Magna filings feature bankruptcy advisor
 

Magna hires bankruptcy advisory firm
By Matt Hegarty

http://www.drf.com/news/article/99748.html

Magna Entertainment Corp. lost $49.1 million in the third quarter of 2008 and has hired a bankruptcy advisory firm in the wake of hundreds of millions of dollars in losses over the past four years.

In a statement accompanying the documents, Magna said it had hired Miller Buckfire & Co. "to review and evaluate various strategic alternatives including asset sales, financing, and balance-sheet restructuring opportunities."

On its website, Miller Buckfire describes itself as "delivering unbiased, strategic, and actionable advice to clients facing issues that are complex - and urgent." Most firms that Miller Buckfire is advising, according to its website, are currently in Chapter 11 bankruptcy proceedings or emerging from bankruptcy.

MEC results for 3rd quarter ended September 30, 2008
http://www.exchangemagazine.com/morn...ay/1106023.htm

Complete report...

How in the world do they ever think MD is going to grant them a slots license?

Just more fuel for the Speaker of Maryland's House to give it to someone else like Cordish Co, the owners/developers of Arundel Mills Mall.

Next up, Halsey Minor.

If you listened to Churchill's Quarterly report, supposedly they are in a position to grow and their last couple of quarters have been strong. But it was very salesly, like all quarterly reports

I doubt the SEC would allow them to buy up Magna though as they would be a major stronghold on the industry.

Maybe not buy up Magna entirely, but at least they could attain key pieces, say the Maryland properties. CD/Magna could always argue the Sirius/XM satellite radio line. That being, the horse racing industry is not a singular market, but part of a wider gaming market that includes casinos, table gaming, other pari-mut entities, slot parlors, etc. Just like Sirius argues that satellite radio was not their own market but more of the wide music industry, including ipod, digital radio, etc.

SEC doesn't make decisions on antitrust cases (no, not OUR antitrust)... Justice Dept does. SEC regulates securities and exchanges. I wouldn't think the Justice Dept would oppose a merger here with the stipulation of the furlough of "less-essential" properties as there would still be enough competitors in the marketplace.

Harrah's-Caesars merger would be a comparable case.

yeah, but with harrah's caesars, you still had mgm-mirage and to a lesser degree Sands as viable competition.

Where would the viable competition be for churchill/magna from an online or live racing standpoint?

NYRA... Keeneland... Del Mar... however, I would expect they would be required to sell non-core assets, as stated.