Paulick Report Staff

WHAT NEXT FOR MAGNA?

By Ray Paulick While Thursday’s Chapter 11 bankruptcy filing by Magna Entertainment (MEC) leaves a multitude of unanswered questions about the future of the racetracks the Frank Stronach-controlled company owns, there was a positive reaction from the investment community concerning MI Developments — another Stronach company spun off from the auto parts mothership Magna International — […]

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FEVER KNOCKS OUT COLONEL JOHN

Ray Paulick WinStar Farm’s Colonel John, the 9-2 morning-line favorite for today’s Grade 1 Santa Anita Handicap, has been scratched from the race because of a fever by trainer Eoin Harty. “When I came in this morning, he wasn’t eating and when we checked him we discovered he had a fever,” said Harty. “He […]

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LIVE BLOG: FROM GOTHAM TO THE BIG ‘CAP

By Ray Paulick Spring is in the air, with temperatures topping 70 in Kentucky, and visions of Roses in the minds of many horse owners around the country. Today’s Triple Crown preps start in New York with Aqueduct’s Gotham Stakes and continue in California with last year’s 2-year-old champion, Stardom Bound, the heavy favorite in […]

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MAGNA DETAILS: REVENUE, EMPLOYEES AND CREDITORS

By Ray Paulick The volume of paperwork in Magna Entertainment’s chapter 11 bankruptcy filing last Thursday yielded some interesting details about the Frank Stronach-controlled company, its operations and creditors (tens of thousands of which were listed on more than 500 pages of documents). But pleadings from the company’s attorneys in federal bankruptcy court […]

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LAWSUIT CLAIMS CHRB RULE RESTRICTS COMMERCE

By Ray PaulickResponding to complaints from racing secretaries that horses were being claimed in California races and immediately shipped out of state – often to tracks with purses enriched with slot machine revenue — the California Horse Racing Board in 2005 amended its rules to prohibit any claimed horse from racing outside of the state […]

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MAGNA SMACKDOWN: NORTH RUN ADVISORS, NASDAQ PILE ON

By Ray PaulickAnother day, another Schedule 13D filing with the Securities and Exchange Commission from an institutional investor concerning MI Developments, the parent company of bankrupt Magna Entertainment, the racing company created by Eclipse Award-winning Thoroughbred owner and breeder Frank Stronach. Monday’s filing came from North Run Advisors, a Boston-based investment firm that spent […]

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PAULICK DERBY INDEX: SWEET REVENGE

In what is truly becoming a pattern, this weekend’s biggest winner I Want Revenge jumped from the bottom of our poll to the fourth position after romping in the Gotham Stakes at Aqueduct on Saturday afternoon. What should not be overlooked in the wake of his 8 1/2 length win is how much stronger the […]

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MAGNA PARENT WANTS TO CLOSE GOLDEN GATE FIELDS

By Ray Paulick Racing in Northern California, scrambling to recover from the loss of Bay Meadows racetrack, which was closed in 2008 for planned development, also faces the bulldozing of Golden Gate Fields, the parent company of bankrupt owner Magna Entertainment stated in a Securities and Exchange Commission filing on Tuesday. MI Developments […]

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FRANKFORT TO HORSE INDUSTRY: DROP DEAD

By Ray Paulick Kentucky’s signature horse industry is in a battle for survival, but its enemy is not the army of slot machines in neighboring Illinois, Indiana, Missouri or West Virginia, or a few hundred miles north in Pennsylvania or south in Louisiana. It is the commonwealth’s own elected officials, beginning with Gov. Steve Beshear, […]

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MAGNA PROPOSES AUCTION FOR SOME OF ITS ASSETS

By Ray Paulick A hearing has been scheduled for April 3 in U.S. Bankruptcy Court in Delaware to consider a motion requested by bankrupt Magna Entertainment to auction some of its assets on July 16. Included in the proposed auction, tentatively scheduled at the New York offices of Weil Gotshal and Manges, is […]

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