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The Deep, Inner Meaning Of Bank of America's (BAC) TARP Repayment

Fri, 04 Dec 2009 14:19:07 GMT

As expected, Bank of America (BAC) will repurchase its $45 billion TARP preferreds, funded in part by an additional $18.8 billion in "common stock equivalents", $4.0 billion in asset sales, and $1.7 billion in restricted stock issued to employees in lieu of cash bonuses.[More...]

Forget Yesterday, It's All About Jobs

Fri, 04 Dec 2009 13:21:30 GMT

Good morning. Stocks tanked in the last half-hour on Thursday and while the major news outlets attributed the decline to either profit taking or some trepidation in front of this morning's big Jobs report, we'd like to offer a little more substantial reason for the 85 point dive on an otherwise subdued day of trading.[More...]

Fed Balance Sheet Declines By $15 Billion After Improbable Reduction In MBS, Excess Reserves, Monetary Base Hit Record

Fri, 04 Dec 2009 04:14:41 GMT

The Federal Reserve's balance sheet declined by $15 billion to $2,183 billion from the prior week, after the Fed presumably offloaded $2.7 billion in MBS: this is the first time since QE started that MBS holdings have declined. If anyone can tell us just who the idiots are who bought MBS from the Fed (and at what price), and who the even greater idiots are who are supposed to believe this, please send us an email.[More...]

China Will Continue To Drive The Global Economic Recovery In 2010

Thu, 03 Dec 2009 14:38:07 GMT

China isn’t just leading the global economic recovery – it’s lapping the field.[More...]

Interesting Stat: How Much Private Sector GDP Is From Construction And Real Estate?

Thu, 03 Dec 2009 13:15:56 GMT

Back in June, we discussed commercial real estate at length following attendance at a large real estate conference in NYC. Our tone was cautious and one question we wondered about was the percentage of GDP that real estate represents. We actually came across the answer back in August and meant to share then, but didn't get to it. Since the question/topic remains highly relevant to considering the potential negative economic drag from depressed real estate activity, we're sharing now -- the following table is from an 8/28/09 NYTs article, "Construction That Fueled Growth in the Sun Belt Slows":[More...]

Credit Market Overview: Dec 3, 2009

Thu, 03 Dec 2009 12:59:02 GMT

The credit crunch crisis of confidence which we appear to be crawling out of even though the debt and equity markets catapulted themselves higher earlier this year could be similarly argued to be a crisis that started in the credit markets which crunched confidence around the world as it could a collapse in confidence in the value of the securities investors held which corrupted the credit markets causing them to cease funding.[More...]

Grab Some Northern Exposure With EWC

Wed, 02 Dec 2009 21:39:42 GMT

Emerging markets are captivating investors again, but tidy profits aren’t always far away. Placing your bets on well-established global markets can also prove rewarding. That's why we're looking at Canada.[More...]

Unemployment Struggling To Turn A Corner As Job Losses Mount In November

Wed, 02 Dec 2009 21:20:20 GMT

U.S. job losses in the private sector slowed in November but still exceeded economists’ projections, a report by payroll-processing firm Automatic Data Processing (Nasdaq: ADP) indicated yesterday (Wednesday).[More...]

Why Barrick Closed Their Gold Hedge

Wed, 02 Dec 2009 19:15:14 GMT

It sure looks like gold is going to close above $1,200 an ounce today in New York. And large open market purchases from central banks in China, India and Russia are only helping the price surge more. (Just one year ago, some of these same central banks were actually selling gold in an attempt to fill an annual 10,000-ton supply gap.)[More...]

How To Profit From The 'Next' Dubai

Wed, 02 Dec 2009 13:51:42 GMT

The Dubai World default is a matter of only $60 billion – mere peanuts when compared to other elements of the global financial crisis. It’s thus of concern only to those silly enough to invest in real estate there (and the European banks foolish enough to finance it.) For the rest of us, it is a useful reminder that sudden collapses don’t really come out of nowhere – they can be foreseen, and smart investors can plan for them.[More...]

Senate Approves Preakness Bill: Measure Would Empower Maryland to Acquire Tracks, Historic Race

Sat, 11 Apr 2009 22:53:00 GMT

Apr. 11--The Maryland Senate gave final approval Saturday to a bill that would authorize the state to acquire the Preakness, Pimlico Race Course and Laurel Park, either in a bankruptcy auction or by eminent domain.
The governor and Democratic leaders in Annapolis say the state needs broad condemnation powers to ensure that the historic second jewel of the Triple Crown continues running at Pimlico.
The track's owner, Magna Entertainment Corp., wants to sell its Maryland assets under federal bankruptcy proceedings.

[More...]

O'Malley Introduces Preakness Bill in Assembly: Lawyer Says Magna Seeking 'Friendly' Agreement to Keep Race in Md.

Wed, 08 Apr 2009 22:51:00 GMT

Apr. 8--Gov. Martin O'Malley's proposal to give the state the power to take the Preakness Stakes by eminent domain was introduced Wednesday morning in the General Assembly, where it is expected to pass before the 2009 session ends on Monday.
The emergency bill would authorize the state to acquire by eminent domain the Preakness and Maryland's horse-racing tracks from its bankrupt owner, Magna Entertainment Corp., though O'Malley said "our hope is that we might not have to resort to these powers."
Magna, the Canadian owner of Pimlico Race Course and Laurel Park, filed for bankruptcy in early March and wants to sell its Maryland assets.

