Keyword: bankruptcy

  • ThistleDown Racino

    MEC Bankruptcy Fallout Hits Ohio Track

    The Ohio State Racing Commission ruled March 19 that Thistledown's racing permit will be suspended as of March 28 if parent company Magna Entertainment Corp., which filed for Chapter 11 bankruptcy protection March 5, fails to renew a $1-million bond.

  • Pimlico Officially Unveils Stakes Slate

    The Maryland Jockey Club March 17 officially unveiled a 2009 spring stakes schedule at Pimlico Race Course that's down about $1 million from last year and doesn't include the grade I Pimlico Special.

  • '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: Golden Gate Closing Not Imminent

    Golden Gates Fields is not in any immediate danger of being closed and could possibly remain a racing operation indefinitely, a leading official with MI Developments said March 12.

  • 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.

  • Santa Anita Park is among the assets owned by MEC 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.

  • Gulfstream Park is one of the assets that MEC is trying to sell.

    Magna Files for Chapter 11 Bankruptcy

    Magna Entertainment Corp. announced March 5 it filed for Chapter 11 bankruptcy protection, and also unveiled a plan to sell many of its assets, including Gulfstream Park in Florida, Golden Gate Fields in California, and Lone Star Park in Texas.

  • Gulfstream Retail Development Progresses

    Magna Entertainment Corp. and partner Forest City Enterprises announced Feb. 26 the first 32 tenants for the retail portion of their The Village at Gulfstream Park development. Plans for the $1.2-billion complex, adjacent to Gulfstream's clubhouse/casino building, include a hotel and condominiums on the property in Hallandale Beach, Fla. Meanwhile, officials are reluctant to speculate on a possible bankruptcy filing by MEC.

  • Public Company Named in ClassicStar Suit

    A publicly-traded company with alleged ties to the parent company of ClassicStar is now a defendant in the consolidated federal civil action against the former broodmare lease operator and others.

  • Jockeys' Guild Bankruptcy Plan OK'd

    A Kentucky federal judge has confirmed the reorganization plan which will allow the Jockeys' Guild to emerge from bankruptcy, a little more than 13 months after the protective action was taken, and just days before the group's annual national assembly in Las Vegas.

  • 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.

  • The NYRA franchise extension will be one of several racing issues taken up by the state legislature beginning June 23.

    NY Lawmakers to Look at Several Issues

    The still-stalled franchise extension for the New York Racing Association, a new steroid testing lab, and a company to run a casino at Aqueduct Racetrack are all still on the negotiating table June 23 when lawmakers in New York return to the Capitol for the final days of the 2008 legislative session.

  • Guild Plan Submitted; Gertmenian Out

    Two days after the Jockeys' Guild filed a formal plan of reorganization in its Chapter 11 bankruptcy, the U.S. Trustee overseeing the action dropped the group's former national manager Wayne Gertmenian from the unsecured creditors committee.

  • Judge Orders ClassicStar Liquidation

    A federal bankruptcy judge has signed an order to convert the Chapter 11 business reorganization of ClassicStar LLC to Chapter 7 liquidation, paving the way for creditors to pursue whatever assets they can find linked to the former broodmare-lease operator.

  • NYRA Net Operating Loss at $34 Million

    The New York Racing Association reported total net operating losses of $34.28 million in 2007. That figure is nearly double from 2006, when total net losses reached $17.83 million.

  • Judge Clears CDI Payment to Guild

    A federal bankruptcy judge recently signed an order paving the way for Churchill Downs Inc. to make a contractual payment of nearly $150,000 to the Jockeys' Guild, which will use the money to pay medical and insurance bills.

  • Hearing Delay Shouldn't Impact NYRA

    Officials cautioned that a delay in the New York Racing Association emerging from Chapter 11 bankruptcy protection is not a sign of a larger problem for the deal giving NYRA a new 25-year franchise extension.

