Wednesday, May 27, 2009

Artist is inspired by an equine example

Barbaro frames Goodman's charitable act
By Victoria Cherrie
Special to the Observer
Posted: Sunday, May. 24, 2009

Adele Goodman plays with Buck, one of three horses she cares for near her home in Rowan County. Goodman's love for horses led her to paint a portrait of the one still in everyone's heart – Barbaro – the Kentucky Derby champion whose life and death was celebrated and mourned by a nation. DAVID T. FOSTER III – dtfoster@charlotteobserver.com

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Adele Goodman's portrait of Barbaro will be auctioned Saturday to benefit the Horse Protection Society. PORTRAIT BY ADELE GOODMAN

Adele Goodman throws down hay from the loft for one of three horses she cares for near her Rowan County home. DAVID T. FOSTER III – dtfoster@charlotteobserver.com

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More Information
Horse Protection Auction
What: More than 300 items will be sold at a fundraising auction for the China Grove-based Horse Protection Society of North Carolina.

When: Saturday. Cocktails at 5:30p.m.; buffet dinner starts at 7.

Where: The Speedway Club, Lowe's Motor Speedway, U.S. 29, Concord.

Tickets: $35.

Details: E-mail hps@horseprotection.org.

Adele Goodman fell in love with horses in the first grade.

She drew her first one when she was 7. By the time she was 8, she was riding her own horse along the corn fields of her family's farm in the Corriher Grange community of Rowan County.

“I love to watch them run. It's like they float,” she said. “They are so powerful and strong, yet so graceful.”

From her childhood sketches, Goodman, 44, blossomed into an artist known for pastel drawings that capture soulful eyes and highlight the spiritual connection between people and their pets.

Her latest work is a 16-by-20-inch portrait of Barbaro, the beloved 2006 Kentucky Derby winner. The portrait will be auctioned Saturday to raise money for the Horse Protection Society of North Carolina.

It's one of the most tedious pieces she's ever accomplished. And it will always be more than just a donated portrait.

This piece taught Goodman how one horse became a hero to children, soldiers and cancer patients. And it should remind others, she said, that all animals are gifts like Barbaro, who – through his own death mourned by a nation – is saving other horses' lives.

“When he died, me and some of the women at work cried,” Goodman said. “He just brought out this compassion in all of us.”

For Goodman – especially when it comes to animals – that's an everyday thing.

Art studio, three horses, 100-acre farm

In a pair of rubber shoes and a lambs wool jacket, Adele Goodman stepped out on a recent chilly evening to wet down some bran mash for her horses – talking the whole time to the dinner crowd – and then topped each meal with bright-green apple pellets.

Buck stomped his feet impatiently as Prince, the youngest, got his bucket first. Inside a century-old barn, Princess, the only girl, reveled in a hearty pat before dipping her copper-toned head to eat.

“Just look at those eyes,” Goodman said, stroking the horse and leaning in for a hug. “She is my baby.”

Goodman's sweet, soft voice is as country as her living in a tiny white cottage on a 100-acre farm surrounded by barley fields and her two dogs, Dudley and Sadie. Barley blossoms swayed in the breeze as a tabby cat danced along the edge of a field near her one-room studio.

Bright sketches of horses, cats and dogs lean against the shelves in the solar-powered room where she spent about 30 hours over two months carefully capturing the ridges of Barbaro's thick veins, the right shades of his nose and the shine off his neck.

A graduate of East Carolina University, Goodman studied with known artists John Faucett and Leslie Tolles-Hudson. She works full time for Penske Racing, but her true love is art. She focuses on nudes, her pet portraits and horses like her own that she connects with through idle conversation.

When she shows up, they give her a horse's version of a purr and whip their tails around.

Goodman had drawn Barbaro's portrait before, after he died. She wanted to memorialize the young horse, who broke his leg at the Preakness Stakes in Maryland, the second leg of thoroughbred racing's Triple Crown. She hung it in her booth at art shows for weeks before sending it to Barbaro's veterinarian as a gift.

But she really didn't learn how special Barbaro was until she began trying to get permission for his portrait to make money for the charity. Permission was a requirement, since he was a licensed race horse.

A good friend of Goodman happened to know Barbaro's owners, Roy and Gretchen Jackson, from college. So she contacted them, and they gushed about Barbaro's life.

The Jacksons said a 12-year-old boy wrote that he'd kept a scrapbook about Barbaro, and now he knew he was in heaven running around with his father, who had died, she said.

