Magna filings feature bankruptcy advisor

[Kasept]

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.

[Kasept]

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

Complete report...

[phystech]

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.

[Scav]

Originally Posted by phystech

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.

[Suffolk Shippers]

Originally Posted by Scav

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.

[philcski]

Originally Posted by Scav

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.

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.

[dalakhani]

Originally Posted by philcski

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?

[philcski]

Originally Posted by dalakhani

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.