CAPREIT Appoints New Chief Financial Officer Sep 30, 2009
Mr. Smith was formerly Executive Vice-President and Chief Financial Officer of MI Developments Inc., a publicly-traded real estate company focused on the ownership, leasing and management of a real estate portfolio consisting of 105 income producing properties. Prior to joining MI Developments, he was Vice-President of Corporate Development at Magna International Inc., an Associate Director in the Mergers and Acquisitions group at Scotia Capital Inc., and a Senior Associate at Coopers and... (CCNMatthews Press Releases)
Magna Entertainment Judge Allows Stronach Suit Over Horse-Racetrack Loans Sep 23, 2009
In 2004, Magna owed MI Developments $23. 4 million and had assets to cover the debt. (Bloomberg -- Canada)
MI Developments Inc. announces appointment of new Chief Financial Officer Sep 19, 2009
AURORA, ON, Sept. 18 /PRNewswire-FirstCall/ - MI Developments Inc. (MID) (TSX: MIM.A, MIM.B; NYSE: ) announced today that Mr. Rocco Liscio has been appointed by the Board of Directors to serve as Executive Vice-President and Chief Financial Officer, effective immediately ... SOURCE MI Developments Inc.. (PR Newswire)
Ontario Securities Commission Dismisses Minority Shareholder Applications Sep 15, 2009
OSC Rules in Favour of MI Developments Regarding Transactions With Magna Entertainment. AURORA, ON, Sept. 14 /PRNewswire-FirstCall/ - MI Developments Inc. (MID) (TSX: MIM.A, MIM.B; NYSE: ) today announced that the Ontario Securities Commission (OSC) has dismissed the applications made by certain MID Class A shareholders challenging MID's ability to rely on certain exemptions from the requirements to obtain minority shareholder approval and formal valuations under Multilateral Instrument 61-101 -... (PR Newswire)
Debts closing in on photographer Annie Leibovitz Sep 6, 2009
75 million bid Magna had accepted earlier this month from an entity indirectly controlled by Stronach, who is chairman of both Magna and its parent company, Ontario-based MI Developments, known as MID.. NEW YORK -- Annie Leibovitz's artsy, provocative portraits of celebrities regularly grace the covers of Vanity Fair and Vogue, images that have made her as famous as her subjects and earned her millions. (Fresno Bee -- Business)
Horse track owner moving ahead on property sales Aug 27, 2009
75 million bid Magna had accepted earlier this month from an entity indirectly controlled by Stronach, who is chairman of both Magna and its parent company, Ontario-based MI Developments, known as MID. ... The committee also alleges that Magna fraudulently transferred more than $125 million in loan payments to a subsidiary of MI Developments in the two years leading up to Magna's Chapter 11 filing in March. (MSNBC -- Sports)
Magna Entertainment Creditors Can Sue Stronach Over Loans, Judge Rules Aug 19, 2009
Magna International spun off Magna Entertainment in 2000, while Stronach kept a controlling interest through MI Developments Inc. ... The company instead elected to keep its prized assets and allowed its majority shareholder, MI Developments Inc., to prop up MECs failing business through a series of secured loans. (Bloomberg -- Canada)
Magna creditors committee files complaint Jul 24, 2009
In a complaint filed this week in U.S. bankruptcy court in Wilmington, Magna's 0000005E committee of unsecured creditors claims that Ontario-based MI Developments and its chairman, F 00004000 rank Stronach, propped up Magna with equity infusions disguised as secured loans to ensure that Stronach retained control of MEC assets. The committee also alleges that Magna fraudulently transferred more than $125 million in loan payments to a subsidiary of MI Developments, also known as MID, in the two... (Fresno Bee -- Business)
Subsidiary of MI Developments named as Defendant in connection with Magna Entertainment Chapter 11 Proceedings Jul 23, 2009
AURORA, ON, July 22 /PRNewswire-FirstCall/ - MI Developments Inc. (MID) (TSX: MIM.A, MIM.B; NYSE: ) today announced that its subsidiary MID Islandi sf ... SOURCE MI Developments Inc.. (PR Newswire)
Magna Entertainment Creditors Sue, Say Owners Focused on Keeping Pimlico Jul 23, 2009