  • Guild Bankruptcy Stays in Kentucky

    A federal judge presiding over the Jockeys' Guild bankruptcy proceedings denied a request to move the case to California Jan. 29, saying Kentucky was the right place for the group to reorganize its operations.

  • CDI Wants Trust for Guild Payments

    Churchill Downs Inc. has asked a federal bankruptcy court to ensure funds its member tracks contribute to the Jockeys' Guild be used for their intended purposes and not for other needs the financially-troubled organization may choose.

  • Jerry Bailey

    Bailey to Guild Creditors' Panel

    In the latest development in the Jockeys' Guild bankruptcy case, former Guild president Jerry Bailey was appointed to a creditors' committee that is chaired by outsted Guild manager Wayne Gertmenian.

  • Dr. Wayne Gertmenian

    Gertmenian Reviews Guild Bankruptcy

    The largest creditors in the Jockeys' Guild bankruptcy case are two past national managers now involved in legal proceedings against the organization, and both have been selected as part of a five-member committee made up of creditors with significant claims against the Guild.

  • Jocks' Guild to Assemble Dec. 2-4

    The first gathering of membership since the Jockeys' Guild filed for chapter 11 bankruptcy protection will take place Dec. 2-4 in Louisville, with an update on the financial and legal status of the organization expected from Guild leaders.

  • NYRA Creditors Can Vote on Plan

    A federal bankruptcy court judge has paved the way for the New York Racing Association to emerge from Chapter 11 protection pending the outcome of a vote by creditors.

  • Jockeys' Guild Operating in Deficit

    The financially troubled Jockeys' Guild has slightly more assets than liabilities, but projects a working monthly deficit of nearly $120,000, according to documents filed Nov. 26 in compliance with the group's bankruptcy protection action.

  • NYRA Outlines Finances in Documents

    The New York Racing Association is proposing to keep 17.5 acres of land adjacent to Aqueduct after it gives up it land claims to the state of New York, according to amendments filed to its Chapter 11 bankruptcy reorganization.

  • Guild to Members: Get Own Insurance

    The Jockeys' Guild is encouraging members to secure their own health insurance as the current policy, the organization's self-funded program, may be terminated as soon as Dec. 31. Meanwhile, Guild officials met with industry representatives Nov. 13 at Keeneland Race Course to seek emergency financial support.

  • Commentary: It's About Health

    <i>By - John Velazquez</i> - Recently, the Jockeys' Guild has taken two critical actions we believe will strengthen the organization for the long term. In addition, the state of California has enacted legislation vital to jockeys and the Guild.

  • Betting Hub Claims NYRA Should Pay Out Wagering Payoffs

    A North Dakota betting hub has broken ranks from other creditors with claims in the complex New York Racing Association bankruptcy case, filing a federal lawsuit that demands the racetrack operator immediately pay out over $1.6 million in net payoffs it claims it is owed from wagering pools.

  • NYRA Asks Court to Halt Franchise Award

    The New York Racing Association is asking a federal bankruptcy judge to halt the state's plan to turn Aqueduct, Belmont Park, and Saratoga over to the next Thoroughbred franchise-holder.

  • NYRA Ripped for Bypassing State Oversight Panel

    The New York Racing Association, which hopes to get the state's attention on its current fiscal plight, did itself no favors by the way it hired a bankruptcy law firm to represent it in the event of insolvency if the reaction of the head of a new oversight panel is any indication.

  • Judge Puts Fair Grounds Debt to Horsemen at $89M

    A state district judge ruled March 22 that Fair Grounds owes horsemen almost $90 million in damages from the video-poker lawsuit that led to the track's filing for Chapter 11 bankruptcy reorganization last August, the New Orleans <i>Times-Picayune</i> reported.

  • Koichiro and Yuki Hayata, breeding group in bankruptcy.

    Japan's Hayata Group Bankrupt

    Yuki and Koichiro Hayata's Hayata Group has petitioned for bankruptcy in Japan. The Hayatas operate Hayata Farm and CB Farm, where they stand Brian's Time, one of the top sires in Japan since 1996.