‘WE’RE NOT GOING AWAY, FRANK’

[takeout]

http://www.paulickreport.com/blog/were-not-going-away-frank/

[snip]
-The Maryland Jockey Club tracks (Laurel and Pimlico) were appraised by Puntus at $30 million despite the passage of slot machine legislation that will benefit Maryland purses and provide an annual subsidy to the tracks. Walrath said the tracks were worth $40 million, based on a 2009 real estate appraisal. Appellants said 44 confidentiality agreements, five opening bids and six second-round bids were executed though the auction was postponed five times and eventually withdrawn completely.
[snip]
“We feel Miller Buckfire and some of those people lied under oath in their testimony,” Bayne said of the bankruptcy proceedings. “I feel there has been a massive fraud here with the intent of not selling the assets, and with the valuation of those assets.”
[snip]

[proximity]

Bayne and the other shareholders lost their appeal when Walrath approved the bankruptcy plan. “It’s clear (these assets) do not even approach the $700 million in value being given by MID under the plan,” Walrath said. “I mean, it’s—it’s well in excess of—hundreds of millions of dollars in excess of what the value of these assets are. It’s also significant to the court that these operations are, for the most part, not break even or only minimally above the break-even point. They are not assets that are generating millions of dollars and significant efforts have been made to make them profitable. … So contrary to what the shareholders are suggesting, I don’t think MID is getting any trophies here …”




:rolleyes:

[takeout]

Sounds like he got good offers on most all of the properties/businesses but was just dicking everybody around. Won’t take much effort on my part but FWIW I’m officially starting my Magna/MID boycott.

[snip]
-Santa Anita Park was appraised by Puntus at $137.5 million, though Walrath accepted the real estate appraisal of $203 million. Appellants presented evidence that two separate outside entities had made offers of $300 million for the property but that it was not for sale despite 62 confidentiality agreements and 13 opening bids and two second-round bids.
[snip]

[JustRalph]

My wife's company has a business in the mall next to Santa Anita.

The rumor in the wind is............ a new mall going up ............in the Parking lot of Santa Anita in the next 2 yrs.........

[Deepsix]

Link to some desired development news... ?

http://www.labusinessjournal.com/news/2010/may/03/caruso-clings-santa-anita/

[GaryG]

My wife's company has a business in the mall next to Santa Anita.

The rumor in the wind is............ a new mall going up ............in the Parking lot of Santa Anita in the next 2 yrs.........That is where they got the land for the current mall, Fashion Square or whatever. That used to be the training track and more of the parking lot. They actually needed it with the big crowds from days past. That is why they put the TT inside the turf course.

[Stillriledup]

My wife's company has a business in the mall next to Santa Anita.

The rumor in the wind is............ a new mall going up ............in the Parking lot of Santa Anita in the next 2 yrs.........


That's just what society needs, a new mall.

[takeout]

What a saga. Can’t wait for the next “chapter”.

[snip]
“This was a surprise. (But) Frank has assured me that this is a process they had to go through in bankruptcy,” said Caruso, who expects to meet with Stronach in two weeks. “He’s assured me that we will work something out. Frank and I have had a good relationship for some time, and I take him at his word.”
[snip]

Wow. :faint: