Magna stock is plummeting today

[NoCal Boy]

Magna stock is plummeting today on pretty heavy volume. At last look the market cap was only around $8MM. It does not look long for this world as a publicly traded company.

[JustRalph]

Does that Cnet guy have enough money to buy up a huge chunk? If so, he could forget about Hialeah, and own a bunch of tracks

[NoCal Boy]

Does that Cnet guy have enough money to buy up a huge chunk? If so, he could forget about Hialeah, and own a bunch of tracks

Problem is Magna has hundreds and hundreds of millions in debt. Who wants to own the stock with all that debt? The credit crisis was probably the last nail in the coffin for Magna as a publicly traded company. Time to reorganize.

[rrbauer]

Problem is Magna has hundreds and hundreds of millions in debt. Who wants to own the stock with all that debt? The credit crisis was probably the last nail in the coffin for Magna as a publicly traded company. Time to reorganize.


They'll probably start by trying something new: Replacing management!

[onefast99]

Sell Gulfstream Park please!

[trying2win]

Ever since Frankie S. joined ranks with TRACKNET, I don't recall that venture helping MAGNA ENTERTAINMENT into the black ink. Or, am I wrong in my recollection?

In my opinion, these tips could possiblly help Frankie's bottom line at his racetracks in the future:

1. If MAGNA ENTERTAINMENT is not moving toward black ink with the partnership with TRACKNET, I suggest you try and get out of that contract.

2. Eliminate your own beloved EXPRESSBET if it's not making a profit.

3. Make every effort to get open ADW access for all your MAGNA tracks.
For example, study the recent parimutuel handle that Monmouth Park has gotten on their latest meet, with expanded ADW availability compared to some other tracks.

--That's my two cents worth. Anyone else got any advice for Frankie S?


T2W

[bigmack]

Sep 15, 2008
TORONTO — Real estate company MI Developments Inc. (TSX:MIM.A) is providing a one-month extension of its lending to subsidiary Magna Entertainment Corp. (TSX:MEC.A) to help the struggling horse racetrack firm pay down debt.

Magna Entertainment, North America's largest owner and operator of horse racetracks, says it needs "immediate funding to address its short-term liquidity needs."

The extensions come amid a plan by Frank Stronach, head of the Magna International Inc. (TSX:MG.A) auto parts empire, to buy back Magna Entertainment, which was spun off from Magna along with MI Developments.
The $80-million bridge loan provided last September by MI Developments will now mature Oct. 31, a month later than originally scheduled, for an extension fee of US$527,500.

MI Developments has also extended for a month the repayment deadline for at least US$100 million in a project financing for Gulfstream Park racetrack.
Both extensions were conditional on Magna Entertainment getting a separate extension on a US$40-million senior secured revolving credit facility from a Canadian bank.

Good luck with that

[Tom Barrister]

I can't understand how Magna is losing money, what with how well they're run. :bang:

[trying2win]

I can't understand how Magna is losing money, what with how well they're run. :bang:

Tom:

:lol: That was a good one...as Ralph Kramden would probably say...."You're a riot, a regular riot".


T2W

[trying2win]

Here's another tip from my two cents worth collection for Frankie S:

--Tell Drew Couto and his bunch of THGS to get off their (pardon the pun) high horses. Then, remind them that if anyone is to be considered the most important in making horse racing run successully, it's the customers (bettors) and not the horsemen. It's the customers who pay all the bills for
everyone else involved in hoping to make horse racing a successful venture. The customers are the ones to please first and foremost. If you don't,
it's quite possible they'll consider spending their money somewhere else.

T2W

[bigchump]

I went long on MECA today @$1.50 for a few shares.
I'm thinking Magna's holdings have to be worth at least $5/share.
If not, I've got a bathroom that needs new wall paper.

[ddog]

die magna scum die.

[Bruddah]

I can't understand how Magna is losing money, what with how well they're run. :bang:

Magna is the best Worst Run company in America. :D

[so.cal.fan]

Santa Anita will be purchased by the Arabs in the near future.

[ddog]

I think the Chinese have first call on it now.

Just think of all those horseplayers in those pools, WOW , what are we wating for!!!

:)

[Bruddah]

Santa Anita will be purchased by the Arabs in the near future.

We have sold them everything else and given them the money to buy it. :lol:

[lamboguy]

if you think magna stock is bad, look at the general, general electric, that one looks like its going out of business.

[so.cal.fan]

Well, Warren Buffett bailed out GE, but he won't want Santa Anita, but the Arabs will.

[alhattab]

Well, Warren Buffett bailed out GE, but he won't want Santa Anita, but the Arabs will.

I heard the US Gov't is going to buy SA, then give it to all Japanese citizens in reparations for using it as an internment camp. The Japanese will then lobby for rights similar to Indians, and SA's profits will be free from tax. The Japanese will then lower the take to 7% on WPS and 10% on exotics.

[so.cal.fan]

<I heard the US Gov't is going to buy SA, then give it to all Japanese citizens in reparations for using it as an internment camp. The Japanese will then lobby for rights similar to Indians, and SA's profits will be free from tax. The Japanese will then lower the take to 7% on WPS and 10% on exotics.>


That'll work for me,alhattab! :jump:

[JustRalph]

Does that Cnet guy have enough money to buy up a huge chunk? If so, he could forget about Hialeah, and own a bunch of tracks 09-30-2008, 01:12 PM

http://www.paulickreport.com/blog/minor-goes-public-on-magna-bid/


I'll be damned if he isn't making a run of it.........he wants to take the tracks away from Magna............

I was half ass kidding when I made the original post...........

[Spectacular Sid]

http://www.paulickreport.com/blog/minor-goes-public-on-magna-bid/


I'll be damned if he isn't making a run of it.........he wants to take the tracks away from Magna............

I was half ass kidding when I made the original post...........


So if Minor buys the debt he'll own the tracks when Magna Ent can't pay back the loans? Pretty slick.

[joelouis]

I heard from a good source that TVG will be cutting some jobs not sure who but all I know is they are going to cut. Just a rumor from a good source though.