Magna - one step away from bankruptcy ??

this is not a healthy financial statement summary,
in fact this is a picture of a company that you do not want to invest in. you could not audit this company and attach any thing other than an qualified audit report with a going concern clause.

they need investors

uh oh.........

[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!