Skip navigation

 Login or Register | Member Centre

Stronach shakes up horse-race holdings

GREG KEENAN

From Tuesday's Globe and Mail

Latest comment posted at 8:19 AM EDT 01/04/08

Proposed restructuring would involve selling the real estate company's 59 per cent stake in MEC for $25-million ...Read the full article

This conversation is closed

  1. Simon Croswell from Toronto, Canada writes: Wow, Frankie, you're a little slow to figure out the obvious. I wonder why all the directors and officers that you appoint are equally slow. Are you all really, really dumb? Or are there other reasons?
  2. Yvonne Wackernagel from Woodville, Canada writes: Stronach has proven that he is not dumb. Can you compare someone else in Canada with him at the moment. He, not only started with nothing, but has never been accused of fraud or or lying or of robbing anyone else. Compare?

    Some of you are so quick to criticise but can YOU do better?
  3. larry hallatt from Canada writes: This is a case one has to count your fingers at the end of the day. If one shakes hands with certain players you may find you are missing more than your watch.

    The Property and Entertainment Company should be openly auctioned off not sold to an inside group or a few friends.

    Some of the realestate where Magna plants operate might be better swapped for MEC shares which MEC could return to its treasury.

    Magna would then be out of MEC completely and let if find its wings with new investors.
  4. M.J. Abrams from Washington, United States writes: True, Stronach never has been accused of fraud, perjury, or robbery. A pretty low standard indeed. His stewardship of MEC racetracks has been an absolute disaster.

    For example, he's ruined the ambience of Gulfstream Park in So. Florida, messed up that facility's prime winter schedule so that the Florida Derby no longer is the major prep race for 3 year-olds, screwed up the configuration of the racetrack so that it's difficult to run a decent route race there, and manages to run a slots operation that nets less than any other in the world. And this sums up his involvement at just one of MEC's sites!

    Last I looked, MECA stock was trading at 34 cents -- down from about $8 two years ago. By way of comparison, Churchill Downs' shares actually have increased about 20% in the same period. That says it all.
  5. Rob C from Canada writes: Frank is one of those entrepreneurs who made some shrewd moves at the perfect time. It is timing and opportunity that makes these guys so rich. There is no doubt a certain amount of pure luck involved...Like McCain's and their potatoes supplying McDs et al wit fries - these guys didn't get rcih selling those nasty frozen fries in your grocers freezer. Bill Gates and his software came along when the PC market is about to boom and some dummy at IBM says no one cares abou software, we'll make the hardware....duh. Frank thinks he can do no wrong - his tragic flaw (Belinds'a too). He's never been acused of anything - nor has he been found guilty of anything...don't ever mistake that for honesty.
  6. Kan Tankerous from Tronna, Canada writes: Thank you M.J. Abrams for at least having some knowledge of the industry. I can't speak about Gulfstream because I haven't been there since before Frankie bought it. I honestly believe this whole misadventure was simply because Stronach wanted to prove to the aristocracy and toffs at Woodbine (whom he had a falling-out with) that he could run a racetrack better than they could. Of course I have no proof of that, but it's a very strong suspicion. An expensive ego trip.
  7. Yellow Submariner from Canada writes:

    If I was Frank, at his age, I'd begin jettisoning some of the baggage in preparation for life after death.

    More important to prepare to meet his Maker than to get into gambling, with it's "let's prey on the people" modus operandi.
  8. George BrownIII from Christmas Island writes: Frankie is just increasing his wager time after time on a loosing horse. At least Homer Simpson got to take a dog home. What is he gonna take to Belinda a retired Jockey?

Comments are closed

Thanks for your interest in commenting on this article, however we are no longer accepting submissions. If you would like, you may send a letter to the editor.

Report an abusive comment to our editorial staff

close

Alert us about this comment

Please let us know if this reader’s comment breaks the editor's rules and is obscene, abusive, threatening, unlawful, harassing, defamatory, profane or racially offensive by selecting the appropriate option to describe the problem.

Do not use this to complain about comments that don’t break the rules, for example those comments that you disagree with or contain spelling errors or multiple postings.

Back to top