NEWS
Complete Magna Bankruptcy Coverage
Posted: Thursday, March 12, 2009 4:36 PM
Magna International involved in talks with General Motors
Magna International Inc., the former parent company of racetrack owner Magna Entertainment Corp., is poised to assume a major stake in the European operations of General Motors, according to a report published in The New York Times. To view, click here.
Magna committee to take deposition
The Official Committee of Unsecured Creditors will take deposition on key issues in the Magna Entertainment Corp. bankruptcy case on June 3 and 4. To view, click here.
Santa Anita included in planned Magna auction
Under a plan submitted in court on Friday, May 1, the first auction of bankrupt Magna Entertainment Corp. property will include Santa Anita Park and three other tracks. To view, click here.
Scroggins asks for patience with Magna proceedings at CHRB meeting
Gregg Scoggins, national director for regulatory affairs for Magna Entertainment Corp., calmly faced six commissioners of the California Horse Racing Board (CHRB) at its monthly meeting at Hollywood Park on Friday. To view, click here.
No independent examiner for Magna bankruptcy
In an effort to mollify a variety of parties and stakeholders objecting to the course of the Magna Entertainment Corp. bankruptcy proceedings, the company’s primary lender, MI Developments, discontinued plans for a “stalking horse” bid to purchase company assets. To view, click here.
MI Developments withdraws stalking horse bid
One of the cornerstone proposals in bankrupt racetrack owner Magna Entertainment Corp. restructuring plan has been withdrawn. To view, click here.
Maryland eminent domain bill becomes law
Maryland Governor Martin O'Malley signed an emergency measure on Tuesday that gives the state eminent domain rights over the Preakness Stakes (G1) in an effort to keep the second jewel of the United States Triple Crown in Maryland. To view, click here.
Maryland bill seeks acquisition of Md. Jockey Club
The state that once saw its beloved Baltimore Colts move away is taking steps to assure it does not lose the Preakness Stakes (G1). To view, click here.
Rayburn appointed interim CEO for Magna
Magna Entertainment Corp. on Tuesday appointed Greg Rayburn as interim chief executive officer, subject to the approval of the United States Bankruptcy Court for the District of Delaware. To view, click here.
Key Magna hearing moved to April 20
As anticipated, a Magna Entertainment Corp. bankruptcy hearing that will determine the policies on selling the company’s property has been postponed until April 20. To view, click here.
RGS confronts Magna on pari-mutuel settlement
Offshore rebate shop Racing and Gaming Services hopes to confront bankrupt racetrack owner Magna Entertainment Corp. on the issue of unpaid pari-mutuel winnings in court. To view, click here.
Maryland Jockey Club properties attract interest
At least two groups with Maryland ties plan to bid on Maryland Jockey Club properties once a Delaware bankruptcy court determines how the sale will proceed. To view, click here.
Court probably will postpone some key Magna issues
Key decisions on the sale of Magna Entertainment Corp. racetracks probably will not be made this week after all. To view, click here.
Key Magna bankruptcy hearing to be contentious
Objections to bankrupt racetrack owner Magna Entertainment Corp.’s initial proposal to sell its properties surged in the past several days, assuring a contentious upcoming hearing. To view, click here.
Creditor wants Pimlico sold before Preakness
The Preakness Stakes (G1) is less than two months away, and a major creditor in the Magna Entertainment Corp. bankruptcy case would like to see a new owner of the Maryland Jockey Club in place before the May 16 classic. To view, click here.
Magna will not file annual, quarterly reports
Bankrupt racetrack owner Magna Entertainment Corp. announced on Thursday that it will not file an annual report for the fiscal year ended on December 31, 2008, or quarterly reports with the United States Securities and Exchange Commission or Canadian securities regulators while it operates under the U.S. Bankruptcy code. To view, click here.
Magna parent posts loss of $54,559,000 in fourth quarter '08
MI Developments Inc., the parent company of bankrupt Magna Entertainment Corp., lost $54,559,000 during the three months ended December 31, 2008. The company’s core real estate business earned $32,574,000, but Magna’s operations—both continuing and discontinued—lost $86.5-million. To view, click here.
Magna will not file annual, quarterly reports
Bankrupt racetrack owner Magna Entertainment Corp. announced on Thursday that it will not file an annual report for the fiscal year ended on December 31, 2008, or quarterly reports with the United States Securities and Exchange Commission or Canadian securities regulators while it operates under the U.S. Bankruptcy code. To view, click here.
Magna Entertainment writes down $136.8-million in assets
Magna Entertainment Corp.’s audit committee on Monday approved write-downs of long-lived and intangible assets totaling approximately $136.8-million, the company revealed in a Securities Exchange Commission filing. To view, click here.
Judge alters Magna's financing plan
A United States bankruptcy court will demand detailed oversight of a financing plan designed to continue day-to-day operations at tracks owned by Magna Entertainment Corp. To view, click here.
Greenlight Capital to oppose Magna's financing plan
Bankrupt racetrack owner Magna Entertainment Corp.’s plan to continue day-to-day operations will face at least one significant hurdle. To view, click here.
Key hearing for Magna’s financing plan set for Friday
A Friday hearing could give minority shareholders in MI Developments a stronger say in bankrupt Magna Entertainment Corp.’s financing plan. To view, click here.
MEC creditors begin to file
The anticipated long list of creditors expected to file in the Magna Entertainment Corp. bankruptcy is beginning to build. To view, click here.
Magna bankruptcy shakes racing
Magna Entertainment Corp. filed for Chapter 11 bankruptcy protection on March 5, a move that subsequently has rattled the horse racing industry. The story features THOROUGHBRED TIMES's coverage of Magna's filing of bankruptcy. To view, click here.
Magna receives delisting notice from NASDAQ
Magna Entertainment Corp. received notification from the National Association of Securities Dealers Automated Quotations (NASDAQ) that it will be delisted at the opening of business on March 16. To view, click here.
Magna officials meet with California regulators
An audit of the horsemen’s accounts at California’s two tracks owned by bankrupt Magna Entertainment Corp. revealed all funds are in order, and the money has been transferred to the Thoroughbred Owners of California. To view, click here.
Horsemen await Magna’s future
Horsemen representatives in California, Florida, and Maryland do not expect Magna Entertainment Corp.’s bankruptcy filing to have an adverse effect in the short-term. To view, click here.
Magna files for bankruptcy
Facing the prospect of defaulting on multiple loans, Magna Entertainment Corp., North America’s top racetrack owner in terms of revenue, filed for bankruptcy Thursday. To view, click here.
Timeline of Magna's acquisitions
A timeline of Magna Entertainment Corp.'s acquisitions, starting with its purchase of Santa Anita Park in 1998 for $126-million. To view, click here.
Chart of Magna's earnings and losses
A chart of Magna Entertainment Corp.'s earnings and losses starting in 1999. To view, click here.
Magna faces April delisting on Toronto exchange
The Toronto Stock Exchange plans to delist Magna Entertainment Corp. stock on April 1. To view, click here.
