Daily Briefing

DAILY BRIEFING

November 10, 2009

Magna seeks extension to reveal bid for tracks

The bankrupt owner of Maryland's Pimlico Race Course and Laurel Park filed Monday a motion seeking to extend the deadline to provide a lead, or "stalking horse," bid for the Maryland assets to Wednesday. Magna Entertainment Corp., which filed for bankruptcy protection in March, was scheduled to reveal the lead bidder Monday. According to court documents, Magna said it's working to finalize a purchase agreement with an unnamed party, but negotiations were not expected to be completed by Monday's deadline. Magna received initial bids on the tracks and the Preakness last week. Under the Jan. 8 auction procedures, any party submitting a bid for the Preakness must agree not to move the race outside Maryland.

-Hanah Cho

Judge sides with Exxon over state gas station operators

A federal judge has sided with ExxonMobil Corp. in a case where 65 Maryland gas station operators recently sought to block the oil company from potentially selling their franchises out from under them. The gas station operators, who lease the stations across Maryland from ExxonMobil, filed a lawsuit in September to block what they believed was an imminent sale of their businesses. The station operators have alleged that Exxon is violating laws that would require the company to give the gas station operators the first right to buy the stations. In his ruling Friday, Judge Alexander Williams Jr. of the U.S. District Court in Greenbelt decided that because Exxon had not yet made moves to sell those gas stations, he could not decide on whether a potential transaction would violate federal law.

-Gus G. Sentementes

Dow jumps 200 points as stocks surge to year highs

The Dow Jones average of blue-chip stocks rallied to its highest level in more than a year Monday after Group of 20 finance ministers and central bankers reassured investors this weekend that they would continue working to prop up world economies and keep interest rates low. The Dow rose 203.52 points, or 2 percent, to 10,226.94, which was its highest close in 13 months. Overall, five stocks rose for every one that fell on the New York Stock Exchange. Jim Paulsen, chief investment strategist at Wells Capital Management in Minneapolis, attributed the rally to recent better-than-expected economic reports, including companies beating profit expectations.

-Tribune Newspapers

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