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Magna Balks At Hedge Fund's Bid For Examiner

Law360 (April 15, 2009, 12:00 AM EDT) -- Bankrupt racetrack betting operator Magna Entertainment Corp. has rebuked a bid by Greenlight Capital Offshore Partners to have an examiner appointed to its case, saying the New York hedge fund is trying to use the court as a pawn in a long-simmering dispute with Magna's controlling shareholder and largest secured creditor.

In a motion filed Tuesday in the U.S. Bankruptcy Court for the District of Delaware, Magna said that Greenlight, which says it is an unsecured creditor, is asking for an examiner to investigate transactions that...
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