Stronach To Take Over His Tracks from Magna

[Hermes]

I don't see this as a good thing for racing. Frank on the hook for the bleeding red books without Magna to bail him out?
But he starts off well, paying 20 mil in cash for properties valued at 500-750m. Most of that value is in the future real estate development, not in the tracks. (BTW, I could be wrong, but I don't think he even gives up the 1% equity stake in MID, he just gives up the 57% control of B class voting share plan.)

EDIT: to note the DRF report is wrong. Frank isn't paying 20 mil. MID is giving him the 20 million in "working capital" and will pay 2.5 mil for Jan. and 3.8 mil to operate the tracks for every month until the deal closes at end of June at earliest.

I predict that Frank will shed some of the properties and/or take on some new gambling partners.

http://www.drf.com/news/mid-sharehol...racks-stronach

[Slewbopper]

Herpes...your knowledge is astounding. Besides knowing everything there is to know about racing, you re a world class economist and ouija board operator.

[Hermes]

Herpes...your knowledge is astounding. Besides knowing everything there is to know about racing, you re a world class economist.

But I can't paint as well as you.

[Slewbopper]

But I can't paint as well as you.

When you as full of sh/t as both of us, it is nice to have something to fall back on. What do you have?

[BARNFOUR]

When you as full of sh/t as both of us, it is nice to have something to fall back on. What do you have?

She's got her broom.....

[Slewbopper]

She's got her broom.....

And her ouija board
http://www.youtube.com/watch?v=b_z9V6HlAeI

[Hermes]

She's got her broom.....

Yes I am sweeping up trolls now...glad you creeped out from under wherever you hide when not gracing us with your drive by trollisms.

[Hermes]

When you as full of sh/t as both of us, it is nice to have something to fall back on. What do you have?

Money in the bank.

I will pay you to not take a thread off track and actually comment on the content of a subject. Stronach taking over his tracks and being on the hook for the losses of a broken business model is not without consequence (good or bad) for the sport you follow. It means he sells off some of the assets to be developed and/or takes on partners that probably love the sport a lot less than he does but are planning to live a lot longer. Didn't need a ouija board for that. I had one of those as a child, and could not get it to work. Advise?

[Slewbopper]

Money in the bank.

Who did you swindle?

[Rick1323]

There are people doing time in jail for far less than Frankie has pulled. Let's see him really put his own ***.....more importantly his own money on the line.

[Hermes]

Who did you swindle?

I told someone I could write an article for them on Jackson Pollock, and then I left the research up to you. The check's in the mail.

[Slewbopper]

Money in the bank.

I will pay you to not take a thread off track and actually comment on the content of a subject. ?

How much? You have money in the bank

[Hermes]

How much? You have money in the bank

Yes, because I keep it there. Like Frank. Perhaps Rick will pay for me? Imagine if V charged me per post? Let's assess the value of your contribution of actual thoughtful discourse to TBC? Would my investment pay off or be a one time shot and leave me feeling ripped off?

[Psychotic Parakeet]

I am uneasy on this. He has yet to live up to a couple of the promises he vowed with Santa Anita back nearly 12 years ago but has no problem spending money on stuff that is utterly useless for promoting/supporting the industry itself.


BTW, from an observation point, I really don't understand why it is necessary to have a cobra spitting contest on nearly every topic within these forums. It gets old seeing fight after fight.