Magna machinations: Frank's new trick

[theiman]

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

People Who Live In Glass Houses Should Not Throw Stones ( don't criticize other people when you yourself have faults and weaknesses ... )

NYRA No Bid Contracts, plus every bit of other BS they have been involved in over the past few years.

One of the biggest supporters of NYRA getting the bid to run NY racing is the head of this forum board.

I believe the correct word is "Chutzpah"

I thought the guy with the biggest EGO in NY sports history was Denis Potvin. I now think we have a horse race.