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.
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.
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.
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."
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.
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.
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.
Hialeah Park owner John Brunetti is looking forward to meeting with prospective buyer Halsey Minor about what he calls multiple "hurdles" to returning racing to the historic track that last held a meet in 2001.
A New York investment company and affiliates have lost their appeal of a shareholder oppression lawsuit they originally filed against the parent company of Magna Entertainment Corp., with the Canadian judges affirming lower-court awarded indemnity costs of $2.1 million.
Harlem Rocker, regarded as one of the top 3-year-olds in North America and briefly under consideration for the Preakness Stakes (gr. I), failed in his first two-turn test June 1 at Woodbine. The son of Macho Uno finished a well-beaten fourth in the $150,000 Plate Trial Stakes.
Undefeated in three starts and considered by some as one of the most promising 3-year-olds in North America, Frank Stronach's highly-touted Harlem Rocker will face seven rivals in the $150,000 Plate Trial Stakes June 1 at Woodbine.
Big Brown's task just got a little - or a lot - easier with the decision of Harlem Rocker's owner Frank Stronach to bypass Saturday's Preakness Stakes (gr. I) and await the $1-million Queen's Plate at Woodbine June 22.
Now that the Santa Anita winter meeting has ended, work can begin in earnest on the choice of main-track surface. Following a comprehensive series of tests on the current main track, a decision is probable sometime in May, Santa Anita president Ron Charles said April 22.
A Macho Uno colt topped the opening session of the Ocala Breeders' Sales Co. (OBS) spring sale of 2-year-olds in training Monday in Central Florida, bringing $250,000 from Terri Pompay, who was acting on behalf of Klaravich Stable.
Magna Entertainment Corp. has been granted a one-month extension on a $40-million loan that was due to mature March 31, a credit agreement that is secured by the assets of the company's Golden Gate Fields and Santa Anita Park.
The parent company of Magna Entertainment Corp. has announced a proposal that would result in the sell-off of its controlling investment in the racing company to entities affiliated with company founder Frank Stronach.
A strapping A.P. Indy colt topped the seventh annual Adena Springs sale of 2-year-olds in training Monday, bringing $380,000 during the Central Florida auction that was conducted by the Ocala Breeders' Sales Co. (OBS) for the multiple Eclipse Award-winning operation headed by Frank Stronach.
Buyers will get an opportunity to acquire young horses from Frank Stronach's multiple Eclipse Award-winning program when the Ocala Breeders' Sales Co. conducts the Adena Springs sale of 2-year-olds training Monday.
The parent company of Magna Entertainment Corp. says the racing and gaming company needs to sell off assets as quickly as possible to drive down debt, and may not be able to repay loans that are set to expire in May.