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#1
04-03-2008, 07:05 AM
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Magna machinations: Frank's new trick
A remarkable few days for those that enjoy the Magna sideshow with Stronach yet again finding a way to wrangle money (another $40 million) out of his auto parts business. David Einhorn (Greenlight Capital) screaming again about the outrageous tactics and brazen behavior of Stronach.. Below find 4 pieces that will help you understand the sad and bizarre failure Magna Entertainment is.
To understand the players: A.) Magna Entertainment Corp (MEC): Stronach Racing-related business B.) Magna Development Inc (MDI): Holding company created by Frank to lend money to MEC and manage real estate/lease property to Magna Industries entities. The entity Greenlight invested in and complains is failing to provide value to shareholders by fatuously pandering to failed MEC needs. C.) Magna Industries (MI): Original, highly successful and financially stable Stronach auto parts business. GLOBE & MAIL STORY ON PROPOSED DEAL: http://www.theglobeandmail.com/servl...Story/Business MAGNA PRESS RELEASE ON THE DEAL: http://www.shareholder.com/MID/NEWS/20080331-302190.pdf GREENLIGHT CAPITAL PRESS RELEASE OBJECTING TO DEAL: http://money.aol.com/news/articles/_...02084709990013 NATIONAL POST STORY GIVING BACKGROUND ON MI EXECS DISPLEASURE WITH MEC: http://www.financialpost.com/story.html?id=415244
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All ambitions are lawful except those which climb upward on the miseries or credulities of mankind. ~ Joseph Conrad A long habit of not thinking a thing wrong, gives it a superficial appearance of being right. ~ Thomas Paine Don't let anyone tell you that your dreams can't come true. They are only afraid that theirs won't and yours will. ~ Robert Evans The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command. ~ George Orwell, 1984. 
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