Monday, May 4, 2009

Magna Bankruptcy Hearing Today

. Monday, May 4, 2009

Attorneys for Magna Entertainment will be in U.S. Bankruptcy Court Monday, as the court considers its request to auction a number of its race tracks to pay off its creditors.

However, Pimlico, Laurel Park and the Bowie Training Center will not be among the tracks sold.

The Preakness Stakes is not on the list of assets to be sold.

Magna notified the court late Friday that it would not sell the Maryland properties. It did not give a reason, but in its court filing said it would explore "all alternatives with respect to the remaining assets."

Last month, Governor Martin O'Malley signed legislation that would allow the state to seize Pimlico, Laurel and the Preakness Stakes by eminent domain, if the company were to sell the tracks to a buyer who would move the race out of Maryland.

O'Malley Administration officials welcomed Magna's decision.

Magna will still sell Santa Anita Park in California, Remington Park in Oklahoma, Thistledown in Ohio and Portland Meadows in Oregon.

During today's hearing the judge will hear objections to the auction from PNC Bank, Wells Fargo Bank and the Bank of Montreal, who are arguing that the tracks may not be sold to the highest and most qualified bidders.

Bankruptcy attorneys representing the State of Maryland will attend the hearing, even though the Maryland tracks are no longer on the list of assets going on the auction block.

Magna is proposing that any bids be submitted by July 31, with the auction to take place in New York on September 8. link...

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