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Magna Entertainment Revoked
Magna Entertainment had their securities registration revoked today
http://www.sec.gov/litigation/admin/2011/34-63965.pdf
BOOM, they are selling between 600 - 700 million dollars worth of property....go baby go
Dixon downs shot down by voters,,,,,,,,,now sell the land and sell san luis rey downs. San luis rey downs is has 200 acres and is mostly flat.
Visited San Luis Rey downs 200 acre lot.owned by Magna. magnificent land surrounding growing community and multi-million dollar homes. This stocks PPS is ready to fire.
Has anyone here heard of further developments w/re the "Racing World" TV channel that Magna intends to launch? Or has this thread died?
http://biz.yahoo.com/bizj/060109/1213107.html?.v=1
Thanks for any input.
Gypsy
Magna Entertainment Corp. announces sale of Great Lakes Downs
AURORA, ON, Aug. 25 /PRNewswire-FirstCall/ - Magna Entertainment Corp. (NASDAQ: MECA - News; TSX: MEC.A - News; "MEC") announced today the sale by MI Racing Inc., a wholly owned subsidiary of MEC, of the property and associated racetrack license of Great Lakes Downs, located near Muskegon, Michigan, to Richmond Racing Co., LLC ("Richmond Racing"). The transfer of the racetrack license was approved by the Michigan Racing Commissioner, Robert Geake, on August 9, 2004.
MI Racing Inc. has also entered into a lease agreement with Richmond Racing which gives MI Racing Inc. the conditional right to continue operating Great Lakes Downs and conducting thoroughbred race meetings at the track. It is anticipated that MI Racing Inc. will apply for 2005 thoroughbred race dates. It is also anticipated that the 2005 meet will be conducted over the same approximate time period as the 2004 meet, which began on April 25 and will continue until October 30.
MEC, North America's number one owner and operator of horse racetracks, based on revenue, acquires, develops and operates horse racetracks and related pari-mutuel wagering operations, including off-track betting facilities. Additionally, MEC owns and operates XpressBet(TM), a national Internet and telephone account wagering system, and HorseRacing TV(TM), a 24-hour horse racing television network.
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Source: Magna Entertainment Corp.
Magna Entertainment Corp. Announces Closing of Offering of U.S. $100 Million of Convertible Subordinated Notes
AURORA, ON, June 2 - Magna Entertainment Corp. ("MEC") (NASDAQ:
MECA; TSX: MEC.A) announced today that it has completed its previously
announced sale of U.S.$100 million aggregate principal amount of 8.55%
Convertible Subordinated Notes due June 15, 2010.
The Notes will bear interest at 8.55% per annum and will be convertible
into shares of MEC's Class A Subordinate Voting Stock at a conversion price of
U.S.$7.05 per share, subject to customary antidilution adjustments. The Notes
will be redeemable on or after June 2, 2006 at any time in whole or in part at
MEC's option at a redemption price equal to the principal amount of the Notes
plus accrued and unpaid interest to the date of redemption; provided that, in
connection with any redemption occurring on or after June 2, 2006 and before
June 2, 2008, the closing price of MEC's Class A Subordinate Voting Stock has
exceeded 125% of the conversion price for at least 20 trading days in the 30
consecutive trading day period ending on the trading day prior to the mailing
of the redemption notice.
The net proceeds to MEC from the offering, after deducting the initial
purchaser's commission and offering expenses, are approximately
U.S.$96.5 million. MEC intends to use the net proceeds for general corporate
purposes, including capital expenditures.
MEC, North America's number one owner and operator of horse racetracks,
acquires, develops and operates horse racetracks and related pari-mutuel
wagering operations, including off-track betting facilities. Additionally, MEC
owns and operates XpressBet(TM), a national Internet and telephone account
wagering system, and HorseRacing TV(TM), a 24-hour horse racing television
network.
Magna Entertainment news
http://investdb.theglobeandmail.com/invest/investSQL/gx.company_news?pi_company_id=198629
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