Goodman said her Barbaro portrait is simple. There's no background and only a few details in his upper body.

“I wanted everyone to focus on that perfect little majestic face,” she said. “He had these eyes – they were so soulful, so beautiful. I didn't want anything distracting people from him.”

Even in death, Barbaro is still moving people, she said. Friends of Barbaro, a fundraising group started by Alex Brown Racing, has raised more than $1million and has saved more than 2,500 horses from slaughter.

Locally, the Horse Protection Society maintains a sanctuary for neglected horses to be adopted or retire. The center in China Grove also is available to people who can no longer afford to care for their horses and rehabilitates other horses in need.

“There is something about an innocent animal who is struggling or dying,” Goodman said. “I can't get my hands around what it is that touches us so much. It just does.”

Victoria Cherrie is a freelance writer.


Click on title above for full story with slide-show;
http://www.charlotteobserver.com/local/story/740345.html

Special Interest a Conflict of Interest?

Click on title above to see what you think, concerning NY state racing;

http://greedybastardsclub.blogspot.com/2009/05/special-interest-conflict-of-interest.html

Tuesday, May 26, 2009

Further Evidence of PAST POST BETTING

Posted by: XXXXXX XXX
Mon May 25, 2009 3:50 pm (PDT)

Txxxx,

I know this is something you strongly believe goes on, and I found the below link very, very interesting. A CONFIRMED past-posting incident from hollywood park recently...

I'll post the link in a second, but there were 2 incidences at the Meadowlands today that motivated me to even do a search on the topic.. Margarita Momma in the 4th today.. is 2/1 well past the quarter, and then at the next odds switch drops to 1/1... yes, i know, she was the heavy ML favorite, so maybe that can be excused... then in the 7th race, #1 Vesuvio As is 5/2 going to the quarter, and #2 Hot Shot Blue Chip is 7/2... well, Hot Shot Blue Chip makes a break, and at the next odds flash, he was drifted to 9/2, while Vesuvio As goes to 8/5...... Say what you want, but this just does not look good.....

here is the hollywood link..

http://www.paulickreport.com/blog/hollywood-park-past-posting-incident-under-investigation/

Fxxxxx,

thanks for link, well documented.....truth is these are just a few of the
stories told.

At my local HUB (OTB), I know every teller on a first name
basis........they have for years punched tickets on windows that don't close. Sometimes,
it is 30 secs after the bell, sometimes a minutes, sometimes until the race
finishes, other times it's never.

One particular instance, a Huge track like Hollywood didn't close the race
and they punched out numerous straight superfecta's. Caused the payoff to
drop to $3,000 on what should have been $8-12K.

The Feds came in and actually waxed 2 or 3 of the tellers for that
instance.....

Now toss in The Big M's survival challenge infiltrated by the upstate New
York hacker(s).

the list goes on and on.....

we have two forces of nature at play:

1> the tellers or track computer geeks that have the ability to change
things

2> the outside hackers who can figure out a way to past post.

Only way to fix some or any of the problems is a commissioner like I have
stated numerous times.

I, like you, believe it happens at the Big M a good bit, the Person(s) that
does it though is a good vandal, he strikes and then goes away....greed
has not caught up with him to do it night after night, it seems more every
3-4 months...IMO

thanks for sharing your thoughts

Txxxx

Monday, May 25, 2009

Jockey Douglas Paralyzed in Lower Extremities

Not to worry, the racing industry takes good care of their disabled jockeys, right? By Claire Novak
Posted: Sunday, May 24, 2009 11:11 AM

Jockey Rene Douglas came out of a seven-hour surgery at Northwestern Hospital on May 24 without feeling in his lower extremities, and doctors there said the 42-year-old rider may not walk again, agent Dennis Cooper reported on May 24.

Douglas, who entered surgery around 2:30 a.m. (CST) and came out around 9:30 a.m., was injured in a racing accident at Arlington Park in the May 23 Arlington Matron Handicap (gr. III).

"They said he might not walk again, it didn't look like," Cooper said. "He'll probably have use of his upper body, but they gave it to me straight that he's not likely to walk. They won't be a million percent sure until after the swelling goes down in about 10 to 14 days, but it doesn't look good."

Douglas will remain in the intensive care unit of Northwestern for two weeks, until he moves to rehab.

"It's devastating," Cooper said.

Douglas was worked on by a team of specialists who made efforts to repair compressed vertebrae and damage to the rider's neck. But the main concerns centered on Douglas' spinal cord, which may have been damaged by a fragment of splintered bone, Cooper said.