The creditors committee sued MID Islandi, an Icelandic partnership and unit of MI Developments Inc., seeking recharacterization as equity of the MID Islandi claims with respect to the Gulfstream Park, the Meadows and the Remington Park facilities and certain loans ... Magna instead elected to keep its prized assets and allowed its majority shareholder, MI Developments Inc., to prop up MECs failing business through a series of secured loans through its unit, the creditors said ... In... (Bloomberg -- Canada)
Magna's Stronach `On a Mission' to Make GM's Opel Unit a Brand of His Own May 22, 2009
Shareholders including Greenlight Capital LLC have criticized the way Stronach has run Magna and Magna Entertainment, as well as MI Developments Inc., the real estate firm also controlled by Stronach. Those investors asked a judge in March to investigate why Magna Entertainment filed for bankruptcy and asked for more details on Stronachs plans to sell some race tracks. (Bloomberg -- Canada)
Brunker: This man trying to save horse racing May 17, 2009
It initially indicated it would auction all of its properties and other assets in two auctions, including one in which its parent company and largest creditor, MI Developments, would be allowed to bid on the assets. That plan was abandoned amid objections from MI Developments shareholders, who saw it as a maneuver by Stronach to retain control of the racetracks ... He said his plan, which would pay off in full the $370 million that Magna Entertainment owes its parent company, MI Developments,... (MSNBC -- Sports)
MI Developments cuts Magna Entertainment loose May 9, 2009
TORONTO MI Developments Inc. has cut insolvent horse-track operator Magna Entertainment Inc. loose from its financial results, booking a $46 ... MI Developments, which like chairman Frank Stronach's other Magna enterprises keeps its accounts in U.S. dollars, said Friday its January-March consolidated revenue declined to $197. (Globe and Mail -- Business)
Stronach steps down as Magna interim CEO Apr 9, 2009
However, one of those auction plans has been the source of widespread criticism because of Magna's plan to allow its parent company and largest creditor, MI Developments, to submit a stalking-horse bid for a bundle of Magna's racing properties. Critics of the auction plan have said that Magna Entertainment is seeking to transfer the assets to MI Developments at a cut-rate price by devising rules favorable to MI Developments' bid ... Like Magna Entertainment, MI Developments is controlled by... (ESPN -- Horse Racing)
Magna Entertainment hearing postponed Apr 4, 2009
Magna attorney Brian Rosen said lawyers need more time to resolve concerns about Magna's independence from its parent company, MI Developments, which also is one of the bidders. Ontario-based Magna is the largest horse track owner in the United States. (Globe and Mail -- Business)
Adjournment of Magna Entertainment chapter 11 bankruptcy hearing Apr 4, 2009
AURORA, ON, April 3 /PRNewswire-FirstCall/ - MI Developments Inc. (MID) (TSX: MIM.A, MIM.B; NYSE: ) today announced that Magna Entertainment Corp. and certain of its subsidiaries that have filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code (collectively, "MEC" or the "Debtors") requested an adjournment until April 20, 2009 for the United States Bankruptcy Court for the District of Delaware (the "Court") to consider various motions filed with the Court ...... (PR Newswire)
Magna to operate tracks as subsidiary Mar 28, 2009
MI Developments, the controlling shareholder of bankrupt racing operator Magna Entertainment Corp., plans to operate the assets it buys from Magna through a wholly owned subsidiary, the company said Friday in a release accompanying documents detailing its 2008 financial performance. The plans to segregate the racing properties into a separate subsidiary - tentatively called RaceCo - are the first detailed comments made by officials at MI Developments about the company's intentions for a bundle... (ESPN -- Horse Racing)
Horses drag MI Developments to loss Mar 28, 2009
MI Developments Inc. continues to book profits as the property-management subsidiary of Magna International Inc. but was dragged to a $54 ... MI Developments also confirmed Friday its business with parent Magna International is under increasing strain ... Looking ahead, we will continue to seek new opportunities for growth with Magna when the automotive industry recovers and, in the near term, we are committed to working to leverage our experience and expertise to expand our third-party tenant... (Globe and Mail -- Business)
MI Developments notice of release of fourth quarter and 2008 results and annual meeting Mar 20, 2009
