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Santa Anita Bid Timetable Set; Talks Continue

After failing to attract a qualified bid for Santa Anita Park this summer, bankrupt Magna Entertainment Corp. is prepared to try it again early next year. Meanwhile, a committee of horse owners from the Thoroughbred Owners of California is continuing to negotiate the purchase of the picturesque 303-acre racetrack, site of the 2009 Breeders' Cup.

MEC Racetrack Sales Moving Along Slowly

MEC Racetrack Sales Moving Along Slowly

The Chickasaw Nation appears well on its way to purchasing Remington Park in Oklahoma from Magna Entertainment Corp., but the fate of other MEC racetrack holdings is fuzzy at best.

Auction of Santa Anita, Lone Star Withdrawn

Auction of Santa Anita, Lone Star Withdrawn

An auction scheduled Sept. 8 on properties owned by bankrupt Magna Entertainment Corp. will not go forward after the company withdrew Santa Anita Park, Lone Star Park, and other assets from the bidding in court documents filed in U.S. bankruptcy court.

MEC Parent Asks to Sell Remington for $80M

MEC Parent Asks to Sell Remington for $80M

MI Developments, parent company of Magna Entertainment Corp., said Aug. 12 debtors filed a motion seeking court approval to sell MEC-owned Remington Park Racing & Casino in Oklahoma to a third party for $80.25 million pending "higher and better offers."

Bankruptcy Judge: MEC Can Sell Austrian Track

  • News

A bankruptcy court has granted permission for Magna International Corp. (MEC) to sell its track in Austria to a group associated with company founder and chairman Frank Stronach, Bloomberg reported July 30.

Thistledown Makes Payment; Will Stay Open

  • News

Thistledown race track in North Randall, Ohio made a required $36,000 payment toward a bond, which allows it to remain open, the Cleveland Plain Dealer reported June 17 on its Web site, cleveland.com.

Florida Bill Would Reduce Slots Tax

The Florida Legislature passed a gaming bill May 8 that includes several changes sought by the state's Thoroughbred industry, and a compromise on the contentious issue of table games at the Seminole Tribe of Florida's casinos.

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

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 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.

State, City Seek to Protect Preakness

State, City Seek to Protect Preakness

Mounting a defense for the Preakness Stakes (gr. I) at Pimlico Race Course, the state of Maryland and the city of Baltimore went to court March 27 to keep the second leg of the Triple Crown in the state because of uncertainties raised by the bankruptcy of Pimlico owner Magna Entertainment Corp.

MEC 2008 Loss Highest in Company History

One day after reporting Magna Entertainment Corp. would not release an annual report due to its ongoing bankruptcy proceedings, controlling shareholder MI Developments released data showing MEC posted its highest-ever annual loss in its brief history, though it's not exactly clear what the final tally is.

Hollywood Park to Race Through 2009

Hollywood Park to Race Through 2009

The California Horse Racing Board got a bit of good news March 19 when the president of Hollywood Park assured commissioners that it would run its 2009 fall/winter meet as planned. The board also received an update on bankruptcy developments from Magna Entertainment Corp.

MEC Bankruptcy Fallout Hits Ohio Track

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.

Frankly Speaking: Stronach on Magna

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.

MID May Dispose of MEC Tracks by 2011

MID May Dispose of MEC Tracks by 2011

The parent company of Magna Entertainment Corp. disclosed March 10 it does not intend to keep on a long-term basis the racing assets upon which it is bidding in MEC's Chapter 11 bankruptcy reorganization, including its "immediate" intention of redeveloping Golden Gate Fields into a commercial property if the bid is successful.

Magna Rep Gives Assurances to CHRB

A representative from the Magna Entertainment Corp. assured the California Horse Racing Board March 6 that the company "is not going out of business" in spite of its bankruptcy petition and that horsemen purse accounts and customer winnings will be paid on an ongoing basis.

Who's Who Among Who's Owed by MEC

Magna Entertainment Corp. claims it owes more than $235 million to its largest 50 unsecured creditors, including many prominent names in the Thoroughbred racing and breeding industry.

Magna Files for Chapter 11 Bankruptcy

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.

CHRB Calls Special Session on MEC Issues

CHRB Calls Special Session on MEC Issues

With Magna Entertainment Corp. reportedly in financial peril, the California Horse Racing Board has called an emergency meeting March 6 to determine the status of the MEC-owned tracks in the state, Santa Anita Park and Golden Gate Fields, as well as the company's licensed advance deposit wagering entity, XpressBet.

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.

MID Shareholder: Foreclose on MEC Loans

MID Shareholder: Foreclose on MEC Loans

A prominent shareholder is asking MI Developments to foreclose on loans it has with its subsidiary Magna Entertainment Corp., if and when those credit agreements go into default, in hopes of recouping some of its investment in potential bankruptcy reorganization.

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