Magna - one step away from bankruptcy ??

[jpops757]

MEC has accomplished what they want, a reason to go to the states for leagalization of slots for all of ther tracks. Another step in there goal of a 5 star casino that has a racetrack. Creative bookkeeping.

Originally Posted by jpops757

MEC has accomplished what they want, a reason to go to the states for leagalization of slots for all of ther tracks. Another step in there goal of a 5 star casino that has a racetrack. Creative bookkeeping.

when you say to others your company is not a going concern,
the days of crerative bookkeeping have passed you by already.
the creative bookkeepping prolly took place a couple years back,
now they are in trouble.

going concern to an auditor is like my house is on fire to a fireman

And people jump ugly on NYRA? You have got to be kidding me.

[Danzig]

didn't magna bid for nyra? cross them off the short list...

Frank is a genius. Man that man is a pretty good business guy. He will now go to the states and say I need gambling or I am going to sell the tracks to a real estate company to tear down and build houses, condos, or a business park. He owns the land and this is what is important. He holds all the cards in this matter. He will show them the statements and show them all the money he has put into the tracks and he will say, now it is on you (state) to give me gambling or I will have to sell. The states will give in and in about 5 years MEC will be operating in the red.

Originally Posted by eurobounce

Frank is a genius. Man that man is a pretty good business guy. He will now go to the states and say I need gambling or I am going to sell the tracks to a real estate company to tear down and build houses, condos, or a business park. He owns the land and this is what is important. He holds all the cards in this matter. He will show them the statements and show them all the money he has put into the tracks and he will say, now it is on you (state) to give me gambling or I will have to sell. The states will give in and in about 5 years MEC will be operating in the red.

Exactly. That real estate is the key to everything. The states need that gambling money and he can get whatever he wants as long as he knows that real estate can be sold at a huge profit. He got the government addicted to the gambling money and now he gets whatever he wants or they lose their gambling money. Brilliant!

wanna buy a brand new race track in south florida, CHEAP !

i can get ya a good deal on it !

Originally Posted by boldruler

Exactly. That real estate is the key to everything. The states need that gambling money and he can get whatever he wants as long as he knows that real estate can be sold at a huge profit. He got the government addicted to the gambling money and now he gets whatever he wants or they lose their gambling money. Brilliant!

i imagine the real estate is equal to the mortgage, he just took out a mortgage to build the place, and he has been borrowing 9 million a month since it was built.
i haven';t seen the balance sheet, but i doubt the underlying equity in the real estate is anything to drastic.
at most, a shot in the dark, hge could get $100,000,000 more than he what he spent on it. that would fund the track for 1 more year. than what ???

he should look into leasing the track, or maybe selling the rights for twenty years to AP for 5 grade1 races.
hmmm, thats an idea, sell the rights to the graded stakes..