Posts Tagged ‘stronach’
Sunday, August 23rd, 2009
By Ray Paulick
Saying he is fed up with what he called the “most unprofessional process†he has ever seen, Internet entrepreneur and Thoroughbred owner Halsey Minor told the Paulick Report he has withdrawn from the bidding for the bankrupt Magna Entertainment (MEC) racetracks.“Magna Entertainment was to bankruptcy when dead what Magna Entertainment was to corporate responsibility and governance when alive,†he said. Minor said he “finally threw in the towel when they refused to allow me to speak and partner with one of America’s most profitable and respected gaming companies for the purpose of getting the value of my offer higher. … The shifting assortment of people ‘running’ the bankruptcy denied my right without ever feeling the need to even articulate a reason.â€
Minor’s decision came the same week U.S. bankruptcy court Judge Mary Walrath approved a request by the committee of unsecured creditors to include Magna chairman Frank Stronach and certain directors of the MEC in a lawsuit against Magna’s parent company, MI Developments, for allegedly preventing MEC from selling off some of its assets to avoid bankruptcy. The company filed for chapter 11 bankruptcy March 5.
The suit, filed July 21, said in its preliminary statement that “the MEC bankruptcy did not need to happen†if the company had sold some of its assets and raised equity. “Rather,†the suit states, “the MID Defendant, MID members of MEC’s Board of Directors, MEC management and Tom Hodgson worked together to make sure that asset sales were limited and that key properties –properties that MEC told the world would be sold to the highest bidder–were in fact set aside for MID and its controlling shareholder, Frank Stronach. MID, MEC management, Stronach, and those working with them stubbornly refused to sell MEC’s marketable assets, even after repeatedly telling the investing public in SEC filings and on investor conference calls that they would; and even after they knew that their refusal to act could violate their fiduciary duties. Instead of marketing MEC’s assets in good faith, Stronach and MID (which Stronach controls), larded MEC with purported loans (secured no less) to keep the failing MEC temporarily afloat, thereby ensuring that the MID Defendant would leapfrog ahead of the pre-existing unsecured debt (including $225 millon in unsecured bonds issued in 2002 and 2003) in an effort to protect MID’s equity ownership over MEC’s assets.â€
Stronach, the suit alleges, “used his control of MID to set up a ‘heads I win, tails you lose’ financing model.†If MEC’s performance improved, MID and its shareholders stood to profit, the suit says. If MEC were forced into bankruptcy, MID would use credit bids to retain the most coveted racetrack assets.
Click here for a copy of the unsecured creditors lawsuit, which outlines the history of Magna Entertainment and comments on much of the corporate, financial and governance intrigue behind the failed company.
In a proposal made last fall, Minor offered to buy MID’s bridge loans to Magna. He made a similar offer in April after Magna filed for bankruptcy. Minor said he was partnering on the proposal with California supermarket mogul Ron Burkle
, who is listed by Forbes magazine as the 105th wealthiest American, with a net worth of $3.5 billion. Burkle is a major political donor, almost exclusively to Democrats, though he has also contributed to California’s Republican Gov. Arnold Schwarzenegger. He was dubbed the “Billionaire Party Boy†by the New York Post, whose Page Six author Jared Paul Stern allegedly attempted to extort $220,000 from Burkle to stop negative stories about him from appearing in the tabloid paper.
“He is one of the five most influential people in Los Angeles,†Minor said of Burkle. “He’s an extraordinary investor with a sterling reputation, and he’s plugged in to the Hollywood crowd, something racing could use.
“After we submitted our offer I sent an email to MID asking if we could talk with this major casino company,†Minor continued. “I don’t want to name them, but they are extremely profitable and were interested.†Minor said he got an answer saying the offer would not be presented to the MID board because of the new issue involving a casino company.
