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#1
10-14-2009, 12:28 PM
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Uncertainties for LSP, TDN deals // UPDATE: Chickasaw win..
Matt Hegarty joined me Wednesday to talk the first story (2nd below) and related issues, but the Lone Star development is new today...
 Disagreement on Lone Star bid By Matt Hegarty http://www.drf.com/news/article/108068.html A company owned by the Chickasaw Nation that has made a $27 million bid to buy Lone Star Park in Texas from the bankrupt racetrack operator Magna Entertainment has asked the court overseeing Magna's reorganization to refuse to recognize a $40 million bid made by Penn National Gaming Inc. for the track, according to court documents made public on Wednesday. Magna asks for new auction dates By Matt Hegarty http://www.drf.com/news/article/108047.html Harrah's Entertainment, which reached the deal to purchase Thistledown in early September, has notified Magna that it believes that the deal can be scuttled because the Ohio Supreme Court recently ruled that slot machines could not be installed by Ohio racetracks until voters are offered the opportunity to approve the devices. According to the note, Harrah's sent a letter to Magna officials on Sept. 23 asserting that the ruling "gives it a right to terminate its purchase agreement," but the company has so far elected not to scuttle the deal "without waiving its right to terminate in the future." Harrah's officials did not respond to requests for comment on Monday.
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All ambitions are lawful except those which climb upward on the miseries or credulities of mankind. ~ Joseph Conrad A long habit of not thinking a thing wrong, gives it a superficial appearance of being right. ~ Thomas Paine Don't let anyone tell you that your dreams can't come true. They are only afraid that theirs won't and yours will. ~ Robert Evans 
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#2
10-15-2009, 11:59 PM
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Judge reopens bidding for Lone Star Park
By Matt Hegarty http://www.drf.com/news/article/108068.html  Okay, so best case scenario would be...? Alas, I have too much ATR to catch up on.
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#3
10-26-2009, 08:54 AM
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Chickasaw win 2nd Lone Star bidding...
Tribe wins Lone Star bid By Matt Hegarty http://www.drf.com/news/article/108356.html A company owned by the Chickasaw Nation on Friday prevailed in a second auction for the operating assets of Lone Star Park by outbidding Penn National Gaming Inc. for the Magna Entertainment-owned business, according to officials involved in Magna's bankruptcy. Global Gaming Group, a wholly owned subsidiary of the Chickasaws, bid $47,857,000 for the assets, which includes a lease on the Dallas-area racetrack and its racing license, according to Magna's lead bankruptcy attorney, Brian Rosen. The property itself is owned by the city of Grand Prairie. On Oct. 7, Global Gaming bid $27 million for Lone Star's operating assets in an auction in which it tendered the only bid, according to court papers. However, Magna's creditors' committee petitioned the bankruptcy court to reopen the bidding after Penn National informed Magna's bankruptcy advisors that it would be willing to pay $40 million for the assets.
__________________
All ambitions are lawful except those which climb upward on the miseries or credulities of mankind. ~ Joseph Conrad A long habit of not thinking a thing wrong, gives it a superficial appearance of being right. ~ Thomas Paine Don't let anyone tell you that your dreams can't come true. They are only afraid that theirs won't and yours will. ~ Robert Evans
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