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Notable Bankruptcies Of 2009: Q3

Mon, 05 Oct 2009 13:01:00 GMT

Notable Bankruptcies Of 2009: Q2

Thu, 02 Jul 2009 16:29:00 GMT

In January I predicted (see Notable Bankruptcies of 2009: Q1) that “major” bankruptcies in 2009 would challenge the 383 mark set in 2001 (the high-water mark after the dotcom bubble). I even suggested that it was possible that we could exceed 400 “major” bankruptcies in 2009. According to Bankruptcydata.com, there have been 156 “major” filings thus far in 2009. Assuming that bankruptcies are equally distributed throughout the year, this puts us on pace for 312 bankruptcies. That is tracking well shy of my prediction. In fact, bankruptcies were down significantly from Q1 to Q2, as there were 90 bankruptcies in the first quarter but only 66 in the second. That stylized fact begs the question: Is that a “green shoot”[More...]

Notable Bankruptcies Of 2009: Q1

Wed, 01 Apr 2009 20:19:00 GMT

In January I predicted (see Notable Bankruptcies of 2008) that “major” bankruptcies in 2009 would challenge the 383 mark set in 2001 (the high-water mark after the dotcom bubble). I even suggested that it was possible that we could exceed 400 “major” bankruptcies in 2009. According to Bankruptcydata.com, there have been 90 “major” filings thus far in 2009. Assuming that bankruptcies are equally distributed throughout the year, this puts us on pace for 360 bankruptcies. I fully expect the filing pace to quicken as the year goes on, and as the economy continues to deteriorate. Below you can find an updated list of what I see as the “noteworthy” bankruptcies of 2009, as reported by [More...]

8 Stocks To Watch, Possibly Short Sell

Mon, 10 Nov 2008 17:00:00 GMT

After a week of solid play after play after play, this week starts out with a thud. Good, I need a friggin break! Of course, I’m still watching, but I’ve also got a 1-on-1 coaching session here in... Visit TimothySykes.com to read full article with comments [More...]

MECA Reports Laughable Earnings And 7 More Worst Stocks In The World

Thu, 06 Nov 2008 17:48:00 GMT

Sent to TIMalert subscribers early AM today, two trades, two 7%ish profits, gotta love this market that offers up sooo many easy profit opportunities for those who know what to look for! Futures were... Visit TimothySykes.com to read full article with comments [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...]

Magna Entertainment Corp. announces filing for Chapter 11 bankruptcy protection - PR Newswire

Thu, 05 Mar 2009 17:19:00 GMT

AURORA, ON, March 5 /PRNewswire-FirstCall/ - Magna Entertainment Corp. , together with certain of its wholly-owned subsidiaries, today announced that it has filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware and will seek 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. announces filing for Chapter 11 bankruptcy protection - CNW

Thu, 05 Mar 2009 17:18:00 GMT

AURORA, ON, March 5 /CNW/ - Magna Entertainment Corp. ("MEC" or "the Company") (NASDAQ: MECA; TSX: MEC.A), together with certain of its wholly-owned subsidiaries, today announced that it has filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the "Court") and will seek 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. announces notice of event of default

Fri, 27 Feb 2009 22:28:00 GMT

AURORA, ON, Feb. 27 /CNW/ - Magna Entertainment Corp. ("MEC" or "the Company") (NASDAQ: MECA; TSX: MEC.A) today announced that it has received written notice from its lenders that Pimlico Racing Association, Inc., Laurel Racing Association Limited Partnership, Laurel Racing Assoc., Inc. and The Maryland Jockey Club of Baltimore City, Inc. (collectively "MJC"), each a subsidiary of MEC, are in default under the PNC Bank, National Association ("PNC Bank") loan agreement for failure to comply with certain financial covenants relating to the financial position and results of operation of MJC and related entities. PNC Bank has informed MEC that it has chosen not to exercise its rights and remedies under such loan agreement at this time as a ...[More...]

Magna Entertainment Corp. announces resignation of director - PR Newswire

Thu, 26 Feb 2009 01:01:00 GMT

AURORA, ON, Feb. 25 /PRNewswire-FirstCall/ - Magna Entertainment Corp. today announced that Mr. Anthony Campbell has stepped down as a director of MEC, effective immediately.[More...]

Magna Entertainment Corp. announces resignation of director - CNW

Thu, 26 Feb 2009 01:00:00 GMT

AURORA, ON, Feb. 25 /CNW/ - Magna Entertainment Corp. ("MEC" or "the Company") (NASDAQ: MECA; TSX: MEC.A) today announced that Mr. Anthony Campbell has stepped down as a director of MEC, effective immediately.[More...]