Magna cuts a deal:

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monicabee
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Magna cuts a deal:

Postby monicabee » Mon Jan 11, 2010 2:10 pm

Magna Int'l buying SA, Gulfstream & Golden Gates, the rest of the tracks to be auctioned, including Pimlico.

http://www.bloomberg.com/apps/news?pid= ... Mgkm3clLrY
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zinn21
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Postby zinn21 » Mon Jan 11, 2010 3:49 pm

So Stronach ends up with SA, GGF And GP after all is said and done...
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Dave C
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Postby Dave C » Mon Jan 11, 2010 5:00 pm

How's that saying go again? When you owe the banks $100, they own you. When you owe the bank $1M, you own them.
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ireneinwa
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Postby ireneinwa » Tue Jan 12, 2010 2:39 am

Dave C wrote:How's that saying go again? When you owe the banks $100, they own you. When you owe the bank $1M, you own them.


Bravo! :wink:
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tbrace
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d

Postby tbrace » Fri Jan 15, 2010 5:51 pm

Yup, so he gets the crown jewels, and no debts. What a way to go.

Notice it is his DEVELOPMENT company who will own them. Goodbye race tracks.
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zinn21
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Postby zinn21 » Fri Jan 15, 2010 6:05 pm

Just goes to show what a train wreck the racing game is right now. Two of the top racetracks in the country; one considered an American Racing Crown Jewel, plus GGF and there is not a competitive buyer in the world willing to pay the creditors more than Stronach.
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