Keyword: Magna International

  • Frank Stronach

    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.

  • Orr Wins Judgment Against MEC

    Former Magna Entertainment Corp. executive Graham Orr has won a $1.6-million judgment against his former employer in a wrongful dismissal case, according to a published report.

  • MEC Could Benefit From Agreement Termination

    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 <i>Globe and Mail</i> newspaper.

  • MEC to Re-evaluate in Wake of Big Losses

    Magna Entertainment Corp. chief executive officer Jim McAlpine Nov. 3 acknowledged the company's substantial third-quarter loss and said it would re-examine its strategy and direction moving forward.

  • Ray Paulick&lt;br&gt;Editor-in-Chief

    No Laughing Matter

    <i>By Ray Paulick</i> -- 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).

  • Belinda Stronach Wins Nomination for Canadian Race

    Belinda Stronach, daughter of Magna International owner Frank Stronach, won the Conservative Party nomination in Canada March 9 over Lois Brown, a long-time Canadian Alliance worker.

  • Biggar Resigns as President of MI Developments

    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.

  • Reports: Stronach Made Millions in Consulting Fees

    Magna International chairman Frank Stronach earned $58.1 million (Canadian) last year, most of it from consulting fees from three European subsidiaries, according to newspaper reports in Canada.

  • 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.

  • Andy Stronach Patenting New Wagering Machine

    Andy Stronach, son of Magna Entertainment founder Frank Stronach, has left his father's racing conglomerate to focus on a new company that will manufacture a self-service pari-mutuel teller for novice bettors.

  • 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%.