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  • Posse sire of Parody 1st Alw (May 23, 4th PEN). Owner, Midwest Thoroughbreds, Inc.; Breeder, Don Mattox & Pam Mattox...
  • Mancini sire of Ride Around Sally 1st Alw (May 23, 6th IND). Owner, Joe Uliano; Breeder, Spade Stable...
  • Chapel Royal sire of Mr Rodriguez 1st Mdn (May 24, 2nd BEL). Owner, Imperio, Michael and Loftus, Elizabeth; Breeder, Jill Imperio & Daniella Corian...
  • Petionville sire of Wups 1st Thoroughbred Maiden Derby (May 23, 9th BOI). Owner, Paul Treasure; Breeder, Michael Iavarone...
  • First Samurai sire of Nakano 1st Alw (May 24, 8th CRC). Owner, Thoroughbred Futures Racing; Breeder, Hubert Vester...
  • Smoke Glacken sire of Walker Bay 1st Alw (May 24, 8th CD). Owner, Hammersmith, Dennis L. and Paden Racing, Inc.; Breeder, Brian O'Rourke & Derry Meeting Farm...
  • Jazil sire of Love Me Good 1st Mdn (May 23, 2nd PID). Owner, Sheltowee Farm and Blazing Meadow Farm; Breeder, Sheltowee Farm...
  • Flower Alley sire of Bouquet Booth 1st Alw (May 24, 7th CD). Owner, Right Time Racing LLC; Breeder, Brookdale & Dr. Ted Folkerth...
  • Tribal Rule sire of Italian Rules 1st Alw (May 24, 7th BHP). Owner, Barber, Gary and Cecil; Breeder, Nick Cafarchia...
  • Proud Citizen sire of Citizen Kat 1st Alw (May 23, 7th PEN). Owner, Midwest Thoroughbreds, Inc.; Breeder, Mark Reid & Charles Zacney...
  • Canadian Frontier sire of Golden Frontier 1st Alw (May 24, 3rd CD). Owner, George Fister; Breeder, Brereton C. Jones...
  • Wando sire of Deb's Girly Girl 1st Alw (May 24, 6th RD). Owner, Deborah F. Metz; Breeder, Deborah F. Metz...
  • Philanthropist sire of Rob the Cradle 1st Alw (May 23, 2nd WO). Owner, Andrews, Denny and Paradox Farms Inc.; Breeder, Gardiner Farms Limited...
  • Medaglia d'Oro sire of Dealer 1st Alw (May 23, 8th CT). Owner, Coleswood Farm, Inc.; Breeder, Family Broodmare, LLC...
  • Arch sire of Wiki 1st Alw (May 24, 2nd PID). Owner, Midwest Thoroughbreds, Inc.; Breeder, Stuart S. Janney, III LLC....
  • Luftikus sire of Joyful Kiss 1st Alw (May 23, 7th CT). Owner, Winfred L. Hess, Jr.; Breeder, Ann M. Casey...
  • Indian Charlie sire of Nechez Dawn 1st Alw (May 23, 7th AP). Owner, Tresner, Coby and Matsas, Alex; Breeder, B. P. Walden Jr., Hargus Sexton & SandraSexton...
  • Strut the Stage sire of Head Honcho 1st Alw (May 23, 7th WO). Owner, Annecchini and D'Alimonte Holdings Inc. and Kingfield Farm; Breeder, William D. Graham...
  • Holy Bull sire of Catalan 1st Alw (May 24, 8th BEL). Owner, Elizabeth Loftus; Breeder, B. P. Walden & Dr. S. Marcum...
  • City Weekend sire of City Sweets 1st Mdn (May 23, 3rd IND). Owner, Mast Thoroughbreds LLC; Breeder, Robert Gorham & Mast Thoroughbreds LLC...
  • Benchmark sire of Planet Sunshine 1st Alw (May 24, 5th GG). Owner, Thomas A. Shapiro; Breeder, Thomas Shapiro...
  • Latent Heat sire of Heated Troubles 1st Mdn (May 24, 5th RD). Owner, Ashleigh Stud; Breeder, Ashleigh Stud, Frank Ramos & JackieRamos...
  • Hard Spun sire of Gleaning 1st Mdn (May 23, 4th PID). Owner, Robert T. Manfuso; Breeder, Nursery Place & Robert T. Manfuso...
  • Hard Spun sire of Ribbon Taffy 1st Mdn (May 23, 5th IND). Owner, Pucek, John Paul and Marcinek, Paige; Breeder, Matthew R. Herbener...

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Magna faces April delisting on Toronto exchange

Posted: Tuesday, March 03, 2009 10:43 AM

by Frank Angst

The Toronto Stock Exchange plans to delist Magna Entertainment Corp. stock on April 1.

The struggling racetrack owner has previously avoided being delisted on the National Association of Securities Dealers Automated Quotations (NASDAQ) through reverse stock splits. But that may no longer be an option for Magna, which is in danger of defaulting on several loans this month.

The Toronto Stock Exchange Listings Committee began looking into Magna last month and on Tuesday it announced plans to delist the company’s Class A Subordinate Voting Shares at the close of the market on April 1.

While NASDAQ has not put out a notification, Magna also is in danger of delisting there. On February 21, Jerry Campbell resigned as a Magna director. Campbell also was a member of the audit committee and needs to be replaced within a year for Magna to remain in compliance with NASDAQ rules.

Also, Magna has fallen below the required trading price of $1 a share for listing on the NASDAQ exchange. It has not traded for that price since December 18 and would face delisting if it goes six months without reaching that price. Magna opened at 29.5 cents a share on Tuesday.

Late on February 27, Magna announced it has received written notice from lenders that several of its Maryland operations are in default in a loan agreement with PNC Bank. PNC Bank has chosen not to exercise its rights and remedies as a consequence of this default, but could do so at any time.

Maryland operations involved include the Pimlico Racing Association, Laurel Racing Association Limited Partnership, Laurel Racing Association, and the Maryland Jockey Club of Baltimore City.

Magna expects to default on Thursday on a $40-million credit facility obtained through Wells Fargo Bank, National Association, and a Canadian chartered bank. To date, the financial institutions have not exercised default-related rights, under which a total of $275-million in Magna debt would come due.

Frank Angst is senior writer for THOROUGHBRED TIMES

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