Bankruptcy

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'Critical' MEC Financing OK'd by Judge

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.

MEC to be Delisted from Nasdaq

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.

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.

Magna Files for Chapter 11 Bankruptcy

Magna Files for Chapter 11 Bankruptcy

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.

Gulfstream Retail Development Progresses

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.

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.

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.

NY Lawmakers to Look at Several Issues

NY Lawmakers to Look at Several Issues

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.

Guild Plan Submitted; Gertmenian Out

Guild Plan Submitted; Gertmenian Out

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.

Judge Orders ClassicStar Liquidation

Judge Orders ClassicStar Liquidation

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.

NYRA Net Operating Loss at $34 Million

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.

Judge Clears CDI Payment to Guild

Judge Clears CDI Payment to Guild

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.

Guild Bankruptcy Stays in Kentucky

Guild Bankruptcy Stays in Kentucky

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.

Gertmenian Reviews Guild Bankruptcy

Gertmenian Reviews Guild Bankruptcy

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.

Jocks' Guild to Assemble Dec. 2-4

Jocks' Guild to Assemble Dec. 2-4

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.

NYRA Creditors Can Vote on Plan

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.

Jockeys' Guild Operating in Deficit

Jockeys' Guild Operating in Deficit

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.

NYRA Outlines Finances in Documents

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.

Guild to Members: Get Own Insurance

Guild to Members: Get Own Insurance

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.

Commentary: It's About Health

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.

Betting Hub Claims NYRA Should Pay Out Wagering Payoffs

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.

NYRA Ripped for Bypassing State Oversight Panel

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.

Judge Puts Fair Grounds Debt to Horsemen at $89M

  • News

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.

Japan's Hayata Group Bankrupt

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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