Cooper said Douglas was alert and able to speak with his wife before he was moved to surgery. Doctors had him transferred via helicopter from Northwest Hospital near Arlington to Northwestern before they began the procedure. He had initially lost feeling in his lower extremities after the accident, but was reported to have regained some feeling in his legs while still at the first hospital. He was also complaining of pain in his arms and back.

Douglas was thrown from his mount in the Arlington Matron Handicap (gr. III) when the 4-year-old Born to Be was bumped by Sky Mom, clipped heels with Boudoir, and fell in upper stretch. Born to Be flipped and tossed Douglas over her head, then landed on top of the prone rider. Track workers had to drag the daughter of A.P. Indy off of Douglas before he could be transferred to a backboard. He was removed from the track via ambulance, as was his mount.

Cooper said he had been told that the horse, trained by Eric Coatreiux, had recovered from the incident. A spokesperson for Arlington Park said the filly returned to the barn and had not been euthanized on the day of the accident.

"She went straight down head over heels just like in slow motion," Cooper said. "She hit him with her whole body, dropped there on top of him and just laid there."

The filly remained on the track for several moments before being transferred to the equine ambulance. Sky Mom, who finished fifth, was disqualified for interfering with Born to Be and was placed last.

Douglas has been the leading rider at Arlington six times (2001-2004 and 2007-2008) and holds the record for most consecutive titles at the Chicago track with four (2001-2004). This season, he was tied with E.T. Baird in the early contest for leading rider honors at the track with 15 wins going into the May 23 card.

Oneida Capital LLC to Expand Racing/Gaming Operations to Idaho

Another group interested in horse racing at Les Bois; Greene Group gets good news
Nick Jezierny - njezierny@idahostatesman.com
Published: 05/19/09 - Idaho Statesman

Ada County commissioners have received a letter from Oneida Capital LLC, which owns and operates racing and gaming facilities in Montana, Nevada, New York and Wyoming, stating it would like to meet with the county officials and discuss a lease proposal for Les Bois Park.

Ada County Public Information Director Rich Wright said the commissioners likely will entertain a proposal from Oneida, though no meeting date has been finalized.

Edward Spector, who signed Oneida's letter to the county, didn't immediately return a telephone call from The Idaho Statesman.

Oneida joins the Greene Group, an Alabama-based company that operates a simulcast center and a charitable bingo operation in Post Falls, as potential operators for the horse racing track located at Expo Idaho.

On Tuesday, the Greene Group received good news in its quest to be awarded the lease when the Idaho Lottery Commission gave the group a clean bill of health, which was "one hurdle" in possibly securing the lease.

Ada County commissioners stopped lease negotiations with the Greene Group because of some findings in a recent audit by the state lottery.

Those issues, many of which were about the interpretation of state statutes, are gone now.

"We have no issues going forward with them to conduct charitable gaming," said Jeff Anderson, a director of the Idaho Lottery Commission.

The public meeting also attracted Ada County staff. Commissioner Sharon Ullman said "this was one hurdle" the Greene Group had to clear before taking the next step, which appears to be the two parties negotiating terms of a lease.

"This means we have some talking to do," Ullman said. "I can't give you a timetable."

Scott Okuniewicz, the general manager of the Greene Group's simulcast operation in Post Falls and the president of the group's charitable gaming operation, said his group is waiting for the county to provide a list of equipment that is included in the lease.

"We're going to meet with them and get a list of the property that comes with the lease so we can better determine a fair lease price," Okuniewicz said.

http://www.idahostatesman.com/235/story/775519.html?storylink=omni_popular

Saturday, May 23, 2009

NY to Enact Racehorse Protection Law

Maybe they should call it Ernie Paragallos Law." Of course, the racehorse slaughter" issue is not even mentioned here, in this new proposed bill. There will be no protections in this bill to prevent racehorses from going to slaughter. Maybe now would be a good time to contact these NY legislators and let them know what a good idea we think it would be to write this protection in. After all, if they are really so concerned about "racehorse welfare," why in the world wouldnt they?????
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

