New 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, 2009
Joanne 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, 2009
A 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, 2009
Magna 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, 2009
The 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, 2009
Magna 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, 2009
Magna 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, 2009
Joining 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, 2009
Three 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, 2009
A 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, 2009
Prominent 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, 2009
Magna 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, 2009
Magna 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, 2009
A 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
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.
Thursday, December 04, 2008
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.
Tuesday, November 18, 2008
The New York Racing Association is expected to emerge from Chapter bankruptcy and make official its 25-year franchise extension Sept. 12.
Friday, September 12, 2008
The still-stalled franchise extension for the New York Racing Association, a new steroid testing lab, and a company to run a casino at Aqueduct Racetrack are all still on the negotiating table June 23 when lawmakers in New York return to the Capitol for the final days of the 2008 legislative session.
Sunday, June 22, 2008
Two days after the Jockeys' Guild filed a formal plan of reorganization in its Chapter 11 bankruptcy, the U.S. Trustee overseeing the action dropped the group's former national manager Wayne Gertmenian from the unsecured creditors committee.
Wednesday, April 23, 2008
A federal bankruptcy judge has signed an order to convert the Chapter 11 business reorganization of ClassicStar LLC to Chapter 7 liquidation, paving the way for creditors to pursue whatever assets they can find linked to the former broodmare-lease operator.
Monday, April 14, 2008
The New York Racing Association reported total net operating losses of $34.28 million in 2007. That figure is nearly double from 2006, when total net losses reached $17.83 million.
Friday, March 28, 2008
A federal bankruptcy judge recently signed an order paving the way for Churchill Downs Inc. to make a contractual payment of nearly $150,000 to the Jockeys' Guild, which will use the money to pay medical and insurance bills.
Friday, March 21, 2008
Officials cautioned that a delay in the New York Racing Association emerging from Chapter 11 bankruptcy protection is not a sign of a larger problem for the deal giving NYRA a new 25-year franchise extension.
Tuesday, March 04, 2008
A federal judge presiding over the Jockeys' Guild bankruptcy proceedings denied a request to move the case to California Jan. 29, saying Kentucky was the right place for the group to reorganize its operations.
Tuesday, January 29, 2008
Churchill Downs Inc. has asked a federal bankruptcy court to ensure funds its member tracks contribute to the Jockeys' Guild be used for their intended purposes and not for other needs the financially-troubled organization may choose.
Friday, January 18, 2008
In the latest development in the Jockeys' Guild bankruptcy case, former Guild president Jerry Bailey was appointed to a creditors' committee that is chaired by outsted Guild manager Wayne Gertmenian.
Thursday, December 20, 2007
The largest creditors in the Jockeys' Guild bankruptcy case are two past national managers now involved in legal proceedings against the organization, and both have been selected as part of a five-member committee made up of creditors with significant claims against the Guild.
Thursday, November 29, 2007
The first gathering of membership since the Jockeys' Guild filed for chapter 11 bankruptcy protection will take place Dec. 2-4 in Louisville, with an update on the financial and legal status of the organization expected from Guild leaders.
Thursday, November 29, 2007
A federal bankruptcy court judge has paved the way for the New York Racing Association to emerge from Chapter 11 protection pending the outcome of a vote by creditors.
Wednesday, November 28, 2007
The financially troubled Jockeys' Guild has slightly more assets than liabilities, but projects a working monthly deficit of nearly $120,000, according to documents filed Nov. 26 in compliance with the group's bankruptcy protection action.
Tuesday, November 27, 2007
The New York Racing Association is proposing to keep 17.5 acres of land adjacent to Aqueduct after it gives up it land claims to the state of New York, according to amendments filed to its Chapter 11 bankruptcy reorganization.
Wednesday, November 21, 2007
The Jockeys' Guild is encouraging members to secure their own health insurance as the current policy, the organization's self-funded program, may be terminated as soon as Dec. 31. Meanwhile, Guild officials met with industry representatives Nov. 13 at Keeneland Race Course to seek emergency financial support.
Tuesday, November 13, 2007
By - John Velazquez - Recently, the Jockeys' Guild has taken two critical actions we believe will strengthen the organization for the long term. In addition, the state of California has enacted legislation vital to jockeys and the Guild.
Tuesday, November 06, 2007
The New York Racing Association has filed a Chapter 11 plan in which it plans to surrender a claim of ownership to Thoroughbred tracks in exchange for the right to run the facilities for the next 30 years.
Thursday, October 25, 2007
The Jockeys' Guild has filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Louisville, according to an Oct. 12 release.
Saturday, October 13, 2007
With the state trial of Dr. Wayne Gertmenian, former manager of the Jockeys' Guild, set to begin Oct. 16 in a Los Angeles County Superior Court, the embattled organization is reportedly considering bankruptcy protection as a remedy to its financial troubles.
Wednesday, October 10, 2007
Legislation passed by the New York Senate would increase for one year funding the New York Thoroughbred Horsemen's Association receives from purses.
Thursday, May 10, 2007
