|
|
09-13-2007, 11:08 AM
|
#1
|
Journeyman
Join Date: Jul 2007
Posts: 71
|
Magna seeks to sell more racetracks
Magna seeks to sell more racetracks
By MATT HEGARTY
Magna Entertainment Corp. will attempt to eliminate more than half a billion dollars worth of debt by the end of next year by selling several of its racetracks, issuing new stock, and exploring partnerships for several real-estate projects and its tracks, the company announced on Thursday.
http://www.drf.com/news/article/88487.html
Last edited by BillW; 09-13-2007 at 11:17 AM.
Reason: Copyrighted material - Excerpt and a link only Please!
|
|
|
09-13-2007, 11:25 AM
|
#2
|
Registered User
Join Date: Mar 2006
Posts: 1,565
|
Magna "sell-off"
Quote:
Originally Posted by HorseRun
Magna seeks to sell more racetracks
By MATT HEGARTY
Magna Entertainment Corp. will attempt to eliminate more than half a billion dollars worth of debt by the end of next year by selling several of its racetracks, issuing new stock, and exploring partnerships for several real-estate projects and its tracks, the company announced on Thursday.
http://www.drf.com/news/article/88487.html
|
Let the "sell-off" begin!! I'm hoping that Ron Geary and Mike Pegram get some majority ownership in some of these places! Have heard that horseplayer Geary (one of us and the new owner of Ellis Park) is interested in obtaining additional tracks, and Pegram tried to buy the Fairgrounds, and was interested in partnering up for a possible expansion of Los Alamitos (or obtaining others). The sooner these tracks are out of corporate conglomerate hands and into the hands of folks who love and will promote horse racing, the better off our sport will be!
Boomer
|
|
|
09-13-2007, 11:25 AM
|
#3
|
Registered User
Join Date: Sep 2007
Posts: 41
|
Magna
Look for Magna to go under,new stock will make old stock just about worthless.
|
|
|
09-13-2007, 12:19 PM
|
#4
|
Registered User
Join Date: Aug 2005
Location: On The Bay
Posts: 9,857
|
M A G N A
Managements
Attitude
Generates
Negative
Attendance
__________________
I wouldn't say I drink too much but my mother did tell me that my first words were" when does happy hour start"?
|
|
|
09-13-2007, 12:39 PM
|
#5
|
Screw PC
Join Date: Jun 2003
Posts: 15,728
|
Quote:
selling several of its racetracks, issuing new stock, and exploring partnerships for several real-estate projects
|
What a well-timed plan -- not!
Real estate is in a severe down turn and credit is tight. What chances are there to sell large tracks of land for development? If they are sold as a going interest, how will the deals be financed and by whom? And a secondary offering in this market -- good luck with that.
__________________
Truth sounds like hate to those who hate truth.
|
|
|
09-13-2007, 12:54 PM
|
#6
|
Registered User
Join Date: Nov 2003
Location: Ohio
Posts: 1,307
|
Quote:
Originally Posted by DJofSD
What a well-timed plan -- not!
Real estate is in a severe down turn and credit is tight. What chances are there to sell large tracks of land for development? If they are sold as a going interest, how will the deals be financed and by whom? And a secondary offering in this market -- good luck with that.
|
They should just chapter and reorganize. Best part is that debtholders will ultimately control the company--that is unless the biggest creditor is Magna because of all the cash advanced to MECA. Then Stronach would still call the shots.
Someone needs to tell Frankie to get a new gig. Strategic vision is not one of his assets.
|
|
|
09-13-2007, 02:21 PM
|
#7
|
Senior Member
Join Date: Mar 2001
Location: Oklahoma City
Posts: 1,718
|
Quote:
Originally Posted by cj's dad
Managements
Attitude
Generates
Negative
Attendance
|
So very true!
|
|
|
09-13-2007, 09:34 PM
|
#8
|
Registered User
Join Date: Dec 2004
Location: San Diego
Posts: 234
|
And so goes the Magna Five - one of my favorite bets - mostly because the PPs were free - not because I had any success.
|
|
|
09-14-2007, 10:12 AM
|
#9
|
Both-hands Bettor
Join Date: Mar 2002
Location: NASCAR Country
Posts: 4,390
|
Going to use the proceeds to invest in subprime mortgages....
__________________
Richard Bauer
|
|
|
09-14-2007, 10:22 AM
|
#10
|
Registered User
Join Date: Sep 2007
Posts: 41
|
magna bankrupt
What magna is doing is simple,let frank get as much as he can before bankruptcy.Fact you owe $640,000,000 your stock is worth $200,000,000 what wall street believes company is worth,going bankrupt will give magna 3 to 4 years,make the old stock worthless and start over smaller and leaner with no debt.Sabie?
|
|
|
09-14-2007, 10:51 AM
|
#11
|
Registered User
Join Date: Aug 2005
Location: On The Bay
Posts: 9,857
|
Article on Magna - Baltimore Sun
If you go to the Baltimore Sun- www.baltimoresun.com - the business section has an article regarding Magna's plans .
__________________
I wouldn't say I drink too much but my mother did tell me that my first words were" when does happy hour start"?
|
|
|
09-14-2007, 11:01 AM
|
#12
|
Registered User
Join Date: Nov 2003
Location: Ohio
Posts: 1,307
|
Quote:
Originally Posted by silverfox
What magna is doing is simple,let frank get as much as he can before bankruptcy.Fact you owe $640,000,000 your stock is worth $200,000,000 what wall street believes company is worth,going bankrupt will give magna 3 to 4 years,make the old stock worthless and start over smaller and leaner with no debt.Sabie?
|
That is not exactly correct. In classic financial analysis (Graham & Dodd) the value of the equity (stock) is the residual after long term debt obligations are met. Equity= value of assets - liabilities (actually more complicated than that). It is amazing that MECA isn't a penny stock.
|
|
|
09-14-2007, 11:08 AM
|
#13
|
Registered User
Join Date: Nov 2006
Posts: 532
|
Joe DeFrancis must be fallin' down on his knee praising the good Lord that he had the presence of mind to sell his majority stake in LRL and PIM to Magna "Entertainment."
|
|
|
09-14-2007, 11:41 AM
|
#14
|
Registered User
Join Date: Aug 2005
Location: On The Bay
Posts: 9,857
|
Quote:
Originally Posted by Bill Olmsted
Joe DeFrancis must be fallin' down on his knee praising the good Lord that he had the presence of mind to sell his majority stake in LRL and PIM to Magna "Entertainment."
|
Joe has no "presence of mind", his sister Karen is the "brains" of the outfit.
He is merely a leftover from his father's regime.
__________________
I wouldn't say I drink too much but my mother did tell me that my first words were" when does happy hour start"?
|
|
|
09-14-2007, 12:12 PM
|
#15
|
Registered User
Join Date: Nov 2006
Posts: 532
|
Didn't know that.
|
|
|
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
|