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  • 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...
  • First Samurai sire of Nakano 1st Alw (May 24, 8th CRC). Owner, Thoroughbred Futures Racing; Breeder, Hubert Vester...
  • Petionville sire of Wups 1st Thoroughbred Maiden Derby (May 23, 9th BOI). Owner, Paul Treasure; Breeder, Michael Iavarone...
  • Chapel Royal sire of Mr Rodriguez 1st Mdn (May 24, 2nd BEL). Owner, Imperio, Michael and Loftus, Elizabeth; Breeder, Jill Imperio & Daniella Corian...
  • 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...
  • Include sire of Window Boy 1st Grover (Buddy) Delp Memorial S. (May 23, 8th DEL). Owner, Luis Arenas; Breeder, Shelby Lane Farm Inc. & IncludeSyndicate...
  • 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...
  • Arch sire of Wiki 1st Alw (May 24, 2nd PID). Owner, Midwest Thoroughbreds, Inc.; Breeder, Stuart S. Janney, III LLC....
  • City Weekend sire of City Sweets 1st Mdn (May 23, 3rd IND). Owner, Mast Thoroughbreds LLC; Breeder, Robert Gorham & Mast Thoroughbreds LLC...
  • Latent Heat sire of Heated Troubles 1st Mdn (May 24, 5th RD). Owner, Ashleigh Stud; Breeder, Ashleigh Stud, Frank Ramos & JackieRamos...
  • Flower Alley sire of Bouquet Booth 1st Alw (May 24, 7th CD). Owner, Right Time Racing LLC; Breeder, Brookdale & Dr. Ted Folkerth...
  • Jazil sire of Love Me Good 1st Mdn (May 23, 2nd PID). Owner, Sheltowee Farm and Blazing Meadow Farm; Breeder, Sheltowee Farm...
  • Luftikus sire of Joyful Kiss 1st Alw (May 23, 7th CT). Owner, Winfred L. Hess, Jr.; Breeder, Ann M. Casey...
  • 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...
  • Medaglia d'Oro sire of Dealer 1st Alw (May 23, 8th CT). Owner, Coleswood Farm, Inc.; Breeder, Family Broodmare, LLC...
  • Yankee Gentleman sire of Little Dale 1st Alw (May 23, 7th BEL). Owner, Vaccarezza, Priscilla, Amante, Anthony and Garrity, Christine; Breeder, Philip Birsh...
  • 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...
  • Posse sire of Parody 1st Alw (May 23, 4th PEN). Owner, Midwest Thoroughbreds, Inc.; Breeder, Don Mattox & Pam Mattox...
  • Holy Bull sire of Catalan 1st Alw (May 24, 8th BEL). Owner, Elizabeth Loftus; Breeder, B. P. Walden & Dr. S. Marcum...
  • Hard Spun sire of Gleaning 1st Mdn (May 23, 4th PID). Owner, Robert T. Manfuso; Breeder, Nursery Place & Robert T. Manfuso...
  • 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...

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MI Developments shareholders file suit over track acquisitions

Posted: Thursday, July 08, 2010 4:51 PM

by Frank Angst

A group of MI Developments Inc. shareholders upset with the real estate company’s acquisition of racetracks from its bankrupt subsidiary Magna Entertainment Corp. are pursuing litigation in Canada.

The Toronto Star reports five U.S.-based investment firms claim that through related-party loans and other transactions MI Developments ensured the racetrack assets of Magna Entertainment would remain under the control of Frank Stronach, who controls MI Developments and had controlled the bankrupt subsidiary as founder and chairman.

The claim, filed in Ontario Superior Court of Justice, says MI Developments directors breached fiduciary duties by approving loans that “were not reasonable and fair.” The U.S. firms pursuing the litigation include Farallon Capital Management and represent 26.1% of the equity in MI Developments, the Star reports.

MI Developments’ actions have previously been questioned in legal motions that did not overturn the transactions. MI Developments Chief Executive Officer Dennis Mills believes the company will prevail in the current statement of claim, if the filers take action.

“We believe that this claim is entirely without merit,” Mills said. “It appears that these shareholders filed their claim weeks ago, on May 21, 2010, but decided not to serve it upon MID or any of the other defendants, to guard against the expiry of a limitation period.

“This is the second claim of this nature commenced against MID by dissident shareholders. The first claim was determined by the courts to be entirely without merit and was dismissed both at trial and on appeal. The shareholders were admonished by the courts for their conduct in pursuing those claims, and were required to pay the costs of MID on a substantial indemnity basis. If and when the shareholders who have commenced this new claim decide to pursue it, MID will defend the claim vigorously and will once again seek the highest cost award possible in the circumstances.”

Frank Angst is a Thoroughbred Times senior staff writer

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