magna bankruptcy

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process” he has ever seen, Internet entrepreneur and Thoroughbred owner Halsey Minor told the Paulick Report he has withdrawn from the bidding for the bankrupt Magna Entertainment (MEC) racetracks.“Magna Entertainment was to bankruptcy when dead what Magna Entertainment was to […]

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THOROUGHBRED OWNERS OF CALIFORNIA TO BID ON SANTA ANITA

By Ray Paulick The Paulick Report has learned that the Thoroughbred Owners of California has submitted an “expression of interest” to buy Santa Anita Park, which is in the process of being sold as part of the bankruptcy proceedings involving the track’s current owner, Magna Entertainment. According to sources, TOC’s plans would be to form […]

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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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MINOR TO MAKE BID ON BANKRUPT MAGNA

By Ray PaulickHalsey Minor, the Internet entrepreneur and Thoroughbred owner and breeder who made a failed bid to buy Hialeah Park from John Brunetti last year, is poised to make an offer to reorganize bankrupt Magna Entertainment (MEC) and take control of the company from founder Frank Stronach, the Paulick Report has learned. The […]

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KY GIVES CUP BACKUP PLAN

By Ray Paulick Legislation approved by the Kentucky state Senate on Friday would pave the way for the Breeders’ Cup to make an emergency return to Churchill Downs this year in the event complications with Magna Entertainment’s bankruptcy prevent the Oak Tree Racing Association from hosting the two-day championships this fall at Santa Anita Park […]

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CHRB CALLS SPECIAL MEETING TO DISCUSS MAGNA BANKRUPTCY

By Ray Paulick The California Horse Racing Board has called for a special meeting on Friday to discuss what it calls the “imminent” bankruptcy filing of Magna Entertainment and the effect that action may have on two current race meetings at Magna-owned tracks, Santa Anita Park east of Los Angeles and Golden Gate Fields near San Francisco, […]

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TOC TAKING OVER SANTA ANITA’S PAYMASTER ACCOUNT

By Ray PaulickSouthern California horsemen who failed to withdraw funds from the paymaster at Santa Anita Park by 1 p.m. (Pacific) Wednesday will be unable to access their money for the next three days while the funds are transferred to a new account managed by the Thoroughbred Owners of California. Horsemen were notified of that development […]

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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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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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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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