“It’s so irrational,†Minor said. “They don’t even have a reason. They’re violating their duty, which is to get the maximum amount of money. When these guys are holding me back from doing that, when I have the strongest offer, it’s unconscionable. I’ve pursued this for a long time and spent a lot of money, but there is a limit as to how far someone will go to try and buy a business.â€
Minor also accused Magna’s interim chief executive officer, Greg Rayburn (who served as chief restructuring officer for WorldCom during what then was the largest bankruptcy in U.S. history), of having a duel role as an adviser to MI Developments, giving him an “utter and complete conflict of interest.â€
Because numbers at Magna tracks are “falling off the cliff,†Minor said, the company’s earnings before interest, taxes, depreciation and amortization (EBIDTA) has “absolutely nosedived.†He said Santa Anita’s EBITDA will have gone from $22 million to $8 million next year. As a result, he said, the track properties have dramatically fallen in value. “There are sub-$100-million bids for Santa Anita,†Minor said. Stronach paid $126 million for the Arcadia, Calif., track in 1998.
“The bids (for some Magna tracks) will be so bad that MID is going to have to credit bid, use their $400 million in debt to go in and buy back the assets, so the track will come back into the same parent company that bankrupted them in the first place,†he said. “That will trigger (investment fund) Greenlight and others to have a conniption because MID will not just lend the money but own the assets outright. There are bidders, but there’s no one to say ‘I will pay more.’
“I told (MID chief executive) Dennis Mills last year Magna was going bankrupt, and he said I was completely wrong, didn’t know what I was talking about, was a bomb thrower. I told Frank (Stronach) that if he went forward with the 363 process (stalking horse bid) and the unsecured creditors got nothing, they would sue him corporately and personally. I’ve told him the money will be tied up in escrow as litigation drags on for years, and said I believe from the work I’ve done that he will lose. The banks will get paid, the unsecureds will get paid, and what’s left will come to him after two years.
“All I’ve asked is, ‘Can I put something together with each of the parties that prevents going down the path of two years of litigation?’ But the basic answer is ‘no.’
“I said a year ago I wanted to prevent an ugly, destructive bankruptcy. We are about to see one hell of a an ugly and destructive bankruptcy. Who knows where these assets will end up? We won’t even know when they are sold who the beneficiary is.
“There will be more lawsuits coming. Frank is not going to let Gulfstream Park be sold for $20 million. So he will buy it back into MID, then what do you think is going to happen? It’s just starting, and it’s like the company itself: it just gets worse and worse and worse.â€
Minor said he is stunned that Stronach is considered a front-runner to acquire the German automobile company Opel from General Motors.
“How any sovereign nation can look at money losing Magna International, and chaotic, governance plagued MI Development, and bankrupt Magna Entertainment and decide that Frank Stronach should come near their industrial base absolutely defies all laws of common sense and business,†he said. “The title for his foray into the U.S. Thoroughbred business has now been officially written: Veni, Vidi, Deletum. ‘I Came. I Saw. I Destroyed.’â€
Copyright © 2009, The Paulick Report
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Tags: dennis mills, Frank Stronach, general motors, greenlight financial, gulfstream park, Halsey Minor, Magna, magna bankruptcy, Magna Entertainment, magna international, mary walrath, mec, mec bankruptcy, mid, mid developments, opel, Paulick Report, Ray Paulick, ron burkle, stronach, tom hodgson, veni vidi deletum
Posted in Halsey Minor, Magna Entertainment | 28 Comments »
Wednesday, December 10th, 2008
By Ray Paulick
Stock in Magna Entertainment, which only five months ago went through a 1 for 20 reverse stock split to keep from being delisted by NASDAQ because its share price had fallen under $1 for 30 consecutive trading days, has dropped below that threshold again.
After opening the day at $.89, share prices in the company (MECA) had fallen to $.74 by mid-afternoon after light trading. The stock has fallen steadily since the reverse split was enacted on July 22, a move that dramatically reduced the number of outstanding shares but bumped up the price from $.37 to $6.56.
MECA share prices held relatively even until mid-September, when the global financial crisis began to unfold, and the stock has tumbled since then. MECA closed at $1.75 on Sept. 30, spiked to $3.97 on Nov. 4, then quickly fell again, closing below $1 on Dec. 8, the first time since the split it fell below that mark.
