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#1
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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#3
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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#5
02-24-2009, 08:52 AM
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I wonder if forced sale of MEC properties would mean the shuttering of some tracks. Laurel, sadly, comes to mind.
__________________
The world's foremost expert on virtually everything on the Redskins 2010 season: "Im going to go out on a limb here. I say they make the playoffs."
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#6
02-24-2009, 10:38 AM
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Geez, guess I need to stop by Laurel tomorrow and check to make sure horseman's funds are safe if Laurel gets shut down.
Even though the horseman's purse account is Inc.'d, I wonder who would administrate and write the checks if the doors were shut.
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#7
02-24-2009, 10:52 AM
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No idea if Laurel would ever be shuttered, but I'd have to imagine prime development real estate in PG County would fetch a pretty penny should it ever come to that.
__________________
The world's foremost expert on virtually everything on the Redskins 2010 season: "Im going to go out on a limb here. I say they make the playoffs."
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