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.
Prominent trainer Scott Lake has filed for Chapter 11 bankruptcy reorganization in a New York federal court, according to recent filings.
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.
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.
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.
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.
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.
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.
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.
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.
- By Tom Precious
The New York Racing Association is expected to emerge from Chapter bankruptcy and make official its 25-year franchise extension Sept. 12.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The Jockeys' Guild has filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Louisville, according to an Oct. 12 release.
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.
Legislation passed by the New York Senate would increase for one year funding the New York Thoroughbred Horsemen's Association receives from purses.
A North Dakota betting hub has broken ranks from other creditors with claims in the complex New York Racing Association bankruptcy case, filing a federal lawsuit that demands the racetrack operator immediately pay out over $1.6 million in net payoffs it claims it is owed from wagering pools.
The New York Racing Association has another losing month. NYRA reported losses of $3.9 million in January to the bankruptcy court.
The New York Racing Association, currently seeking Chapter 11 bankruptcy protection, reported an operating loss of more than $7 million in December.
The state of New York has filed a motion to have the New York Racing Association's bankruputcy petition dismissed.
The New York Racing Association is asking a federal bankruptcy judge to halt the state's plan to turn Aqueduct, Belmont Park, and Saratoga over to the next Thoroughbred franchise-holder.
The Jockeys' Guild has been named a member of the Unsecured Creditors Committee in the bankruptcy proceedings of the New York Racing Association.
The New York Racing Association, which hopes to get the state's attention on its current fiscal plight, did itself no favors by the way it hired a bankruptcy law firm to represent it in the event of insolvency if the reaction of the head of a new oversight panel is any indication.
A United States bankruptcy judge issued a ruling July 8 that could facilitate auction of Fair Grounds on Aug. 16.
A bankruptcy auction for Fair Grounds has been tentatively set for Aug. 16, pending approval of an amended bankruptcy plan that was scheduled to be filed by the New Orleans, La., racetrack June 23.
A state district judge ruled March 22 that Fair Grounds owes horsemen almost $90 million in damages from the video-poker lawsuit that led to the track's filing for Chapter 11 bankruptcy reorganization last August, the New Orleans Times-Picayune reported.
The owner of a long-shuttered New York racetrack slated to reopen to tap into the state's video lottery terminal program has filed for Chapter 11 bankruptcy protection.
Yuki and Koichiro Hayata's Hayata Group has petitioned for bankruptcy in Japan. The Hayatas operate Hayata Farm and CB Farm, where they stand Brian's Time, one of the top sires in Japan since 1996.
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