Derby Trail Forums - Magna machinations: Frank's new trick

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Quote:

Originally Posted by Scav

If I was given full control of Gulfstream, that place would be turned around in one year, at least from the racing side.

First thing would be to install another finish line for 8.5f races.

Why would you need another finish line installed?

Laurel is now running 8.5f races and the tracks (Lau & Gulf) are the same distance, aren't they?

i think franks horses are drinking his energy drink because stronach and brian lynch have teamed up to win just about everything they enter in lately, other than that i agree they cant do a damn thing right ive seen hot dog stands run much better

Quote:

Originally Posted by DaHoss9698

What show was all this stuff done on?

Quote:

Originally Posted by phystech

Why would you need another finish line installed?

Laurel is now running 8.5f races and the tracks (Lau & Gulf) are the same distance, aren't they?

Arlington has the same configuration as Gulfstream, and Arlington had the same issue, so they did what both Keeneland and Fairgrounds was already doing, and installed an alternate finish line. Simple solution and it gave the Arlington racing secretary alot more options as far as races.....It used to be 6f, 8f one turn, 9f, and that was it for the dirt. Now they have 6f, 8f one turn, 8.5f two turn, 9f, and they actually added 7f last year.

It is pretty hilarious actually in that when they are running to the alternate finish line, Arlington puts up this HUGE stop sign at the finish line that says this is where you are suppose to end. Everytime I see it, I crack up....

I'll bet Desormeaux could still screw it up.

Quote:

Originally Posted by Kasept

A remarkable few days for those that enjoy the Magna sideshow with Stronach yet again finding a way to wrangle money (another $40 million) out of his auto parts business. David Einhorn (Greenlight Capital) screaming again about the outrageous tactics and brazen behavior of Stronach.. Below find 4 pieces that will help you understand the sad and bizarre failure Magna Entertainment is.

To understand the players:

A.) Magna Entertainment Corp (MEC): Stronach Racing-related business

B.) Magna Development Inc (MDI): Holding company created by Frank to lend money to MEC and manage real estate/lease property to Magna Industries entities. The entity Greenlight invested in and complains is failing to provide value to shareholders by fatuously pandering to failed MEC needs.

C.) Magna Industries (MI): Original, highly successful and financially stable Stronach auto parts business.

GLOBE & MAIL STORY ON PROPOSED DEAL:
http://www.theglobeandmail.com/servl...Story/Business

MAGNA PRESS RELEASE ON THE DEAL:
http://www.shareholder.com/MID/NEWS/20080331-302190.pdf

GREENLIGHT CAPITAL PRESS RELEASE OBJECTING TO DEAL:
http://money.aol.com/news/articles/_...02084709990013

NATIONAL POST STORY GIVING BACKGROUND ON MI EXECS DISPLEASURE WITH MEC:
http://www.financialpost.com/story.html?id=415244

There are 5 major institutional inverstors in Magna Dev. Their percantages of total Mag Dev stock range from 14% to 8%. Greenlight owns 10%.

How come the other major sh holders aren't barking as well?

According to Magna's response today, Greenlight has been been "attampting to impose its views" since 2003, when Magna Dev spun off.

You have to ask why Greenlight has stuck it out so long, as Stronach has been feeding money into MEC for years? It's interesting that the initial stock price was about $18/sh and as recently as 10 months ago traded as high as $39/sh. so, over those 4 years ending 10 months ago, Einhorn's initial $80 million turned into $190 million.

That's not bad. But, the stock has been beat hard the last 10 months and that $190M is now $130M. Maybe that's what's got Einhorn especially po'd?

The second most interesting fact is that the five biggest inverstors Magna Dev holdings represent the following percentages of their OWN firm's portfolios:
0.8%, 0.9%, 1,7%, 1.7% and 5.0%.

The 5.0% is Greenlight. Einhorn certainly does have a lot of his eggs stamped Magna.

The most interesting fact is that upon news of the proposed restructuring, Magna Dev stock rose 16% in a day which addded just under $200,000,000 in value to the company's stock.

SOMEBODY liked the reorg plan.

Quote:

Originally Posted by cmfhb411

Let Tampa Bay Downs have the cheaper grass races. I agree.

Tampa Bay Downs doesn't go below 16k claimers on the grass.

Quote:

Originally Posted by SentToStud

There are 5 major institutional inverstors in Magna Dev. Their percantages of total Mag Dev stock range from 14% to 8%. Greenlight owns 10%. How come the other major sh holders aren't barking as well? According to Magna's response today, Greenlight has been been "attampting to impose its views" since 2003, when Magna Dev spun off.

You have to ask why Greenlight has stuck it out so long, as Stronach has been feeding money into MEC for years? It's interesting that the initial stock price was about $18/sh and as recently as 10 months ago traded as high as $39/sh. so, over those 4 years ending 10 months ago, Einhorn's initial $80 million turned into $190 million. That's not bad. But, the stock has been beat hard the last 10 months and that $190M is now $130M. Maybe that's what's got Einhorn especially po'd?

The second most interesting fact is that the five biggest inverstors Magna Dev holdings represent the following percentages of their OWN firm's portfolios: 0.8%, 0.9%, 1,7%, 1.7% and 5.0%.

The 5.0% is Greenlight. Einhorn certainly does have a lot of his eggs stamped Magna. The most interesting fact is that upon news of the proposed restructuring, Magna Dev stock rose 16% in a day which addded just under $200,000,000 in value to the company's stock. SOMEBODY liked the reorg plan.

Bruce..

Thanks for your imput here.. I know you have a real grasp of the financial market side of this, and the details of that aspect are not easy to grasp. Einhorn was on ATR last month and couldn't really expand too much on the pending court case, but his frustration with MI and MDC catering to MEC was palpable. I have no idea how Stronach plans to straighten things out at MEC. There just isn't any coherent direction..