New York lawmakers want to close cruelty loophole
>
> by Paul Post
>
> New York lawmakers plan to introduce legislation that would close an
> apparent loophole and make mistreatment of race horses a felony.
>
> On April 10, Thoroughbred owner Ernest Paragallo was charged with 22
> misdemeanor counts of animal cruelty, two days after authorities
> raided
> his Center Brook Farm in Climax, Greene County, and seized 177 horses,
> three of which had to be euthanized.
>
> Paragallo has pleaded not guilty and is free on bail.
>
> Unlike "Buster’s Law," which deals with the abuse of companion animals
> such as cats and dogs, equine cruelty does not carry felony status.
>
> Assemblyman Tony Jordan (R-Greenwich) and state Senator Roy McDonald
> (R-Saratoga) both represent portions of Saratoga County, home of
> Saratoga Race Course. The lawmakers are seeking to make cruelty toward
> race horses a felony.
>
> "As we are discovering now, a race horse breeder can be charged with
> the
> significant mistreatment of the animals he is employed to raise and
> care
> for, but there is no provision to charge him with a felony or ban him
> from complete involvement in horse racing," Jordan said. "This gap
> needs
> to be closed and this is exactly what Senator McDonald and I are going
> to work towards accomplishing by putting forward this legislation to
> bring about this necessary change.”
>
> The bill, expected to be introduced shortly, would specifically be
> geared toward race horses, not farm animals. It would fall under state
> racing and wagering law, not agriculture and markets.
>
> Jordan and McDonald said they plan to meet with racing leaders to make
> sure the law helps and protects horses and the industry. McDonald is a
> member of the Senate Racing, Wagering and Gaming Committee.
>
> "We need to ensure the safety of these beautiful and incredible
> animals,
> because they play a significant role in the agricultural community
> here
> in upstate New York," he said. "We also need to protect our nationally
> recognized breeding program by preventing these animals from being
> mistreated, and also having the means to remove the individual who
> instituted that mistreatment. It is also important to recognize that
> studies have shown that people who hurt animals will eventually cause
> harm to other people."
>
> A legal conference between prosecutors and Paragallo’s attorney is
> scheduled for June 22. The state Racing and Wagering Board and New
> York
> Racing Association have stripped him of all racing privileges pending
> the outcome of upcoming legal action.
>
> Paul Post is a New York-based THOROUGHBRED TIMES correspondent
>
>
>

Friday, May 15, 2009

Racetrack veterinarian's 5-year suspension upheld

May 14, 2009
DVM NEWSMAGAZINE

Lexington, Ky. -- The Kentucky Horse Racing Commission (KHRC) this week upheld the five-year suspension of a track veterinarian accused of possessing banned medications, including cobra venom.
The commission decided to adopt a hearing officer's recommendation filed April 6 stating that two suspensions totaling five years against Dr. Rodney Stewart are "legally supportable" and that "the penalties were imposed in connection with the possession of the most highly dangerous substances and serious violations of commission regulations, which represent a catastrophic threat to the safety of horses and riders."

In September 2007, racing stewards suspended Stewart four years for possession of alpha cobra toxin and one year for possession of carbidopa and levodopa. Stewart also was under other suspensions for medication labeling violations and other infractions, but those run concurrently with the five-year suspension.

The five-year total is believed to be the longest one the commission has ever imposed.

Stewart, a resident of Saratoga Springs, N.Y., had appealed on grounds of the suspensions' severity, saying he had cooperated with investigators and provided all records they requested. The suspensions prevent him from practicing at any racetrack, including New York, and from practicing on any performance animals (horses, greyhounds and camels), including in Australia where he is from.

An earlier suspension against him, dating from August 2007, was dismissed based on his cooperation with investigators by turning over some records.

At a hearing before the KHRC last December, Stewart said three vials of powdered cobra venom found in a refrigerator at a training barn at Keeneland race course in Lexington were there only by chance, packed in a case in transit on his way to New York, and that he never gave cobra venom to an active racehorse. The venom, used to deaden nerves, has limited therapeutic use in non-racing horses but is banned at racetracks. There is no test that can detect it. Stewart said in December he bought the powdered venom in 2006 from a Florida veterinary supplier and used some of it only once, to treat a retired racehorse with a sore right front foot.


http://veterinarynews.dvm360.com/dvm/Veterinary+Equine/Racetrack-veterinarians-5-year-suspension-upheld/ArticleStandard/Article/detail/598302?contextCategoryId=378&ref=25

Monday, May 11, 2009

Brumbies to Dubai

Running, but not wild: Dubai warms to brumbies

Andrew Stevenson in Dubai
May 9, 2009

THEIR names are Luca, Marran and Paraku. Born in the Kimberley and captured in Western Australia last year, the three brumbies are starting a new life in the stables of the deputy ruler of Dubai, Sheik Hamdan bin Rashid Al Maktoum.
They and 11 other brumbies including a young colt have left life as wild bush horses far behind. In the sheik's stables they are training for the demanding sport of endurance racing.

