magna entertainment bankruptcy

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., […]

Continue reading
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 […]

Continue reading
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 […]

Continue reading
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 […]

Continue reading
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 […]

Continue reading
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 […]

Continue reading
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 […]

Continue reading
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 […]

Continue reading
Twitter Twitter
Paulick Report on Instagram