Magna International chairman Frank Stronach has agreed to allow shareholders to vote on eliminating his family's special rights and adopt a single class of stock for the auto parts company.
- By Tom LaMarra
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.
Bahia Beach topped the ninth annual Adena Springs sale of 2-year-olds in training, bringing $115,000 April 18 in Central Florida.
- By Tracy Gantz
Frank Stronach will meet with owners and trainers in California trying to change the framework under which racetracks operate.
Former president of the Maryland Jockey Club heads group that seeks to purchase the MJC from a bankrupt Magna Entertainment Corp.
Popular 8-year-old won 11 of 30 starts including four grade I races.
Frank Stronach's Adena Springs Farm announced Jan. 16 that Einstein, a multiple grade I-winning millionaire, has been retired from racing and will stand the 2010 breeding season at Adena Springs in Paris, Ky.
Gross and average rise, but results for overall sale remain down.
Frank Stronach, owner of Adena Springs and chairman of Magna Entertainment, paid $1.085 million for Miss Isella, a grade II-winning daughter of Silver Charm and a half-sister to grade II winner Sir Cherokee.
Creditors of Magna Entertainment Corp. have apparently reached an agreement that will end the racetrack operating company's bankruptcy case.
Einstein will return to the track in 2010 for at least one more race, this according to Adena Springs general manager Eric Hamelback.
- By Steve Haskin
Hall of Fame trainer Bobby Frankel, who had been battling leukemia for most of the year, died peacefully at his home in Pacific Palisades, Calif., early Nov. 16. He was 68.
Irish-bred El Prado, the horse that inspired Frank Stronach to get involved in the stallion business, died of an apparent heart attack in his paddock at Adena Springs near Paris, Ky. the morning of Sept. 21.
- By Jack Shinar
An auction scheduled Sept. 8 on properties owned by bankrupt Magna Entertainment Corp. will not go forward after the company withdrew Santa Anita Park, Lone Star Park, and other assets from the bidding in court documents filed in U.S. bankruptcy court.
Frank Stronach's Adena Springs announced Aug. 3 that its roster of stallions will cover mares in the Northern Hemisphere on Southern Hemisphere time at both Adena Springs near Paris, Ky., and at Adena Springs South near Williston, Fla.
A bankruptcy court has granted permission for Magna International Corp. (MEC) to sell its track in Austria to a group associated with company founder and chairman Frank Stronach, Bloomberg reported July 30.
El Prado, who has sired 74 stakes winners, including the hot young stallion Medaglia d'Oro, experienced declining fertility during the 2009 breeding season, but will continue to cover mares in 2010 if he remains healthy, according to Eric Hamelback, who is the general manager of Frank Stronach's Adena Springs operation near Paris, Ky.
The Canadian Thoroughbred Horse Society (Ontario Division) honored 2008 Ontario-bred champions at its annual awards June 12 at the Lionhead Golf & Country Club in Brampton, Ontario.
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.
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.
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.
Magna Entertainment Corp. has appointed restructuring adviser Greg Rayburn as interim chief executive officer, the company announced the evening of April 7.
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.
Frank Stronach is chairman of Magna Entertainment Corp., a major racetrack operator that filed for Chapter 11 bankruptcy protection March 5. He also is the owner of Adena Springs, which won its fifth consecutive Eclipse Award as outstanding breeder in 2008 while Stronach picked up his fourth Eclipse as outstanding owner. Stronach discussed the MEC bankruptcy with The Blood-Horse following the Adena Springs sale of 2-year-olds in training.
The Adena Springs sale of 2-year-olds in training bucked the downward trend in the Thoroughbred marketplace in one important statistical category. The median price rose 28.6% from a year ago during the eighth edition of the auction, which was held March 16 at Adena Springs South near Williston, Fla.
The catalog for the Adena Springs sale of 2-year-olds in training is smaller this year when compared to 2008. But the auction is "full of quality," according to Mark Roberts, the manager of Adena Springs South in Williston, Fla., where the sale will be held March 16, beginning at 4:30 p.m. (EDT).
