Magna

MI DEVELOPMENTS UNDER FIRE FOR IGNORING MINOR OFFER

By Ray Paulick MI Developments, the publicly traded real estate concern that is the largest single shareholder in racetrack operator Magna Entertainment, is under fire again from one of its biggest shareholders, this time for ignoring an offer from technology entrepreneur Halsey Minor to buy the outstanding loans Magna Entertainment has been unable to repay […]

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MINOR GOES PUBLIC ON MAGNA BID

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 […]

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MAGNA CALLED ‘FINANCIAL SINKHOLE’ BY INVESTOR

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 […]

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MAGNA’S STOCK DIVES

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 […]

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MONDAY MORNING QUARTERBACK: CHURCHILL VS. HORSEMEN

Ray Paulick What in the world is going on inside the Churchill Downs Inc. executive offices? It’s slashed purses at Calder Race Course in South Florida by 17% and whacked almost $1 million from the fall stakes program at its home track in Louisville, Ky. Key management changes have been made at Calder and Fair […]

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MONDAY MORNING QUARTERBACK: HIALEAH — A MORTAL LOCK

By Ray Paulick Best unintentionally funny line of the week came from John Brunetti, the owner of Hialeah Park. Discussing a conversation he had with Halsey Minor about the technology wizard’s interest in buying and reviving the shuttered South Florida racetrack, Brunetti was quoted in a trade publication as saying: “I have told […]

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MAGNA EXECS: BEEN NICE, BUT PUT ME ON ICE

It’s almost impossible to keep track of the comings and goings of executives at Magna Entertainment, the racetrack spinoff created in 2000 from Frank Stronach’s highly successful auto parts company, Magna International. Magna Entertainment owns numerous racetracks, including Santa Anita Park and Golden Gate Fields in California, Gulfstream Park in Florida, Pimlico and Laurel Park […]

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LATTA LATEST TO LEAVE MAGNA MANAGEMENT POSITION

Brant Latta, a veteran racetrack executive who has been with Magna Entertainment for nearly 10 years, most recently as senior vice president of operations, has left the company, he told the Paulick Report on Monday. Prior to his last position, to which he was promoted in October 2006, Latta was the senior manager of […]

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WHY SANTA ANITA STAYED SYNTHETIC

After all the problems Santa Anita experienced with its Cushion Track synthetic surface this past season, why did track management decide not to go back to a conventional dirt track and instead commit to installing a synthetic surface manufactured by the Australian company Pro-Ride? Aside from the fact the California Horse Racing Board has mandated […]

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