Magna

[dutchboy]

They announced they have hired a bankruptcy advisory firm?

[garyoz]

Nope. Restructuring is short of Chapter 11 or 7.

MEC also announced that it has engaged Miller Buckfire & Co., LLC ("Miller Buckfire") as its financial advisor and investment banker to review and evaluate various strategic alternatives including additional asset sales, financing and balance sheet restructuring opportunities. Miller Buckfire will also assist MEC in identifying, managing and executing its asset sales program and possible joint venture transactions.

http://phx.corporate-ir.net/phoenix.zhtml?c=98631&p=irol-newsArticle&ID=1222780&highlight=

Also remember you are talking about Magna Entertainment (MECA), not Magna International.

[garyoz]

DRF does refer to them as "Bankruptcy Advisors"---that's jumping the gun.

http://www.drf.com/news/article/99748.html

[DrunkenHorseplayer]

Call it what you want but, regardless, they're in deep shit.

[takeout]

So who is going to pay for that slots license for Laurel???

[rrbauer]

So who is going to pay for that slots license for Laurel???

Whoever buys it!

[takeout]

Whoever buys it!
:ThmbUp: This could get interesting. I may yet see the day when I feel like betting another race in MD. (Been abstaining since ’92. How’s that for a boycott?) :D

[rrbauer]

:ThmbUp: This could get interesting. I may yet see the day when I feel like betting another race in MD. (Been abstaining since ’92. How’s that for a boycott?) :D

I'm impressed! I don't follow racing there but I'm sure that I've bet a Preakness or two and a few of the national P3/P4 bets that included races from Maryland since '92. If Magna bought MJC in hopes of slots (they claimed otherwise at the time) it's ironic that now they can't afford to pursue getting setup to have them.

[miesque]

I may be totally offbase, but wasn't there a clause in the sales agreement of majority interest of MJC to Magna that DeFrancis would get a pretty significant chunk of future slot revenue and because of the poor deal they negotiated there was less incentive for Magna to push for slots then it appeared on the surface. I could be totally wrong or something could have changed, but if that is true its a less attractive asset as far as any potential buyers are concerned.

[DanG]

The real question may be what will become of Frank’s Energy Girls? I hope the employment opportunities for lederhosen models remains strong.

http://www.franksenergyus.com/images/girls.jpg

[takeout]

If Magna bought MJC in hopes of slots (they claimed otherwise at the time) it's ironic that now they can't afford to pursue getting setup to have them.
It certainly would be ironic if they couldn’t close the deal now. Admittedly I don’t understand all of this stuff. They’re bidding for a slots license so I’m thinking they must have an ace in the hole somewhere… but then I keep reading how broke they are. :confused:

[takeout]

I may be totally offbase, but wasn't there a clause in the sales agreement of majority interest of MJC to Magna that DeFrancis would get a pretty significant chunk of future slot revenue and because of the poor deal they negotiated there was less incentive for Magna to push for slots then it appeared on the surface. I could be totally wrong or something could have changed, but if that is true its a less attractive asset as far as any potential buyers are concerned.
You raise a very good point, I think. Any kind of sale would probably be severely hampered by the deal Magna made with DeFrancis. (That one raised the stupid bar to new heights. :rolleyes: ) OTOH, Magna just threw 2 million at getting the slots passed this time so something may have changed. Either that or Magna thinks there is going to be enough slot dough to make them rich even though the lion’s share will be going to DeFrancis.

If nothing has changed that’s a twenty-year deal. My “abstaining” may just be in its infancy. :D

[Tom Barrister]

As long as this means that Magna will be selling tracks to some other company, it's all good. They could hire my dog, cat, as the managers management, and it would be an improvement on Stronach and company have. If nothing else, the bird would make more sense when she spoke.

[point given]

As long as this means that Magna will be selling tracks to some other company, it's all good. They could hire my dog, cat, as the managers management, and it would be an improvement on Stronach and company have. If nothing else, the bird would make more sense when she spoke.

We come not to praise Frank Stronach and Magna, we come to bury them :jump:
I think they had visionaires disease. Maybe a sale will make it safe for horseplayers to return to Gulfstream. I kinda like Tampa though.

[bigchump]

Does anybody know the name of that CNET guy who's been blowing smoke about buying up Magna?

If Magna fails some tracks may be sold to real estate developers.

[takeout]

Does anybody know the name of that CNET guy who's been blowing smoke about buying up Magna?
Halsey Minor

[Alyblakester]

I wonder if Magna files for bankruptcy if it will affect folks with Xpress Bet accounts? :confused: