Magna

STRONACH STRIKES A DEAL

Attorneys for Magna Entertainment have struck a deal in U.S.  bankruptcy court with unsecured creditors that will allow Frank Stronach to maintain control of Santa Anita Park, Gulfstream Park and Golden Gate Fields and the account wagering company Xpressbet.com and the Amtote totalizator company, Reuters and Bloomberg have reported. The creditors will receive nearly […]

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MINOR FED UP WITH MAGNA

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process” he has ever seen, Internet entrepreneur and Thoroughbred owner Halsey Minor told the Paulick Report he has withdrawn from the bidding for the bankrupt Magna Entertainment (MEC) racetracks.“Magna Entertainment was to bankruptcy when dead what Magna Entertainment was to […]

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LIENS FILED ON HORSES AT PALM MEADOWS

By Ray PaulickOne of the creditors in the Magna Entertainment bankruptcy, citing a Florida statute that deals specifically with suppliers of feed and bedding products to facilities where racehorses, polo ponies and racing greyhounds are stabled, has filed liens on hundreds of horses located at Magna’s Palm Meadows training center in Florida. Wood Mulch Products of Orlando, Fla., […]

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MAGNA: HOW DID WE GET HERE?

By Ray Paulick(UPDATE: Magna Entertainment filed for Chapter 11 bankruptcy protection today. Click here for the company press release, with details on the filing.)  What a long, strange trip it’s been. Hard to believe, but it’s been just over 10 years since Frank Stronach dove head-first into racetrack ownership with his December 1998 […]

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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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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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INVESTOR: LET MAGNA GO BANKRUPT

By Ray Paulick The recent press release announcing Magna Developments (MIM) was scrapping its reorganization plan to help debt-ridden racetrack company Magna Entertainment (MEC) has prompted one of Magna Developments’ largest institutional investors to warn the real estate entity’s board of directors that it was prepared to “vigorously protect” its rights as a shareholder if […]

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THE DOLLAR STORE — MAGNA STOCK TANKS AGAIN

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 […]

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MINOR CALLS MAGNA PROPOSAL ‘PREPOSTEROUS’

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 […]

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MAGNA SHARE SPIKE ON EVE OF MARYLAND SLOTS VOTE

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 […]

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