MECA received noticed Feb. 12 that it had fallen out of compliance with NASDAQ regulations after share prices closed below $1 for 30 consecutive days. The reverse split was designed to keep the company in compliance
The racetrack operating founded and controlled by Thoroughbred breeder and auto parts mogul Frank Stronach owns such tracks as Santa Anita Park and Golden Gate Fields in California, Pimlico and Laurel Park in Maryland, Gulfstream Park in Florida, Lone Star Park in Texas, Remington Park in Oklahoma, and Thistledown in Ohio. It has slot machine operations at Gulfstream Park and Remington Park. However, the company has significant debt and has never turned a profit. It also runs an account wagering company, Xpressbet, and is co-owner with Churchill Downs Inc. of the HorseRacing TV cable channel.
Plans were recently announced to restructure the company, pending the approval of shareholders in MI Developments, another Stronach company that is the largest shareholder in MECA.
Since Stronach took MECA public in 2000, the value of its stock has fallen 99.2%.
Copyright © 2008, The Paulick Report
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Tags: Frank Stronach, gulfstream park, Horse Racing, horse racing tv, HRTV, Magna, Magna Entertainment, meca, mi developments, mid, nasdaq, Paulick Report, racetracks, Ray Paulick, reverse stock split, santa anita park, stronach, xpressbet
Posted in Churchill Downs Inc., Magna Entertainment | 4 Comments »
Wednesday, November 26th, 2008
By Ray Paulick
Halsey Minor thought he would be meeting with MI Developments (MID) chief executive officer Dennis Mills in Baltimore, Md., on Wednesday morning to discuss Minor’s proposed buyout of the company’s $100-million loan to Magna Entertainment (MECA), the financially beleaguered racetrack company that operates Santa Anita Park and Golden Gate Fields in California, Gulfstream Park in Florida, and Pimlico and Laurel Park in Maryland, among other facilities.
When Mills failed to show, Minor called him, only to discover that Mills was still at Magna’s corporate headquarters in Canada putting out a press release outlining new loans from MI Developments to Magna Entertainment, further extensions of existing loans, and a proposed reorganization that could put the racetrack company more firmly under the control of Frank Stronach. The proposed reorganization, subject to MI Developments shareholder approval, is “an egregious attempt to hijack shareholder value and will never pass,” Minor told the Paulick Report.
Minor, a technology entrepreneur who created CNET.com among other Internet companies, is a horse owner and breeder who has also expressed interest in buying and restoring the dormant Hialeah Park in South Florida.
“He stood me up to put out this press release?” Minor said of Mills. “It might have been good to have met with me before the press release, because we have a better offer, by far, that will be far more acceptable to MID shareholders. It was a good faith attempt on my part to sit down with him and see if there was something we could do. Instead they put out this preposterous press release and he stands me up the day before Thanksgiving after I traveled all the way here to meet with him.
“I could have told Mills that what he put out, even though the stock is up a few pennies, has no chance of passing. There is a contingency (among MID shareholders) that is of the mind that says, ‘We’ll do anything to get rid of Frank,’ but this proposal doesn’t really fully get rid of him."
At least two institutional shareholders in MID, Farallon Capital Management and Greenlight Capital, have suggested possible legal action for breach of fiduciary responsibilty by MID’s board of directors over the MECA loans, one of them calling MECA a "financial sinkhole." A previous proposal to hand MECA over to Frank Stronach was voted down by MID shareholders earlier this year.
The proposal calls for a new loan from MID to MECA of $50 million to fund current operations and $75 million to pay for a possible slots license and temporary facility in Maryland, along with extensions of an existing bridge loan and of repayment deadline for another $100-million loan.
A second stage of the proposal, subject to shareholder approval, calls for MID to purchase unsold real estate in Dixon, Calif., and near the Palm Meadows training facility in Florida at what it calls “fair market value.” It also seeks additional extensions on the loans and the option to repay the loans in MECA stock instead of cash. The third and final stage, taking control of MECA away from MID and into the hands of an entity called the “Stronach Group,” is contingent upon MECA retiring its convertible bonds.
Minor insists that even if the proposal somehow gets shareholder approval, MECA will fail. “Frank doesn’t buy the stock until after the $295 million in convertible bonds are paid off,” he said. “If they are not paid, the company goes bankrupt. The slots deal in Maryland is terrible, and most of the big guys have said they are not even going to try to get the license. It’s only 33% (of revenue), versus close to 50% in Pennsylvania and Delaware. He has to spend $250 million to build his slots parlor, then give 60% of his profits to (Joe) DeFrancis (who sold his family’s interests in the Maryland tracks to Magna with a contingency for a share of any future slots revenue). So his own deal, which sucks all this money away from MID shareholders, would itself have a life of a year or two before it went under. This is Stronach’s way of saying, ‘I have this company (MID) hostage. If you want me to go away, you have to pay up.’
