On Monday, April 26, the bankruptcy judge approved the Magna Entertainment Corporation’s “reorganization plan” to transfer ownership of Maryland’s race tracks to its parent company, MI Development.
On Thursday, Apri 29, Racing Commission approved transfer of Laurel & Pimlico racing licenses to the “new” owner, who promised to balance the books within two years.
MID reported to the courts that the Maryland Thoroughbred operations (which include the Bowie training track and the Preakness) lose about $11 million a year.
Also on Thursday, April 29, shareholders of Magna filed an appeal protesting the bankruptcy judge’s approval of the transfer to MID, noting that shareholders receive nothing in the transfer. In Monday’s hearing, attorneys for the shareholders argued that, by not allowing the tracks to go to bankruptcy auction, Magna and MID are hiding the true value of the properties, and shareholders are not being fairly treated.
Maryland-bred Homeboykris to run in today’s Kentucky Derby! Read more on baltimoresun.com.
May Equiery now in stores; new ads now online.