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Magna Creditors Committee Balks At $180M Sale Plan

Law360 (April 3, 2009, 12:00 AM EDT) -- An official committee of unsecured creditors has objected to bankrupt racetrack betting operator Magna Entertainment Corp.'s attempt to sell several racetracks and its Internet gambling business to an entity owned by its CEO, arguing the proposed $180 million deal is rife with conflicts of interest.

In an omnibus objection filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware, the committee asked the court not to approve the debtors' proposed bidding procedures for the sale of some of its most significant assets to its...
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