“The shareholders fully intend to have their day with Frank.”
Magna Entertainment (MECA) closed at $2.01 on Wednesday, up $.60, a gain of 42.8% on the day. MI Developments (MIM) gained $1.62 to close at $10.05, up 19.2%.
Copyright © 2008, The Paulick Report
Tags: dennis mills, farallon capital management, Frank Stronach, greenlight capital, gulfstream park, Halsey Minor, Magna, Magna Entertainment, Maryland Jockey Club, maryland slots, mec, meca, mi developments, mid, mid shareholders, mim, Paulick Report, Ray Paulick, santa anita, stronach, stronach group
Posted in Halsey Minor, Magna Entertainment | 13 Comments »
Tuesday, November 4th, 2008
By Ray Paulick
UPDATED TUESDAY EVENING:
Stock prices soared Monday in Magna Entertainment, the racetrack company that operates Laurel Park and Pimlico in Maryland, where voters are deciding today on an amendment to allow 15,000 slot machines at five locations in the state.
The share price jumped by 92%, from $1.82 at the opening bell to $3.50 by the day’s close. Magna Entertainment, which also operates Santa Anita Park, Golden Gate Fields, Lone Star Park, and Gulfstream Park, among other tracks, trades on the NASDAQ under the symbol MECA. One-day trading was the heaviest that it’s been since Sept. 30, when the stock plummeted from $4.00 to $1.75. Earlier this year, Magna exercised a 20-for-1 reverse stock split to maintain its position on the NASDAQ.
UPDATE: Tuesday afternoon, Magna Entertainment sent out a press release saying the company "is not aware of any specific developments" connected with the sudden increase in share prices. MECA closed at $3.97 Tuesday afternoon, an increase of another $.47 (13.4%).
Even with Monday’s gains, adjusted share prices are down 95% from what they were when MECA went public in 2000. The company is saddled with hundreds of millions of dollars of debt.
Polls indicate the Maryland constitutional amendment permitting slots will pass, though there is no guarantee that Magna Entertainment will be one of the operators of the slots parlors. Approximately 7% of revenue from the machines will subsidize horse racing purses, with 2.5% going to racetrack renewal.
When Magna Entertainment purchased the two Maryland Jockey Club tracks from the family of Joe and Karin De Francis, the agreement gave the former owners 18% of any future profits MECA earned from slot machines.
The company announced Monday that a previously announced deal fell through to sell excess property near Ocala, Fla., where company chairman Frank Stronach had once hoped to build a racetrack.
Tags: Frank Stronach, gulfstream park, joe de francis, karin de francis, laurel park, Magna, Magna Entertainment, Maryland Jockey Club, meca, pimlico, racino, santa anita, Slot machines, slots, stronach
Posted in Magna Entertainment, Maryland Jockey Club, Slot machines | 1 Comment »
Saturday, October 18th, 2008
By Ray Paulick
A major institutional investor in MI Developments, the Frank Stronach-controlled real estate company that has kept Stronach’s failing racetrack entity Magna Entertainment afloat with bridge loans, has threatened legal action against the MI Developments board of directors, alleging they have “flagrantly breached their fiduciary duties to shareholders.”
Richard Fried, a managing member of the San Francisco-based Farallon Capital Management that owns 8.5% of the Class A shares in MI Developments, protested the board’s most recent extension and expansion of a now $125-million bridge loan and delay of a due date of a separate $100 million loan payment. Fried wrote that Magna Entertainment “has been, is, and will remain a financial sinkhole. Continuing to finance it offers no conceivable benefit to MID’s shareholders.”
“There is no possible justification for the Board to approve loans to a near bankrupt horseracing concern, especially one that is hopelessly entangled with irrational, non-economic, and conflicted parties and has a track record of massive value destruction,” Fried wrote. The letter was filed with the Securities Exchange Commission on Friday, the same day that technology entrepreneur and Thoroughbred owner and breeder Halsey Minor went public with an offer to buy out MI Developments’ loans to Magna Entertainment.