Their arrival in Dubai completes a circle of sorts. Born wild, their pedigree traces back to the Arab horses taken to Europe over many centuries, the stock from which the modern thoroughbred was made.

The horse, once the most important animal in Australia, still stands at the heart of Bedouin culture - and when Ali Mohammed Al Mohairi, Sheik Hamdan's racing manager, heard tales of the brumbies in Australia, he wanted to know more.

Two years ago he went bush in the Northern Territory to see brumbies up close. But wild horses stop for no man.

"There was a mare and foal and they were galloping from behind and I yelled to go, I was screaming at the driver," he recalled. "It was something amazing. Then they crossed in front of us and the sparks were coming off the road. When they came to a lake, they jumped straight in and swam across.

"There was a rocky hill on the other side and I said: 'Impossible, they will not climb that'. And they did.

"My imagination cannot go as far as this. I was amazed. And [then] they were gone and we never saw them again."

But the story, worthy of an Arab Paterson in Mr Al Mohairi's retelling, took root. Sheik Hamdan, a leading racehorse owner and winner of two Melbourne Cups, was intrigued by the animals' capability in the wild but also concerned the brumbies - there are an estimated 400,000 in Australia - were being culled.

"I felt I wanted to do something to help this animal. I told him people shoot them, five or six hundred at a time, and I said we [can] get some to try," Mr Al Mohairi said.

The next step was to send a team into Lake Gregory, on the edge of the Great Sandy Desert, and to catch a dozen or so brumbies which were then trucked to Glen Innes, NSW, where they were broken in before being flown to Dubai.

One mare, Marran, dropped a skewbald colt after capture. Marjii might have grown up in Arabia but he can't hide his past.

"He's happy, friendly and playing but you can tell he's a brumby, with his face, big and ugly," Mr Mohairi said.

The horses arrived last year and since then several have been prepared for endurance racing, which is conducted under the enthusiastic patronage of Dubai's royal family, notably Sheik Hamdan's brother, Sheik Mohammed bin Rashid al Maktoum, the country's ruler, who also competes in the events.

On the track the brumbies' results have not been a complete success. The horses have speed, and can rapidly recover after running one stage of the race, but they don't want to run again.

"They're not tired but they take care of themselves," said Mr Al Mohairi, who believes their wild instincts lead them to to preserve their energy for whenever it might be needed in the future.

But the experiment at Seeh Al Salam stables will be given at least another year. "People here are waiting to see what this stable will do. If we do well with them, they will go there and do the same as we did," Mr Al Mohairi said.

"To be honest, we spent money on them and I hope it will work. It will help me to look good in front of my boss because I asked him to do it, plus it will help the horses."


http://www.smh.com.au/news/sport/horseracing/running-but-not-wild-dubai-warms-to-brumbies/2009/05/08/1241727604379.html

Sunday, May 10, 2009

Race is On for Swine Flu Vaccine: BIG Pharma a FAV to Win

INFLUENZA A (H1N1) - WORLDWIDE (21)
***********************************************
A ProMED-mail post

ProMED-mail is a program of the
International Society for Infectious Diseases


Date: Fri 8 May 2009
Source: World Health Organization (WHO), EPR [edited]



For the current influenza A(H1N1) virus, WHO Collaborating Centres
for influenza (WHO CCs), Essential Regulatory Laboratories (ERLs) and
other institutions are developing candidate vaccine viruses under the
coordination of WHO (1). Once a vaccine virus is available, WHO will
announce the availability on its public website (2). For general
queries, please email to .

Candidate vaccine viruses using reverse genetics technology are being
developed by:

- WHO CC in the Centers for Disease Control and Prevention (CDC),
Atlanta USA, from A/California/4/2009(H1N1)swl. Expected availability
end of May 2009. Email queries to: .

- ERL in the National Institute for Biological Standards and Control
(NIBSC), UK, from A/California/7/2009(H1N1)swl and A/England/195/2009
(H1N1)swl. Expected availability end of May 2009. Email queries to:
.

- ERL in the Centre for Biologics Evaluation and Research (CBER),
Food and Drug Administration (FDA) USA, from
A/California/4/2009(H1N1)swl and A/Texas/5/2009(H1N1)swl. Expected
availability not yet known. Email queries to: .

