first 32 tenants for the retail portion of their The Village at Gulfstream Park development. Plans for the $1.2-billion complex, adjacent to Gulfstream's clubhouse/casino building, include a hotel and condominiums on the property in Hallandale Beach, Fla. Meanwhile, officials are reluctant to speculate on a possible bankruptcy filing by MEC.
Thursday, February 26, 2009A publicly-traded company with alleged ties to the parent company of ClassicStar is now a defendant in the consolidated federal civil action against the former broodmare lease operator and others.
Friday, February 20, 2009
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