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#1
02-19-2009, 01:31 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.
__________________
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
02-19-2009, 02:21 PM
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If you logged on today, knew nothing of horse racing, Magna, Stronach, etc and you read this paragraph in the Heg piece, you'd have to be floored and wondering how on earth this company is still afloat:
Quote:
-$500,000,000 in debt Words cannot describe how poorly run Magna is...numbers do the trick.
__________________
"Boston fans hate the Yankees, we hate the Canadiens and we hate the Lakers. It's in our DNA. It just is." - Bill Simmons
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#3
02-19-2009, 03:08 PM
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Who would lend that kind of money to these people? No wonder the economy is in the tank
Quote:
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Don't sweat the petty things and don't pet the sweaty things.
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#4
02-19-2009, 08:21 PM
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Hegarty follow up...
http://www.drf.com/news/article/101770.html The cancellation of the spin-off plan suggests that Magna Entertainment is one step closer to bankruptcy reorganization. If Magna files for bankruptcy, the company will likely continue to operate its racetracks under the protection of the court, but could face a forced sale of several of its properties as a means of paying off creditors.
__________________
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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#6
02-24-2009, 06:12 AM
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Bettors' funds are safe, officials say
By Matt Hegarty http://www.drf.com/news/article/101860.html Wagering accounts held by customers of XpressBet will be protected if XpressBet's parent company, Magna Entertainment Corp., files for bankruptcy, regulatory officials said Monday. XpressBet, like many other national account-wagering companies, is licensed by the Oregon Racing Commission, which requires the companies to maintain accounts under guarantees by the Federal Deposit Insurance Corp. Another rule states that "funds of an account holder . . . shall remain the property of the account holder for all purposes."
__________________
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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