AURORA, ON, March 19 /PRNewswire-FirstCall/ - MI Developments Inc. ("MID") (TSX: MIM.A, MIM.B; NYSE: ) will announce its financial results for the fourth quarter and year ended December 31, 2008 on Friday, March 27, 2009 before the opening of the market ... SOURCE MI Developments Inc.. (PR Newswire)
Golden Gate Fields could be sold next month Mar 20, 2009
MI Developments has a controlling interest in Magna Entertainment. "If MID acquires the Golden Gate Fields property, it intends to immediately commence seeking all required approvals to develop the property for commercial real estate uses," MI said in regulatory documents filed March 6. (San Francisco Business Times, CA)
Magna parent intends to bid on properties Mar 20, 2009
MI Developments, the parent company of bankrupt Magna Entertainment and its largest creditor, will likely bid on properties still owned by Magna if and when they are offered at auction later this year, the chief executive of the company said on Tuesday. Dennis Mills, a former chief executive of Magna and the current chief executive of MI Developments, said that MI Developments had its eye on Magna properties "with a huge real estate upside" if those properties go to auction ... The interest by... (ESPN -- Horse Racing)
Stronach's dream dies with MEC filing Mar 7, 2009
All of MEC's assets are on the block, but there will be not be a fire sale, said Dennis Mills, chief executive officer of MEC's parent company, MI Developments Inc. ... Payment of those debts was accelerated last month after the collapse of a deal that would have severed MEC from MI Developments, and ultimately would have transferred complete control of MEC to Mr. Stronach. (Globe and Mail -- Business)
Playing by Frank's rules: Horsefeathers Mar 7, 2009
And for nearly five years now roughly since Mr. Stronach opened that Austrian white elephant investors in his real estate company, MI Developments, have wanted one thing. They wanted MI, Magna Entertainment's controlling shareholder, to stop shovelling money into the black hole of a horse-racing business that never makes a profit or even comes close. (Globe and Mail -- Business)
Magna Entertainment Seeks Bankruptcy Protection in U.S. From Its Creditors Mar 6, 2009
5 million from a unit of MI Developments Inc., the real estate arm of Stronach, to help fund operations as it restructures, according to court papers. MI Developments is Magnas largest secured creditor and controlling shareholder ... MI Developments was spun off in 2003 from Magna International Inc.. (Bloomberg -- Canada)
Magna Entertainment Corp. announces filing for Chapter 11 bankruptcy protection Mar 6, 2009
5 million from a subsidiary of MI Developments Inc. ("MID"), the Company's largest secured creditor and controlling shareholder. The Company will use the proceeds from the DIP Financing to fund its operations during the Chapter 11 proceedings. (Yahoo! Wire -- Entertainment News)
Magna files for Chapter 11 protection Mar 6, 2009
5 million debtor-in-possession financing agreement with subsidiary MI Developments Inc., which is the company s largest secured creditor and controlling shareholder ... In addition to the financing agreement, Magna also reached a deal to sell to MI Developments for $195 million its interests in Golden Gate Fields; Gulfstream Park; Palm Meadows Training Center; Lone Star Park; AmTote International; and XpressBet. (Louisville Business First, KY)
Golden Gate Fields' owner files for bankruptcy Mar 6, 2009
5 million from a subsidiary of MI Developments Inc., its largest secured creditor and controlling shareholder. Frank Stronach, Magna's chairman and chief executive officer, said, "Simply put, (the company) has far too much debt and interest expense. Magna Entertainment has previously pursued numerous out-of-court restructuring alternatives but has been unable to complete a comprehensive restructuring to date, due in part to the current economic recession, severe downturn in the U.S. real estate... (San Francisco Chronicle -- Business)
Magna Entertainment Files for Ch. 11 Protection Mar 6, 2009
MI Developments Inc., a property-management company that is Magna's controlling shareholder as well as its largest secured creditor, hopes to buy some of the racetrack company's assets for $195 million. Among the items included in that deal are Magna's interest in The Village at Gulfstream Park in South Florida, Palm Meadows Training Center in Boynton Beach, Fla. (ABC News -- Wire)