- WHO CC at the St. Jude Children's Research Hospital, Memphis USA,
from A/California/4/2009(H1N1)swl, A/New York/20/2009(H1N1)swl and
A/Ohio/7/2009 (H1N1)swl. Expected availability not yet known. Email
queries to: .

- WHO CC at National Institute of Infectious Diseases (NIID), Japan,
from A/California/4/2009(H1N1)swl and A/California/7/2009(H1N1)swl.
Expected availability not yet known. Email queries: .

- CSL Limited, Australia, from A/California/4/2009(H1N1)swl and
A/California/7/2009(H1N1)swl. Expected availability not yet known.
Email queries:.

Candidate vaccine viruses using classical reassortment technology are
being developed by:

- ERL NIBSC, UK, from A/California/7/2009(H1N1)swl, an egg virus
isolate. Expected availability not yet known. Email queries:
.

- New York Medical College, USA, from A/California/7/2009(H1N1)swl.
Expected availability not yet known. Email queries: .

- CSL Limited, Australia, from A/California/7/2009(H1N1)swl. Expected
availability not yet known. Email queries: .

Development of vaccine potency reagents for inactivated vaccines
against influenza A(H1N1) is planned in:

- ERL NIBSC, UK. Email queries to:

- ERL CBER FDA, USA. Email queries to:

- ERL, Therapeutic Goods Administration (TGA), Australia. Email
queries:

- ERL NIID, Japan. Email queries:

Wild type viruses have been/ are being sent to vaccine manufacturers
on request including: Baxter, CSL Limited, GlaxoSmithKline
Biologicals, MedImmune, Microgen, Nobilon International, Novartis,
Omninvest Vaccines, Pasteur, Solvay and Vivaldi.

References:
(1) WHO coordinates WHO CCs, National Influenza Centers and ERLs.
This network is monitoring the evolution of influenza viruses, both
seasonal and those with potential to cause a pandemic, including the
current influenza A(H1N1). The network also provides recommendations
and updates on diagnostics, monitors the susceptibility of emerging
influenza viruses to antiviral drugs, and selects, develops and
distributes vaccine viruses.

(2)

--
Communicated by:
ProMED-mail

[see also:
Influenza A (H1N1) - worldwide (20): case counts 20090510.1741
Influenza A (H1N1) - worldwide (19) 20090509.1733
Influenza A (H1N1) - worldwide (18): case counts 20090509.1728
Influenza A (H1N1) - worldwide (17) 20090508.1722
Influenza A (H1N1) - worldwide (16): case counts 20090507.1715
Influenza A (H1N1) - worldwide (15) 20090507.1709
Influenza A (H1N1) - worldwide (14): case counts 20090507.1702
Influenza A (

Saturday, May 9, 2009

Magna in Bankruptcy: What, no bailout?

By JOE DRAPE

Published: March 5, 2009

Magna Entertainment Corporation, which owns some of the most prominent horse racing tracks in the United States, filed for Chapter 11 bankruptcy protection in a Delaware court Thursday and announced that it would sell Gulfstream Park in Florida and other racetracks to its parent company and largest creditor.

In a news release, M.E.C. said it had arranged a six-month secured loan of $62.5 million from a subsidiary of M.I. Developments, its controlling shareholder. It will use that money to protect certain assets and keep racing going at Gulfstream Park, Santa Anita and its other tracks. In the filing, there is no clear arrangement to protect Pimlico, which hosts the Preakness Stakes, the second leg of the Triple Crown.

“Simply put, M.E.C. has far too much debt and interest expense,” its chairman, Frank Stronach, said in a statement. Stronach, who built his fortune with the Canadian auto parts maker Magna International and assembled his track holdings over the past 10 years, controls Magna Entertainment and M.I. Developments, whose top assets are real estate.

“M.E.C. 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 market, and global credit crisis,” Stronach added.

The other holdings Magna apparently values in its agreement with M.I. Developments include the Palm Meadows training center in Florida, Golden Gate Fields in Northern California, Lone Star Park in Texas and its wagering companies AmTote and XpressBet. M.I. Developments has agreed to buy the assets for $44 million in cash, the rights to a $15 million lease and a credit on $136 million in debt Magna owes to M.I. Developments. It leaves open the possibility that the properties could be sold to a third party for a higher bid.

Magna has lost $500 million over the last five years. The filing was prompted by the fact it has $200 million of debt coming due over the next few weeks.


http://www.nytimes.com/2009/03/06/sports/othersports/06magna.html