MI likely to bail out MEC yet again
 

Magna Industries appears set to rescue flagging Magna Entertainment with bridge loan and more coming due in May...

http://news.bloodhorse.com/viewstory.asp?id=43920

A funny element of this conference call Q and A, was the question of a CEO for MEC to replace Frank in his 3rd stint as "interim"...

One analyst resurrected a question frequently asked at MEC conference calls--that of when a permanent CEO will be hired for the company. Stronach is currently in his third stint as interim CEO of MEC, which has seen five such executives come and go since 2000.

“It’s a unique business and trying to find someone with all of those talents hasn’t been easy,” Simonetti said. “There are few horsemen with that knowledge of that industry, to really bring more of a business view of how to run that business. It’s not solely horses -- it’s slots, it’s gaming, it’s entertainment. Then you have the technology side of the business as well. It’s difficult for MEC to find someone with that broad knowledge."



HELLO? EARTH TO TORONTO.. YOU HAD A GUY LIKE THAT...

LOU RAFFETTO...

BUT YOU FIRED HIM...

AND NO ONE WORTH A DAMN WILL TAKE THE JOB...

Are you interested Steve? I could make a call or two..

:rolleyes:

800k a year and 1.5% of the turnaround... Trust me someone would give it a shot if it was being offered..


Byk and Stronach perfect together!

I am 50% Austrian...

ok 400k and .75%

I've taken the position.

First, things will get much better once the "village," currently an abominally awful looking collection of steel that rests where you could actually park and walk into the track without need of a shuttle, is completed. Of course, I share Frank's unique vision the upscale shops and cafes there will thrive as the barely controllable throng of penny-slots playing patrons partake in post-race parfaits and pastries.

Of course I, like Frank, always think ahead and, just in case this doesn't work, we will eliminate all concessions aside from Frank's Energy Drink, strudel and cheesecake.

And the meet's signature race day will now be on closing day when we run MCL $12.5ks at five different distances on both dirt and grass.

Of course, that's just a bonus to the getaway day prize bonanza awarded to one lucky patron selected from among those who correctly guess to the question, does Frank sell more strudel than cheesecake?

Seems like Michigan is playing the role of New York and Magna is playing the role of the NYRA.

LOL

MI =Magna Industries not the fine state of Michigan.

Did you think TC put in a better performance in MI or MI2?