mec

‘WE’RE NOT GOING AWAY, FRANK’

By Ray Paulick William Bayne Jr. is a longtime horseplayer and horse owner who lost more than $2 million he invested in Frank Stronach’s now bankrupt Magna Entertainment (MEC). After a United States bankruptcy court judge recently approved a settlement plan transferring the assets of MEC to another Stronach-run company–MI Developments–but giving zero to MEC […]

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COULD HALSEY MINOR HAVE A MAJOR TAX PROBLEM?

The controversial tech entrepreneur Halsey Minor, who attempted to wrestle Hialeah Park away from John Brunetti and pulled out of bidding on three MEC tracks, may not be in a buying mood anymore. According to a report in The Sacramento Bee, Mr. Minor has majored in not paying his taxes. The CA state Franchise […]

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MID ANNOUNCES AMENDMENTS TO MAGNA REORGANIZATION

PRESS RELEASE MI Developments Inc. today announced that the Plan of Reorganization in respect of Magna Entertainment Corp. (“MEC”) and certain of its subsidiaries, jointly proposed by MEC, MID and the Official Committee of Unsecured Creditors of MEC (the “Creditors Committee”), was amended to provide for the transfer of Maryland Jockey Club (“MJC”) to MID. […]

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ENG: ROOTING FOR MEC TO SUCCEED

Las Vegas Review-Journal columnist Richard Eng chimed in on the recent Magna deal reached with creditors to maintain control of Gulfstream Park, Santa Anita, Golden Gate Fields and XpressBet. Despite such flops like the Horse Wizard slot machine, ultimately he makes a strong pitch for us to root for MEC to succeed ‘because way […]

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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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GULFSTREAM PARK: HALF-BAKED IN THE FLORIDA SUN

By Ray Paulick How cold was it at Gulfstream Park in South Florida last weekend? So cold that local legend Hash Weinstein thought of wearing socks for the first time in his life. So cold the volleyballs at Frank’s beach all were sadly deflated. It was so cold racing fans couldn’t have cared less whether […]

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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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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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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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