tag:blogger.com,1999:blog-8711985.post467571463349647303..comments2024-03-05T05:38:22.024-05:00Comments on Left at the Gate: Frank Buys Tracks From FrankAlan Mannhttp://www.blogger.com/profile/12570505944559196118noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-8711985.post-44831978184414762402008-04-02T09:07:00.000-04:002008-04-02T09:07:00.000-04:00Frank is certainly buying MECA for cheap as his bi...Frank is certainly buying <A HREF="http://finance.google.com/finance?client=ob&q=MECA" REL="nofollow">MECA</A> for cheap as his bid shows no premium over the current market cap. <BR/><BR/>For shareholders it is a fraction of the money paid for the tracks, pumped in for upkeep and expansions. However they're better to rid themselves of what the Canadian press called his "hobbyhorse" pun intended.<BR/><BR/>Magna Entertainment likely will be delisted off NASDQ within 2008 anyhow with its traded value below what is required. <BR/><BR/>A flashback to one of Frank's purchases: <A HREF="http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DE1F3DF934A35754C0A96F958260" REL="nofollow">NYT 7/709 "Gulfstream Park Has Sale Agreement"</A><BR/><BR/>Purchased for $95 million nine years ago and with his tinkering hasn't effectively made a cent since ... amazing! <BR/><BR/>By comaprison Sheik Mo buy's the Aussie operation of a leading race outfit there for the equivalent of ~ $450M USD last month. Maybe Mo would like to buy the Maryland Jockey Club, et al?Anonymousnoreply@blogger.com