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
A Maryland attorney who is a shareholder of Penn National Gaming Inc. has filed a styled class-action lawsuit against the publicly-traded gaming company and certain of its executives over the failed buyout attempt by two investment entities.
Canadian drug maker Biovail Corp., which was formerly headed by prominent Thoroughbred owner-breeder Eugene Melnyk, agreed March 24 to pay a $10-million fine to resolve federal regulators' charges of civil accounting fraud and deceiving investors and analysts.
A federal lawsuit between Youbet.com and several entities associated with Virginia racing has been settled, resulting in a renewed effort by the advance deposit wagering company to become licensed in the state.
A federal search warrant was served at the California headquarters of Youbet.com Oct. 4 as part of a federal investigation being conducted by the U.S. Attorney's Office in Las Vegas, the company has reported.
Youbet.com has closed on its acquisition of International Racing Group, a Curacao-based account-wagering service, for $3 million. The purchase price includes $2 million in cash and $1 million worth of Youbet.com treasury stock.
The Securities and Exchange Commission, in a lawsuit filed in federal court in New York City, has asked a judge to appoint a temporary receiver for Amerindo Investment Advisors, the company founded by Alberto Vilar and Thoroughbred owner Gary Tanaka.
Gemstar-TV Guide International reported a net loss of $6.23 billion, mainly from write-downs for goodwill, for fiscal year 2002. Meanwhile, the company's interactive platform sector, which includes the TV Games Network, posted revenue gains.
International Thoroughbred Breeders, which sold Garden State Park in New Jersey to a real estate development company in November for $30 million, is bracing for a civil action and a probe of "certain current and former officers" by the Securities and Exchange Commission.