The letter said Farallon concludes that “the (MI Developments) Board is pursuing a value-destroying investment instead of a relatively safe and accretive investment because the Board is ignoring common shareholders’ interests and is only interested in pleasing Frank Stronach, even if his desires conflict with the best interests of MID’s shareholders.”
Farallon also went on record as opposing what it called “an ill-conceived transaction” that would have MI Developments buying out Magna Entertainment, whose stock has lost more than 95% of its equity value. MI Developments already owns a controlling interest in Magna Entertainment, which operates Santa Anita Park (host of the Breeders’ Cup world championships in 2008 and 2009), Gulfstream Park, Lone Star Park, the Maryland Jockey Club tracks Pimlico and Laurel, and Golden Gate Fields.
“We believe the Board’s duties require it to end MID’s support of MEC and focus urgently with management on developing a coherent and fair reorganization plan. You must tell Mr. Stronach that his time for self-serving maneuvers is over. It is time for you to meet your fiduciary duties as directors. If you do not, Farallon will consider all legal tools available to it as a shareholder.”
Magna successfully defended a previous lawsuit by Greenlight Financial alleging that Greenlight and other investors were oppressed by Stronach and the MI Developments board.
Click here for the complete text of the Farallon Capital Management letter.
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Tags: Breeders' Cup, cnet, farallon capital management, farfallon, financial sinkhole, Frank Stronach, gulfstream park, Halsey Minor, Horse Racing, laurel, lone star park, Magna, Magna Entertainment, magna entertainment farfallon capital management, Maryland Jockey Club, meca, mi develoments, mi developments, mid, Paulick Report, pimlico, Ray Paulick, richard fried, santa anita park, stronach
Posted in Halsey Minor, Magna Entertainment | 8 Comments »
Friday, October 17th, 2008
By Ray Paulick
Technology entrepreneur Halsey Minor has gone public with a letter sent to the Special Committee of the Board of Directors of MI Developments (MIM) asking the board to consider his proposal to acquire outstanding loans made by MI Developments to the financially beleaguered racetrack company Magna Entertainment (MECA).
Click here to read the letter.
Both MI Developments and Magna Entertainment are controlled by Frank Stronach, though Stronach owns just 2% of MI Developments.Both companies are offshoots of auto parts giant Magna International (MGA), whose stock price has declined by 67% over the last year.
On Thursday, Magna Entertainment received another extension on more than $250 million in outstanding loans, all but $40 million from MI Developments. The new agreement on a bridge loan from MI Developments added $15 million to the amount Magna Entertainment could borrow.
Minor, the founder of CNET and several other technology firms, said his proposal was made several weeks ago but that he has yet to receive a response from the Special Committee, necessitating the need to make the offer public so it could receive full consideration from shareholders of MI Developments.
“While it is unfortunate that we have to take the unnecessary step of making our proposal public,” Minor said, “we believe that MI Developments’ shareholders deserve to know about the opportunity to relieve the company of what has become an increasingly burdensome debt obligation. Magna Entertainment owns some of the world’s premier racetracks, but many of them have fallen into disrepair and are in desperate need of capital to both improve the facilities and attract fans back to the industry. I have long had a passion for the horse racing industry, and believe strongly that this storied, exciting sport can be revitalized. I want to help rebuild this industry, and initiating discussions with MI Developments to explore ways we can solve Magna Entertainment’s liquidity problem and help provide a better strategic direction to these under-capitalized properties is a winning proposition for MI Developments and the horse racing industry overall. I look forward to a response from MI Developments’ Special Committee.”
Minor, who also has made a bid to buy Hialeah Park in South Florida from John Brunetti, told the Paulick Report he is very concerned over the affect a potential bankruptcy by Magna Entertainment could have on the horse racing industry. “The goal would be to take control of the Magna tracks away from MI Developments and begin the process of rebuilding much of what has been harmed over the previous five years," he said. "Magna Entertainment, as a company, clearly has little chance of survival. The idea is to prevent a bankruptcy which would be disastrous for the industry and to begin to rebuild the company. The goal, first and foremost, is to stop the uncontrolled bankruptcy, which is almost inevitable. You can’t lose $120 million a year in this environment and continue.
