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#1
01-11-2010, 02:13 PM
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Frank wins.. Keeps GP, SA, GG, Palm Meadows, Xpressbet
Magna parent to take control of assets
By Matt Hegarty http://www.drf.com/news/article/110035.html MI Developments, the parent company and largest creditor of the bankrupt racetrack company Magna Entertainment, will take possession of Santa Anita Park, Gulfstream Park, Golden Gate Fields, and Magna's account-wagering company as the result of an agreement reached with Magna's creditors' committee, several officials involved in the bankruptcy said Monday. The agreement, which was presented to a U.S. Bankruptcy Court judge on Monday morning, could allow Magna to exit bankruptcy in the next several months, according to the officials. Under the agreement, MI Developments would swap a portion of Magna's debt for equity in the racing properties, according to the officials. MI Developments is owed approximately $435 million. According to Reuters, the unsecured creditors' committee will receive at least $96.5 million under the agreement, which was reached in part to settle a lawsuit filed by the creditors' committee claiming that Frank Stronach, the chairman of MI Developments and Magna, had engineered deals between the two companies that allowed him to retain control of the tracks at the expense of debt holders and shareholders.
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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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#2
01-11-2010, 03:39 PM
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Good. If nothing else Frank loves Horse racing.
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"After a shooting spree, they always want to take the guns away from the people who didn't do it. I sure as hell wouldn't want to live in a society where the only people allowed guns are the police and the military."...William S. Burroughs
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#3
01-11-2010, 03:52 PM
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Unbelievable how he could come out of this smelling like a rose.
And hey....maybe there is a future for the Magna 5 wager (even though he won't own laurel any longer....that first leg used to kill me every time, anyway.) 
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