Magna buys out DeFrancis

[phystech]

Looks like Frank finally took the step he needed to procure slots at his tracks in MD.

http://www.baltimoresun.com/sports/h...l_tab01_layout

My comment is based upon my lack of knowledge about whether the sweetheart deal DeFranics set up for himself when he sold the original 51% is still in effect or not. When he sold 51% of MJC to Magna, he worked a deal where by he would retain residual earnings if slots came in. Had something to do with him setting up a sub-company whereby a lot of the proceeds from any slot revenue would be retained by his company. Can't remember the former partner he had in MJC - LUK-Flats LLC or something like that - was to receive $$'s from any slots deal also.

If this total buy-out axes DeFrancis totally from the slots revenue picture, this deal might get done afterall.....