View Full Version : Magna to auction off Pimlico/Laurel
cj's dad
03-21-2009, 11:42 AM
A snippet from the Baltimore Sun:
"In its March 17 request to auction Pimlico, Laurel and other tracks around the country, Magna does not specifically mention its intention to sell the rights to the Preakness, which it owns."
The full story is at www.baltsun.com
socantra
03-21-2009, 01:20 PM
I'm not sure how many other tracks Magna has going for auction, but this appeared in yesterday's Oklahoma papers.
"Bankrupt owners want to auction Remington Park
By The Associated Press
Published: 3/20/2009 6:49 PM"
http://www.tulsaworld.com/news/article.aspx?subjectid=12&articleid=20090320_12_0_OKLAHO757563
Track Collector
03-21-2009, 05:51 PM
I'm sure that Magna would love to dump Portland Meadows too if someone would take it off their hands. Perhaps they were hoping at one time that they could turn it in to a racino.
joanied
03-21-2009, 06:06 PM
And who is going to step:confused: up and buy these tracks...this is a very sad situation...Frankie boy had illusions of granduer...went nuts and now all is lost...what a shame.
macguy
03-21-2009, 11:09 PM
I'm sure that Magna would love to dump Portland Meadows too if someone would take it off their hands. Perhaps they were hoping at one time that they could turn it in to a racino.
I actually wouldn't be too surprised to see Portland Meadows sell for a reasonable price. Ever since they have switched to Monday, Tuesday, Wednesday racing this year, they have been smashing handle records.
They now often handle more than a million on a typical weekday card. Not too bad considering most of the races are for $2500 to $6250 claimers with $4000 purses.
They've found a nice little niche for themselves.
highnote
03-22-2009, 12:07 AM
I'm surprised Thistledown has not been put up for sale -- or is it?
kenwoodallpromos
03-22-2009, 12:08 AM
Sorry I cannot take any off his hands, but is HANA looking for venture capital?
cj's dad
03-22-2009, 01:07 AM
And who is going to step:confused: up and buy these tracks...this is a very sad situation...Frankie boy had illusions of granduer...went nuts and now all is lost...what a shame.
Trust me Joanie, it's not that big a deal here- Nobody cares! except those that work there!!
highnote
03-22-2009, 01:20 AM
Sorry I cannot take any off his hands, but is HANA looking for venture capital?
Funny you should ask. I actually considered what it would be like to have a horseplayers group own a racetrack.
BillW
03-22-2009, 01:23 AM
Sorry I cannot take any off his hands, but is HANA looking for venture capital?
We're prepared to offer picopennies on the dollar! :lol: :lol:
kenwoodallpromos
03-22-2009, 06:11 AM
We're prepared to offer picopennies on the dollar! :lol: :lol:
In that case, just have HANA sponsor all the races in 1 day at one of California's racing fairs? Last year they were about $100.00 per race, 8 weekday races. Then everybody bet to show on the favorite!
Rocklane
03-22-2009, 08:52 AM
Looks as if Stronach is selling it to MI Developments....
http://www.mercurynews.com/breakingnews/ci_11945075
This one is a no-brainer........go for it!!
joanied
03-22-2009, 10:53 AM
Trust me Joanie, it's not that big a deal here- Nobody cares! except those that work there!!
That's a damned shame, cj's dad...hard to imagine Maryland without Pimlico...and all the folks that work there...what in hell are they gonna do...relocate? It sucks.
Bad Frank for over extending himself like he did...he bit off way too much...shoulda taken it one step at a time, but, guess it's all water under the bridge now.
The Preakness will stay in Maryland, mark my words, and I'll bet dollars to donuts that Stronach keeps full or partial ownership of the Md. tracks.
CincyHorseplayer
03-22-2009, 04:42 PM
This one is a no-brainer........go for it!!
Nice!:lol:
joanied
03-22-2009, 04:44 PM
The Preakness will stay in Maryland, mark my words, and I'll bet dollars to donuts that Stronach keeps full or partial ownership of the Md. tracks.
Maybe it's getting a bit ahead of all this...but what if Pimlico gets sold...for development and not as a race track....then what happens to the Preakness?
I do hope Frank S keeps part interest and Pimlico remains a race track and not a bunch of apartments & stores.
Watcher
03-22-2009, 07:09 PM
They're auctioning off the rights to Lone Star Park next month, but the April 9 meet start is still scheduled.
joanied
03-22-2009, 07:39 PM
Yeah...I guess until everything is sorted out, it's going to be business as usual at all Frank's tracks.
takeout
03-27-2009, 10:54 AM
http://www.baltimoresun.com/sports/horseracing/preakness/bal-bz.magna27mar27,0,3914129.story
[snip]
PNC objected to the timeline, pointing out that bids for certain assets would be "significantly less" if Magna waits that long to sell them.
Using Pimlico and the Preakness as an example, the bank said selling those assets before the May race would "yield a significant higher purchase price than if the assets are offered for sale after the Preakness Race since the bulk of the revenues that Pimlico Race Course generates result from the Preakness Race itself."
[snip]
PNC also objected to what it called Magna's "almost absolute discretion" to accept or reject bids. It is asking the bankruptcy judge to reject Magna's auction request.
[snip]
It seems like Magna (Stronach) is living in some alternate reality. I really hope Karl is OK.
takeout
03-28-2009, 06:31 AM
Man this thing just keeps getting better :rolleyes:
State lawyers fight to keep Preakness in Maryland
http://www.baltimoresun.com/sports/horseracing/bal-preakness0327,0,3251778.story
Attorneys for Maryland are asking a federal judge to affirm the state's claim to the Preakness Stakes amid concern in Annapolis that current bankruptcy proceedings could invalidate a law designed to keep the historic horse race in Baltimore.
In filings Friday, lawyers for the state asked the U.S. Bankruptcy Court in Delaware to order the bankrupt Magna Entertainment Corp. -- which is trying to sell its Maryland horse racing assets, including the Preakness -- to comply with a Maryland law giving the state the right to match any accepted bid to buy the second leg of the Triple Crown.
Bankruptcy experts say judges sometimes invalidate so-called "right of first refusal" agreements on the rationale that they depress the market value of bankruptcy auctions and hurt creditors. Maryland's statute "is arguably nonenforceable in a bankruptcy proceeding," said Joel I. Sher, a Baltimore bankruptcy attorney. "There's a lot of case law that says bankruptcy courts can sell an asset notwithstanding rights of first refusals."
[snip]
In an interview, Senate President Thomas V. Mike Miller said there was "obvious concern" among state leaders that the federal court would ignore the Maryland statute in favor of creditors' interests. As a safeguard, he said, "I'd be in favor of passing a law allowing the state to condemn the track and the Preakness," and then buy the assets.
Meanwhile, state officials are reaching out to potential investors in hopes of striking a public-private partnership that would keep the tracks operating and the Preakness running. "In the last week or so, I have spoken to a handful of serious buyers who have expressed interest in Magna's holdings," said Christian Johansson, the state's economic development secretary.
[snip]
Comment: I can't wait to see who these "serious buyers" are.
takeout
03-28-2009, 07:05 AM
[snip]
De Francis said the state's thoroughbred legacy could be more harmed if slots came to Arundel Mills mall, and, as a result, the buyer of nearby Laurel Park shut down the track and redeveloped the land.
[snip]
Comment: If he said that with a straight face he deserves an Oscar. I’m sure he’s much more worried about the state's thoroughbred legacy than his slots deal. :rolleyes: :rolleyes:
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