Pimlico owner Magna Entertainment Corp. seeking bankruptcy protection Mar 6, 2009
But as part of the arrangement with MI Developments, Magna has also agreed to sell its interests in several of its properties. That includes racetracks in Florida, California and Texas, to be sold to either MI Developments or to a third party as part of the Chapter 11 process, according to a Magna release. (Baltimore Business Journal, MD)
Track operator Magna reports loan default Mar 1, 2009
The majority of the debt coming due is held by its parent company and controlling shareholder, MI Developments. Magna also said that it has notified Well Fargo Bank that it has not met the financial conditions for a $40 million line of credit extended by the bank. (ESPN -- Horse Racing)
Some Magna Entertainment units in default Feb 28, 2009
Last week, MI Developments Inc. cancelled plans that would have seen the company disentangle itself from Magna Entertainment ... Investors in MI Developments have been fighting for years to jettison heavily indebted Magna Entertainment. (Globe and Mail -- Business)
Shareholder urges bankruptcy for Magna's entertainment unit Feb 26, 2009
A large shareholder of MI Developments Inc. is pushing for bankruptcy of the company's Magna Entertainment Corp. unit, saying that makes more sense than continuing to prop up the embattled racetrack and gambling arm of Frank Stronach's empire. It would be folly for the real estate company to once again extend the deadline for MEC to pay back $175-million (U.S.) in debt that comes due next month, said Richard Fried, managing member of San Francisco-based Farallon Capital Management LLC.. (Globe and Mail -- Business)
Magna to stay on right track Feb 25, 2009
A number of large shareholders are expressing concern that Magna International money will flow to Mr. Stronach's MagnaEntertainment Corp. (MEC) as well as his real-estate company, MI Developments (MID), Scotia Capital analyst David Tyerman said on a conference call to discuss the auto supplier's US$148-million loss for its latest quarter. Vince Galifi, Magna's chief financial officer, said that although Mr. Stronach controls all three companies, the auto supplier remains a separate entity with... (Financial Post)
Magna poised to ride out auto crisis Feb 25, 2009
The racetrack and gambling company is controlled by MI Developments Inc., which owns the land under many of Magna's plants. Magna chairman Frank Stronach is also chairman of MI Developments and MEC.. (Globe and Mail)
Bankruptcy looms for track operator Magna Feb 21, 2009
On Wednesday night, Magna's parent company, MI Developments, scrapped a last-ditch spin-off plan and said that it would seek $171 million owed to MI Developments beginning in mid-March ... A $45 million loan from MI Developments will come due March 13, and a $126 million loan will come due March 20. (ESPN -- Horse Racing)
MEC faces cash crunch as MI deal scrapped Feb 21, 2009
Magna Entertainment owes MI Developments $175-million after plan to sever ties falls apart; also owes BMO $40-million ... The proposal, which would have severed the controversial relationship between MI Developments Inc. (MI) and Magna Entertainment (MEC), was scrapped because of "current global economic conditions, the continued disruptions in the financial markets and ongoing uncertainty in the automotive industry," MI said in a statement ... MI Developments (MIM.A). (Globe and Mail)
Stronach squashes Greenlight proposal Feb 20, 2009
Canadian auto parts magnate Frank Stronach has used his super-voting stock in real-estate manager MI Developments Inc. () to defeat a shareholder proposal calling on the companys board of directors to execute a sweeping series of strategic measures it promised three years ago. Mr. Stronach, who controls struggling MI Developments through multiple-voting shares, trounced the proposal by New York investment firm Greenlight Capital Inc. during a vote at MIDs annual meeting Wednesday ...... (Calgary Herald)
MI Developments not proceeding with previously-announced reorganization proposal Feb 19, 2009
AURORA, ON, Feb. 18 /PRNewswire-FirstCall/ - MI Developments Inc. (MID) (TSX: MIM.A, MIM.B; NYSE: ) today announced that it is not proceeding with the reorganization proposal announced on November 26, 2008 ... SOURCE MI Developments Inc.. (PR Newswire)