[More...]

Council Offers Bill on Rezoning for Slots: Severn's Jones Sought Delay to Consider Impact

Sun, 08 Mar 2009 11:48:00 GMT

Mar. 8--The Anne Arundel County Council is considering a bill that would change zoning laws to allow electronic slots in the county, despite a request by one councilman to hold off on the bill's introduction so that more research can be done on the impact it could have on the county.
He also expressed concern that the council has not had enough time to explore what ramifications a casino could have on the communities near Arundel Mills mall.
"There is no reason for this body to be in a rush to do this legislation," said Jones, who represents District 1, which includes Arundel Mills.

[More...]

The Akron Beacon Journal, Ohio, Dennis Willard Column

Sun, 03 Aug 2008 13:49:00 GMT

Aug. 3--COLUMBUS -- Are politicians paranoid or are their enemies really out to get them?
Let's put four seemingly unrelated recent incidents to the test.
Two freshman Democratic state representatives are campaigning door to door in their districts when suddenly they are attacked and bitten by dogs.

[More...]

Magna Entertainment Corp. files first default status report

Wed, 08 Apr 2009 01:14:00 GMT

AURORA, ON, April 7 /CNW/ - Magna Entertainment Corp. ("MEC" or the "Company") filed this news release as its first bi-weekly default status report under National Policy 12-203 of the Canadian Securities Administrators, pursuant to which MEC announced that it would not be filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2008, nor would it be filing quarterly reports on Form 10-Q, with the U.S. Securities and Exchange Commission or the Canadian securities regulators during the period it continues to operate its business as a debtor in possession under the U.S. Bankruptcy Code. MEC reports that since announcing the original notice of default on March 26, 2009, there have not been any material changes to the ...[More...]

Magna Entertainment Corp. announces appointments of Interim Chief Executive Officer and Independent Director

Wed, 08 Apr 2009 01:05:00 GMT

AURORA, ON, April 7 /CNW/ - Magna Entertainment Corp. ("MEC" or the "Company") today announced that it has appointed Greg Rayburn as Interim Chief Executive Officer of the Company, subject to the approval of the United States Bankruptcy Court for the District of Delaware. MEC and certain of its subsidiaries are currently subject to bankruptcy proceedings in the United States under Chapter 11 of the United States Bankruptcy Court for the District of Delaware. If approved, Mr. Rayburn will assume the customary responsibilities of the Chief Executive Officer including leading MEC's Chapter 11 restructuring activities and overseeing the sale of MEC's assets. He will report directly to MEC's Board of Directors. The decision to appoint ...[More...]

Magna Entertainment Corp. announces it will not file 2008 Annual Report and adoption of alternative reporting while under bankruptcy protection

Thu, 26 Mar 2009 15:18:00 GMT

AURORA, ON, March 26 /PRNewswire-FirstCall/ - Magna Entertainment Corp. announced today that it will not be filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2008, nor will it be filing quarterly reports on Form 10-Q, with the U.S. Securities and Exchange Commission or the Canadian securities regulators during the period it continues to operate its business as a debtor in possession under the U.S. Bankruptcy Code. MEC's inability to file these materials is attributable to the circumstances of MEC's ongoing court-supervised restructuring process under Chapter 11 of the U.S. Bankruptcy Code. In particular, the expense and effort involved in complying with annual and quarterly reporting requirements cannot, in the opinion of the Company, be justified in light of MEC's current operational and financial situation. MEC filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code on March 5, 2009 and currently operates its business as a debtor in possession. On March 5, 2009, MEC also sought and obtained recognition of the Chapter 11 proceedings from the Ontario Superior Court of Justice under section 18.6 of the Companies' Creditors Arrangement Act in Canada.[More...]

Magna Entertainment Corp. receives notice of delisting from Nasdaq effective March 16, 2009 - PR Newswire

Tue, 10 Mar 2009 00:41:00 GMT

AURORA, ON, March 9 /PRNewswire-FirstCall/ - Magna Entertainment Corp. announced today that it received notification from The Nasdaq Stock Market indicating that Nasdaq staff had determined, in accordance with Marketplace Rules 4300, 4450 and IM-4300, that the Company's securities will be delisted from Nasdaq as a result of, among other things, MEC's announcement that it filed a voluntary petition for relief under Chapter 11 in the United States. MEC does not intend to appeal Nasdaq's delisting decision and, accordingly, the trading of MEC's Class A Subordinate Voting Stock will be suspended at the opening of business on March 16, 2009.[More...]

Magna Entertainment Corp. receives notice of delisting from Nasdaq effective March 16, 2009 - CNW

Tue, 10 Mar 2009 00:40:00 GMT

AURORA, ON, March 9 /CNW/ - Magna Entertainment Corp. ("MEC" or "the Company") (NASDAQ: MECA; TSX: MEC.A) announced today that it received notification from The Nasdaq Stock Market ("Nasdaq") indicating that Nasdaq staff had determined, in accordance with Marketplace Rules 4300, 4450(f) and IM-4300, that the Company's securities will be delisted from Nasdaq as a result of, among other things, MEC's announcement that it filed a voluntary petition for relief under Chapter 11 in the United States. MEC does not intend to appeal Nasdaq's delisting decision and, accordingly, the trading of MEC's Class A Subordinate Voting Stock will be suspended at the opening of business on March 16, 2009. ...[More...]