MI Developments Inc. (MID) holds a majority equity interest in Magna Entertainment Corp. (MEC), a separate public company with its own board of directors.(www.magnaent.com)
Based on revenues, at December 31, 2008 MEC was North America's number one owner and operator of horse racetracks, and one of the world's leading suppliers, via simulcasting, of live horse racing content to the growing inter-track, off-track and account wagering markets.
On March 5, 2009, MEC and certain of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware. MEC's Class A Voting Stock was delisted from the Toronto Stock Exchange effective at the close of market April 1, 2009 and was suspended from trading on the Nasdaq Stock Market at the opening of business on April 6, 2009. There is currently no market for MEC's Class B Stock.
