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#3
02-19-2009, 12:31 PM
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Matt Hegarty's take..
Failed plan results in Magna's loans coming due By Matt Hegarty http://www.drf.com/news/article/101765.html MI Developments has abandoned a complex proposal to spin-off the troubled racing company Magna Entertainment Corp., according to both companies, a decision that leaves Magna with few options to retire a crushing debt load. In a release, MI Developments said it had canceled the plan because of "current global economic conditions." The plan, which was announced in late November but was immediately opposed by several large shareholders, would have transferred all of MI Development's stock in Magna Entertainment to a company controlled by Magna's founder, Frank Stronach.
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All ambitions are lawful except those which climb upward on the miseries or credulities of mankind. ~ Joseph Conrad A long habit of not thinking a thing wrong, gives it a superficial appearance of being right. ~ Thomas Paine Don't let anyone tell you that your dreams can't come true. They are only afraid that theirs won't and yours will. ~ Robert Evans The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command. ~ George Orwell, 1984. 
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