The parent company of Magna Entertainment Corp. disclosed March 10 it does not intend to keep on a long-term basis the racing assets upon which it is bidding in MEC's Chapter 11 bankruptcy reorganization, including its "immediate" intention of redeveloping Golden Gate Fields into a commercial property if the bid is successful.
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.
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.
Magna Entertainment Corp. chairman Frank Stronach is advocating a charter for "horsemen's rights" and said his company, the largest in North America in terms of racetrack holdings, would work with horsemen to accomplish it.
Gulfstream Park presented the Jockeys' Guild with a $22,000 check Jan. 31.
Hosted by Lenny Shulman and Steve Haskin, "And They're Off" is a bi-monthly online video series sponsored by Darby Dan Farm. This week, Lenny and Steve review the Eclipse Award winners. Plus, Everybody wants to buy a Derby Winner.
For the sixth consecutive year, Frank Stronach's Adena Springs tops the list of leading individual breeders in North America by earnings.
The Ocala Breeders' Sales Co. has cataloged 613 horses for its 2009 winter mixed sale. The auction will be held Jan. 6 and 7 in Central Florida.
Magna Entertainment Corp. announced Nov. 26 an agreement with MI Developments, the company's controlling shareholder, which will allow it to "recapitalize and reposition MEC to enable it to pursue its strategy of horse racing, gaming, and entertainment on a standalone basis."
Stockplace paid highest price of $290,000 Nov. 8 for a colt by Medaglia d'Oro during the Keeneland November Breeding Stock Sale.
Magna Entertainment Corp. reported a $48.4 million dollar loss in its third financial quarter and announced a financial adviser had been hired to possibly sell one of its core racetracks.
Adena Springs' Frank Stronach went to $1.25 million to acquire grade I winner Lady Joanne in foal to Mr. Greeley to kick start the second session of the 2008 Keeneland November breeding stock sale Nov. 4 at the Central Kentucky auction house.
Frank Stronach's Adena Springs Farm will conduct a sale of 2-year-olds in training in March of 2009. Adena Springs' representatives had previously announced a decision to discontinue the auction earlier this year.
The Ocala Breeders' Sales Company's 2009 February select sale of 2-year-olds in training has been rescheduled for Feb. 17 in Central Florida, and the Adena Springs sale of 2-year-olds in training has been added to the 2009 lineup and is scheduled for March 16.
With three Breeders' Cup contenders, Frank Stronach's Adena Springs will attempt to surpass the earnings of Allen Paulson to rank first on the list of leading Breeders' Cup breeders by money won.
San Francisco-based institutional investor Farallon Capital Managment and technology entrepreneur Halsey Minor are separately asking MI Developments Inc. for a major financial shake-up of racing conglomerate Magna Entertainment Corp. MID is the controlling shareholder of the debt-laden racetrack owner.
Adena Springs Farm has purchased a majority interest in the breeding rights of multiple grade I winner Tiago from the colt's owner and breeder, Ann and Jerry Moss.
Magna Entertainment Corp. has formally adopted a company-wide policy promoting the humane treatment of racehorses, the company announced Oct. 10.
Shares of Magna Entertainment Corp. plummeted by more than 50% on heavier than average volume Sept. 30, prompting more concern for the owner of the site of next month's Breeder' Cup World Championships.
Frank Stronach's Adena Springs operation has canceled the 2008 edition of its annual broodmare sale. The auction, which featured mares in foal to Adena Springs stallions, had been held for 11 consecutive years previously.
Magna Entertainment Corp., in a statement issued the evening of Aug. 28, acknowledged it is having discussions with the Thoroughbred Horsemen's Group on what company chairman Frank Stronach called "a new framework" for pari-mutuel economics.
A long-time adversarial shareholder of MI Developments has asked the parent company of Magna Entertainment Corp. to re-examine its interest in the racing and gaming entity, calling MEC a "failed" business enterprise.
Magna Entertainment Corp. has announced it has reached an agreement to sell land once designated by its founder for racetrack development in Ocala, Fla., for $16.5 million.
The head of Magna Entertainment Corp. said Aug. 6 a majority interest of Santa Anita Park could be sold to help the racetrack company reduce its staggering debt load.
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