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.
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.
Magna Entertainment Corp. has announced the sale of Great Lakes Downs to The Little River Band of Ottawa Indians for $5 million cash, less customary closing adjustments.
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.
The parent company of Magna Entertainment Corp. has called off a scheduled July 24 shareholder meeting to vote on a complex reorganization plan that has raised the ire of some large stakeholders.
MI Developments has announced a special shareholders meeting in Toronto July 24 to consider the reorganization proposal that could result in Magna Entertainment Corp. being sold to an entity controlled by founding chairman Frank Stronach.
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.
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.
Magna Entertainment Corp. officials said Sept. 13 the company's debt-reduction plan isn't a "fire sale," and they hope the racetrack operator is in the black in 2009.
MI Developments announced March 28 that it has purchased from subsidiaries of Magna Entertainment a 157-acre development property in Palm Beach County, Fla., adjacent to MEC's Palm Meadows Training Center, for cash consideration of $35 million.
Magna Entertainment has sold two properties for about $30 million combined to parent company MI Developments, the companies announced Feb. 7.
MI Developments reported a steeper third-quarter loss Nov. 9, despite a 31% jump in revenue, hampered partly by weakness in its horse racing and gambling unit, Magna Entertainment.
Magna Entertainment announced late Wednesday that the cost of rebuilding Gulfstream Park has escalated, forcing the need to secure a loan from the general contractor performing the work.
Magna Entertainment announced a recapitalization plan July 22 that includes two binding loan agreements with its subsidiary, MI Developments. The plan also includes a bridge loan that a Magna press release said "will permit us to proceed with an orderly marketing and sale of non-strategic real estate, racetracks, and other assets."
Magna Entertainment Corp. must establish a stronger balance sheet before it considers expansion or the acquisition of other racing and gaming properties, said Thomas Hodgson, the newly appointed chief executive officer of the company.
Losses sustained during 2004 and the fourth quarter by racetrack operator Magna Entertainment had a negative impact on the financial results for MI Developments during the same periods.
MI Developments, the real estate spin-off of Magna International, reported a third-quarter profit of $11.5 million, but a $27.4-million loss at Magna Entertainment Corp. created a bottom-line deficit of $15.9 million. MEC is controlled by MID.
MI Developments, which owns 59% of the equity in Magna Entertainment Corp., announced Thursday that it will not proceed with plans to take the racetrack conglomerate private by acquiring all outstanding shares.
M. Douglas Young has been appointed lead director of MI Developments' board of directors, the company announced Sept. 2. MID is a Magna company that is seeking to purchase the stock of Magna Entertainment Corp.
MI Developments Inc., majority owner of Magna Entertainment Corp., reported a net income of $17.52 million on revenues of $324.93 million for the first three months of 2004.
- By Ray Paulick
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).
MI Developments, a publicly traded real-estate company that owns 59% of the equity in Magna Entertainment Corp., reported big losses during the fourth quarter of 2003 largely as a result of MEC's poor financial performance.
Former Canadian cabinet minister and provincial premier Brian Tobin has been appointed chief executive officer of MI Developments Inc., a real estate spin-off of Magna International that holds a controlling interest in Magna Entertainment Corp.
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.
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