- Magna has hired a company called Miller Buckfire & Co., and just from its name, you might figure that they're not there to brighten up the daisy beds at Gulfstream Park, nor to provide roving minstrels at Laurel. Sounds straight out of a Coen Brothers movie, actually. A gravel-faced John Goodman might play the president of this outfit, which, according to its website, provides "strategic advice to companies in need of creative solutions to complex problems." I'll say. A look at this page tells you just what kind of complexities they deal with. We could be seeing Frank's smiling face, energy drink in hand, smack dab in the middle of that one real soon.
With the company's efforts to sell its non-core assets "negatively affected by the weak real estate and credit markets," Magna will likely be taking a more aggressive tack.
"As a result, we are evaluating MEC's core operations with a view to possibly selling or joint venturing one or more of MEC's core racetracks in order to strengthen MEC's balance sheet and liquidity position." [Bloodhorse][UPDATE: Much more on Magna, with all of the grim numerical stuff that I didn't feel like writing about on Steve Zorn's blog here.)
[UPDATE: Reader RG asks: Does Canada have a bailout program?]