MAGNA Entertainment Corp worth peanuts

[zinn21]

The Greenlight e mail is verbatim less the author's name. You can draw your own conclusion but I get the feeling they aren't happy with the potential dilute.

Bunty wrote:

That might be construed by BK judge to be fraud, and his creditors will fight tooth and nail to prove it.

That's what I think. Can't imagine how he can bid on his own bankruptcy. Perhaps the spin off from Magna Intl. makes the move legal..

[Hold Your Peace]

I think Frank is in a bit of denial.

He thinks he's going to be calling all the shots in this process but I think he could be in for a rude awakening as this process goes forward.

[Bunty Lawless]

The Greenlight e mail is verbatim less the author's name. You can draw your own conclusion but I get the feeling they aren't happy with the potential dilute.

Bunty wrote:

That might be construed by BK judge to be fraud, and his creditors will fight tooth and nail to prove it.

That's what I think. Can't imagine how he can bid on his own bankruptcy. Perhaps the spin off from Magna Intl. makes the move legal..

He could sell or transfer his shares in MID to his wife. She seems to be the force behind Stronach's stance against horse slaughter. She'd probably do a much better job of running things. But have to admit I don't know all that much about Stronach's biz dealings. Can't remember the last time I heard anyone have a good word to say about any track owner or management.

[zinn21]

Looks like the Creditors are starting to position themselves..

http://www.bloodhorse.com/horse-racing/ ... on-process

[Bunty Lawless]

Looks like the Creditors are starting to position themselves..

http://www.bloodhorse.com/horse-racing/ ... on-process

PNC Bank, which according to court filings is owed an aggregate $12.1 million on three loans extended to MEC, claims the company is seeking not to sell the assets outright, but rather stock, membership, and partnership interests.

“This inconsistency renders the (bidding motion) very confusing,” the PNC objection filed March 26 claims. “The proposed transaction will effectively chill all meaningful bidding and will not result in any meaningful sale since there will be very few, if any, purchasers who would be willing to purchase interests in the debtors as opposed to the specific assets.”

Hmmm. Looks like he's trolling for investors via the bankruptcy venue.

[TrueColours]

Hmmm. Looks like he's trolling for investors via the bankruptcy venue

Is thats the Coles Notes version of what is happening in that quote???

[Bunty Lawless]

Hmmm. Looks like he's trolling for investors via the bankruptcy venue

Is thats the Coles Notes version of what is happening in that quote???

Don't know about that, but he's gonna have to let go of some control before he gets any serious takers.

[majxmom]

I think Frank is in a bit of denial.

He thinks he's going to be calling all the shots in this process but I think he could be in for a rude awakening as this process goes forward.

I had the exact same thought.

[zinn21]

Looks like the Creditors are waking up to the Stronach game plan. Below are a few quotes and a link to a recent Bloodhorse article.

"Characterizing the Chapter 11 bankruptcy proceedings as “overrun with serious conflicts of interest,” the committee in its 30-page objection outlined why it feels current proposals for MEC financing and auctions will only benefit the company and affiliates."


"Those alleged “insiders,” which the committee claims include Stronach, MEC’s founding chairman and current chief executive officer, are “now poised to cherry-pick the debtors' assets on an accelerated schedule, in a highly-challenging environment, with limited competition or none at all,” the objection continued."

http://www.bloodhorse.com/horse-racing/ ... nachs-role

[Joltman]

So Magna's viable entity bails --- it's looking like divide and conquer. Another former track, another new mall. Except that the mall developers are also going bankrupt.


http://www.bloodhorse.com/horse-racing/ ... -by-parent

jm

[majxmom]

Now that MID has declined to bid for the properties, I fully expect that a developer will grab that property. It might mean 10 years of operation before they can get the permits to develop, but it looks like the last non-fair track in NorCal will be gone. Tanforan, Bay Meadows, Golden Gate...I bet I feel like the Yankee fans do right now.

[docjocoy]

Now that MID has declined to bid for the properties, I fully expect that a developer will grab that property. It might mean 10 years of operation before they can get the permits to develop, but it looks like the last non-fair track in NorCal will be gone. Tanforan, Bay Meadows, Golden Gate...I bet I feel like the Yankee fans do right now.

Except Yankee fans still get to see the Yankees play. And strangely interesting, there was really no hue and cry when it was announced that the old stadium was going to be torn down and replaced. But with NorCal racing, there is just the teardown, not the replace. It will be very heartbreaking if GG is torn down.

[tbrace]

How about the tech millionaire from San Francisco? Is he still a prospective buyer?

[zinn21]

Halsey Minor is expected to bid on GGF and several other Magna properties.

[tbrace]

Good, at least he is a horse owner !!