Magna - one step away from bankruptcy ??

Frank Stronach's dreams of a global Web-connected gambling empire based on Santa
Anita and other famous racetracks acquired by his Magna Entertainment are going
down in flames. MEC's latest CFO decamped last week, hard on the heels of Paul
Cellucci, former U.S. ambassador to Canada, who was expected to glad-hand
recalcitrant state governors into allowing slots at MEC's U.S. tracks. MEC has
conceded to regulatory authorities that its "going concern" status is in
question. So how has an undeniable genius in both business and thoroughbred
breeding, who has won the Queen's Plate and counts among his honours U.S.
breeder of the year, managed to fall so far short of his vision? Our guess is
lack of attention



the text emboldend above, to an auditor, means that the companies income statement has shown consistent looses and has no way in the future to turn the losses around through current operations. when you say, in your audit report or in a report to the SEC you doubt the ability to be a "going concern"
that means you are currently insolvent and will shortly cease operating as a running company. this is serious,

does anybody have any data on there income statement ?