Magna Entertainment

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Magna Two-Month Loss at $6.2 Million

Magna Two-Month Loss at $6.2 Million

During the first two months of MI Development's ownership of the previous Magna Entertainment assets, the racing and gambling operations lost $6.2 million, according to the latest quarterly report.

Magna Reorganization Plan Implemented

The bankruptcy reorganization plan for Magna Entertainment that includes the transfer of Santa Anita, Gulfstream, and Golden Gate to MID Developments has been implemented, effective at 5:01 p.m. (EDT) April 30.

Seigenfeld Leaving Triple Crown Productions

Ed Seigenfeld will step down as executive vice president of Triple Crown Productions (TCP) at the end of August. He has led the organization since March 1990, overseeing the Chrysler and Visa sponsorships of the Triple Crown and managing the network television negotiations for the series.

Stronach Critical of Certain MID Investors

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.

Trustee Backs Plan for MEC Examiner

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.

Minor Details Bid for Most MEC Assets

Minor Details Bid for Most MEC Assets

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.

MEC OK'd for Additional Interim Funding

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

MEC Creditors Criticize Stronach's Role

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.

Banks Object to MEC Auction Process

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.

Magna Will Not File 2008 Annual Report

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Magna Will Not File 2008 Annual Report

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.

MRC: ADWs Face Shutdown in Maryland

A trio of large domestic advance deposit wagering companies is facing a shut-off of operations in Maryland unless a new agreement for revenue sharing is reached, the Maryland Racing Commission said recently.

'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.

MID May Dispose of MEC Tracks by 2011

MID May Dispose of MEC Tracks by 2011

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.

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.

Who's Who Among Who's Owed by MEC

Magna Entertainment Corp. claims it owes more than $235 million to its largest 50 unsecured creditors, including many prominent names in the Thoroughbred racing and breeding industry.

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.

Third Director in a Month Leaves MEC

Anthony R. Campbell has resigned as a director of the board of Magna Entertainment Corp., the third director to leave the company in a month, and the second in the span of five days. In separate filings with the Securities and Exchange Commission, company officials said they were engaged in discussions over potential "in-court or out-of-court" reorganizations.

MID Shareholder: Foreclose on MEC Loans

MID Shareholder: Foreclose on MEC Loans

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.

MEC Reorganization Plan Scrapped

MEC Reorganization Plan Scrapped

Magna Entertainment Corp. said Feb. 18 it might not be able to meet pressing financial obligations unless alternative measures are found, a revelation disclosed following the sudden halt of a controversial reorganization proposal for the company and its controlling shareholder, MI Developments.

MEC Files Suit over Rejected Slots Bid

Magna Entertainment Corp. has filed a lawsuit over its rejected bid for a slots license in the state of Maryland, and is asking a state circuit court to grant injunctions stopping the process from going forward until its legal challenges have been resolved.

Greenlight Rips MEC Reorganization Plan

Greenlight Rips MEC Reorganization Plan

A longtime adversarial shareholder in MI Developments has blasted the latest reorganization proposal to spin-off subsidiary Magna Entertainment Corp., a plan which includes $75 million in funding for a potential slots parlor at Laurel Park in Maryland.

TrackNet Poised to Cut Off Nevada

TrackNet Poised to Cut Off Nevada

TrackNet Media Group is poised to cut off its signals to more than 80 Nevada casinos Jan. 7 unless a new agreement is met for what the content company feels are more equitable fees.

Gulfstream Banking on 2009 Meet Changes

Gulfstream Banking on 2009 Meet Changes

Gulfstream Park is hoping that a move to a five-day race week will help produce larger fields and attract more live fans and other bettors on days that have proven more popular than its newly-dark Mondays.

Remington Park: Purses Up, Handle Down

Remington Park: Purses Up, Handle Down

Remington Park in Oklahoma recently completed its 20th season of Thoroughbred racing with a record purse disbursement and increased attendance, but followed national trends with a decline in most wagering statistics.

Cushion Track Blames Others for SA Woes

Cushion Track Blames Others for SA Woes

Cushion Track has answered speculation it would add third-party defendants to it case with the Los Angeles Turf Club, charging several contracted companies with fault in the development of the former troubled synthetic surface at Santa Anita Park.

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.

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