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MI Developments shareholders' transaction challenge dismissed
By Caroline Salls
Pittsburgh, Sept. 15 - MI Developments Inc. said the Ontario Securities Commission has dismissed the applications made by some of the company's class A shareholders challenging its ability to rely on exemptions from the requirements to obtain minority shareholder approval and formal valuations in connection with Magna Entertainment Corp. transactions.
According to a company news release, as a result of the commission's dismissal of the applications, the amendments to the secured debtor-in-possession financing facility being provided by a wholly owned subsidiary of MI Developments to Magna will come into effect subject to Magna obtaining approval of the U.S. Bankruptcy Court for the District of Delaware.
Under the amended DIP facility, Magna must use its best efforts to market and sell all of its assets.
MI Developments said it will continue to evaluate all of its alternatives in connection with its Golden Gate Fields, Gulfstream Park, Maryland Jockey Club and Santa Anita Park assets.
"Our principal focus regarding MEC needs to be on the Chapter 11 process and, with this matter behind us, we will continue to work hard to evaluate all opportunities to preserve the value of our secured loans to MEC and certain of its subsidiaries," vice-chairman and chief executive officer Dennis Mills said in the release.
MI Developments is an Aurora, Ont.-based real estate operating company engaged in the ownership, development, management, leasing and acquisition of industrial and commercial real estate properties located in North America and Europe.
Magna Entertainment owns and operates horse racetracks. It is also based in Aurora, Ont., and it filed for Chapter 11 bankruptcy on March 5, 2009 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 09-10720.
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