“Frank Stronach only owns 2% of MI Development but has been using that company to prop up Magna Entertainment, which has basically been a bankrupt company for three years. It only exists because MI Developments continues to put money into a company whose losses are in excess of $100 million a year.
“We have made a proposal, but the Special Committee of MI Developments hasn’t allowed us to have any access to any of the information, which is really crazy. They are depriving their shareholders of even knowing what our final offer will be. This will let the hedge funds who own the stock realize the company has been offered the opportunity to exit the Magna Entertainment funding business and so far has declined to even talk.”
Members of the Special Committee are Jerry D. Campbell (Chairman), Anthony J. Campbell and William J. Menear.
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Tags: cnet, Frank Stronach, Halsey Minor, Magna, magna bridge loan, Magna Entertainment, magna international, meca, mi developments, mim, Paulick Report, Ray Paulick, stronach
Posted in Halsey Minor, Magna Entertainment | 10 Comments »
Tuesday, September 30th, 2008
By Ray Paulick
Shares in Magna Entertainment (MECA), the debt-ridden racetrack operating company controlled by Frank Stronach, plunged by 56% in Tuesday’s trading on the NASDAQ exchange. Closing at $1.75 per share (down from $4.00) under extremely heavy trading (more than 30 times higher than the daily average), MECA was NASDAQ’s biggest percentage loser on a day when the Dow and NASDAQ each gained between 5%-6%.
MECA stock has plummeted by 91% in the last 52 weeks, and its market capitalization has shriveled to less than $10 million.
Magna Entertainment has listed debt of $571 million. The company recently announced 30-day extensions on a loan maturity date from a Canadian bank and an $80-million bridge loan from its affiliated real estate company, MI Developments, that will be due Oct. 15 and Oct. 31, respectively, along with a $100-million payment due MI Developments Oct. 31. Major shareholders in MI Developments have fought extensions of the bridge loan and repayment. On Monday, John Barnett resigned from the board of MI Developments. The company’s CEO, John Simonetti, stepped down in August and was replaced by Dennis Mills, a longtime Stronach ally.
The current bank and credit crisis only heightens the gravity of Magna’s poor financial health.
Magna Entertainment operates, among other tracks, Santa Anita Park in Southern California, the site of the 2008 and ’09 Breeders’ Cup world championships. The Oak Tree Racing Association, a separate non-profit entity that leases the Santa Anita racetrack from Magna, is the organization with which Breeders’ Cup has contracted to host the championships. Any financial failings or potential bankruptcy by Magna Entertainment will not affect the Breeders’ Cup, according to Greg Avioli, president and CEO of Breeders’ Cup Ltd.
“Because of Oak Tree’s contractual structure, they are fully protected from any possible Magna bankruptcy in terms of their ability to operate the meet in their standard fashion,” Avioli said. “(Oak Tree Racing Association) is a separate legal entity. They have a lease on the facility, and that lease would be maintained.”
Avioli did say that the Breeders’ Cup developed contingency plans to move the championships to Hollywood Park, but not because of Magna’s financial situation. “We had contingencies in place in the event that there might be problems with the new track,” he said, in reference to the new Pro-Ride synthetic surface recently installed at Santa Anita. According to published reports, horsemen and jockeys generally seem satisfied that the new surface is safe and formful after one week of racing during the Oak Tree meeting.
The pending due dates on loans are not the only question marks concerning Magna Entertainment. A California judge ruled this week that a shopping mall development planned for a section of Santa Anita’s parking lot cannot go forward. In Maryland, where Magna owns Laurel and Pimlico racetracks, a referendum is coming up in November on slot machines.
“The stock only trades on option values,” one market analyst observed, “and the option value is declining because the potential options for the company are quickly disappearing.”
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Tags: bank crisis, Breeders' Cup, bridge loan, credit crisis, Frank Stronach, Greg Avioli, Hollywood Park, laurel, Magna, Magna Entertainment, meca, mi developments, oak tree, oak tree racing association, Paulick Report, pimlico, Ray Paulick, santa anita, santa anita park, Slot machines, stronach
Posted in Breeders' Cup, Magna Entertainment, Synthetic surfaces | 7 Comments »
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