Keyword: bankruptcy

  • North Dakota May Owe Bankrupt ADW Millions

    The U.S. Court of Appeals this month upheld a U.S. District Court's ruling that the state should not have collected millions of dollars from the estate of the bankrupt account-deposit wagering outlet Racing Services Inc.

  • Big Payday for Ex-Thoroughbred Times Owner

    Norman Ridker, whose Thoroughbred Times owed millions of dollars to creditors when he closed the company through Chapter 7 bankruptcy, secured a large personal payday Feb. 1 by selling his remaining magazines.

  • Yavapai Racing

    Racing Likely to Return to Yavapai in 2013

    Plans call for the usual 60-day summer meeting in 2013 beginning on Memorial Day. The track has not raced since 2010 and last year former owner Yavapai County Farm and Agriculture Association filed Chapter 7 bankruptcy.

  • Creditors' Meeting Set in Times' Bankruptcy

    A meeting is scheduled in Lexington Oct. 16 for creditors of Thoroughbred Times Inc., which filed for Chapter 7 bankruptcy protection Sept. 14 and ceased operations of the Thoroughbred magazine and website.

  • Thoroughbred Times Declares Bankruptcy

    Thoroughbred Times, a Lexington-based magazine dedicated to the Thoroughbred racing industry, declared Chapter 7 bankruptcy and terminated operations Sept. 14, editor in chief Mark Simon confirmed the following day.

  • PNGI Purchase of Rosecroft in Maryland Upheld

    A U.S. District Court judge in Maryland Feb. 2 upheld the purchase of shuttered Rosecroft Raceway by Penn National Gaming Inc., which operates a casino in the state and owns 49% of the Maryland Jockey Club.

  • Judge Dismisses NYCOTB Bankruptcy Case

    A federal bankruptcy judge Jan. 25 dismissed the shuttered New York City Off-Track Betting Corp.'s Chapter 9 bankruptcy case, rejecting a motion by a union representing more than 1,000 fired workers.

  • Split Verdict in Magna Simulcast Fees Case

    A federal bankruptcy judge has ruled that simulcast providers owed money from tracks operated by bankrupt Magna Entertainment are entitled to funds they paid bettors but not reimbursement for fees and commissions.

  • Creditor Seeks Stonewall Property, Stallions

    A major creditor of Richard and Audrey Haisfield's Stonewall Stallions and related entities has filed an emergency motion in federal bankruptcy court seeking to foreclose on the Midway, Ky., farm and stallions.

  • MEC Reorganization Plan Approved by Judge

    A Delaware Bankruptcy Court judge April 26 confirmed a reorganization plan submitted by Magna Entertainment Corp., parent company MI Developments, and a committee of unsecured MEC creditors.

  • NYRA Seeks State Loan; NYOTB Cuts Staff

    NYRA may get a $17 million loan to help its cash crunch. Meanwhile, New York Off-Track Betting on April 23 cut 35 employees from his staff as it works through bankruptcy reorganization.

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    Eskendereya to Be Sold Under Zayat Plan

    Zayat Stables has agreed to sell all of grade I winner and probable Kentucky Derby favorite Eskendereya this year under a bankruptcy reorganization plan that projects all creditors will be paid in full.

  • Ahmed Zayat

    Zayat Refutes Claims by Fifth Third

    Attorneys for Ahmed Zayat's Zayat Stables are refuting claims by Fifth Third Bank that the prominent stable violated terms of a cash collateral agreement by withdrawing four horses from a Keeneland sale.

  • Ahmed Zayat

    Zayat to Keep Control of Stable

    Thoroughbred owner Ahmed Zayat will keep control of his stable for the time being as Fifth Third Bank has decided not to seek a trustee to run Zayat Stables.

  • Ahmed Zayat

    Zayat Creditors: Trainers, Farms, Keeneland

    The Feb. 3 Chapter 11 bankruptcy filing by Zayat Stables shows that Keeneland sales company, a handful of trainers across the country, and breeding farms are among the creditors of Ahmed Zayat's racing operation.

  • NY Breeders Group Issues Warning

    The New York City Off-Track Betting Corp.'s bankruptcy petition and attempt to alter how it funds the industry risks undermining the state's already hard-hit breeding programs, New York's leading breeding group is warning.

  • NYRA: Toss Out NYCOTB Bankruptcy Petition

    The recent bankruptcy petition by the New York City Off-Track Betting Corp. should be tossed out of federal court, the New York Racing Association argues in a lengthy legal brief filed Jan. 4 in Manhattan.

  • Paterson Authorizes NYCOTB Reorganization

    New York Gov. David A. Paterson on Sept. 1 signed Executive Order No. 27, authorizing the New York City Off-Track Betting Corporation (NYCOTB) to file a petition for reorganization under Chapter 9 of the federal bankruptcy code. The governor issued the order after it was determined that NYCOTB requires major restructuring to regain solvency. Paterson has directed the NYCOTB board of directors, led by Chairman Meyer "Sandy" Frucher, to provide the governor's office with a restructuring plan within two months, which likely will include a Chapter 9 filing for NYCOTB.

  • Nor Files for Chapter 7 Bankruptcy Protection

    Joanne Nor, who operated Norfields Farm near Versailles, Ky., and raced Breeders' Cup winner Desert Stormer, has filed for Chapter 7 bankruptcy protection in the Eastern District of Kentucky U.S. Bankruptcy Court.

  • 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.

  • Bid for MEC Properties Dropped by Parent

    MI Developments said April 20 it has agreed with MEC to terminate its "stalking horse" bid of $195 million to purchase various assets, including racetracks. MEC filed for Chapter 11 bankruptcy protection in early April, at which time MID announced it would buy some of its assets.

  • 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.

  • MEC Names New Interim CEO

    Magna Entertainment Corp. has appointed restructuring adviser Greg Rayburn as interim chief executive officer, the company announced the evening of April 7.

  • Part of Minor's plan is to keep racing at Golden Gate Fields.

    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.

  • Smooth Air Won the Ohio Derby in 2008.

    Thistledown Suspends Ohio Derby in 2009

    Thistledown, at the suggestion of the Ohio Horsemen's Benevolent and Protective Association, has suspended the $300,000 Ohio Derby (gr. II) for 3-year-olds. The race was to have its 75th running in 2009.

  • CDI Moves to Protect TrackNet, HRTV

    Churchill Downs Inc. has moved to protect its interest in joint ventures with bankrupt Magna Entertainment Corp. by joining in a flurry of objections filed recently in a Delaware federal court.

  • 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

    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.