Magna International

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Frankly Speaking: Stronach on Magna

Frankly Speaking: Stronach on Magna

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.

Magna Official Says He Will Step Down

Following a transition period, MI Developments chief executive officer and board member John Simonetti said he will leave his post, but he offered no timeline Aug. 8 during a conference call on the company's second-quarter earnings.

MEC Could Benefit From Agreement Termination

  • News

A 1999 "forbearance agreement" that prevents Magna International from investing in operations such as Magna Entertainment Corp. won't be renewed next year, Magna chairman Frank Stronach told the Toronto Globe and Mail newspaper.

No Laughing Matter

By Ray Paulick -- This note to Kentucky legislators: Friends Lake, winner of the $1-million Florida Derby (gr. I) March 13, was foaled in New York, the same state that produced Funny Cide, winner of last year's Kentucky Derby (gr. I).

Biggar Resigns as President of MI Developments

  • News

William Biggar has resigned as president and chief executive officer of MI Developments, which is the parent company of Magna Entertainment Corp. He will be replaced by Werner Czernohorsky, formerly president of the Construction Group.

Proposed Magna Spin-Off Would Include MEC

Magna International has proposed a new publicly traded company--MI Developments Inc.--that would own all of Magna's automotive real estate as well as all of Magna Entertainment Corp., the leading owner of racetracks in North America in terms of holdings.

Report: Melnyk New Canadian Leader in Compensation

Biovail Corp. chairman and chief executive officer Eugene Melnyk has topped Magna International chairman Frank Stronach in terms of highest compensation in corporate Canada in 2001, the Toronto Globe and Mail reports.

Clinton Among Players at Magna Tournament

Former president Bill Clinton and golf pro John Daly were among those invited to a charity golf tournament Monday at Magna Golf, a private course owned by Magna International in Aurora, Ontario, Canada. The Globe and Mail of Toronto reported that money raised during the tournament would go to Toronto's Hospital for Sick Children.

Stronach's Daughter Vice Chair at Magna International

Belinda Stronach, the 34-year-old daughter of Magna International chairman Frank Stronach, has been named chief executive officer and vice chairwoman of the company. Magna International reported a 6% decline in fourth-quarter earnings from the year-earlier period. Revenue climbed 6%.

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