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

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MI Developments mulls bidding on key tracks

Posted: Wednesday, November 11, 2009 3:18 PM

by Frank Angst

MI Developments Inc., the parent company of bankrupt racetrack owner Magna Entertainment Corp., faces a December 4 deadline to submit a stalking horse bid on Maryland Jockey Club operations.

According to MI Developments’ third quarter earnings report, the Canadian-based real estate company is considering stalking-horse bids on Maryland Jockey Club, which includes Laurel Park and Pimlico Race Course, as well as on Golden Gate Fields, Gulfstream Park, and Santa Anita Park.

MI Developments is the parent company of Magna Entertainment; Frank Stronach is the founder and chairman of both companies.

When Magna filed Chapter 11 in March, MI Developments submitted a stalking horse bid on several key racetracks and properties but terminated the bid on April 20 after a number of objections in part to expedite the Chapter 11 process. However, the company could return to the bidding process if there are no other stalking horse bids that reach an acceptable value.

“[MI Developments] is continuing to evaluate all of its alternatives, which may include entering into a stalking horse purchase agreement for one or more of such assets in the event that the debtors do not receive any other stalking horse bids acceptable to the debtors,” MI Developments said in its quarterly report.

Current deadlines for stalking horse bids are December 4 for the Maryland Jockey Club properties and February 10, 2010, for Golden Gate, Gulfstream, and Santa Anita.

Other important dates are approaching in the Magna bankruptcy case.

A key trial is scheduled to begin on January 11 when the Official Committee of Unsecured Creditors will contend that payments by MI Developments to Magna Entertainment Corp., which MI Developments calls guaranteed loans, actually are equity. MI Developments contends that its guaranteed loans should receive priority from the court in terms of repayment as Magna properties are sold for equity. The unsecured creditors oppose this position.

MI Developments did not speculate which way the court would rule.

“Furthermore, although, as a general matter, secured creditors are entitled to priority over unsecured creditors to the extent of the value of the collateral securing such claims, no assurance can be given as to the treatment the MID lender’s claims will receive in the debtors’ Chapter 11 proceedings,” MI Developments said in its quarterly earnings report.

Magna plans to conduct a November 17 auction for land it owns in Dixon, California.

Frank Angst is a Thoroughbred Times senior staff writer

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