farallon capital management

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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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 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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