Former Pimlico owner seeks to keep profit-sharing deal

November 11, 2009

The former owner of Pimlico Race Course and Laurel Park is fighting to keep intact a profit-sharing agreement that would split any potential slots proceeds with the racetracks' bankrupt owner, Magna Entertainment Corp. Late last week, attorneys for Joseph De Francis initiated an adversary proceeding, or the bankruptcy court equivalent of a civil lawsuit, asking a federal bankruptcy judge to reject Magna's request to terminate the profit-sharing deal with De Francis and other former owners. De Francis' lawyers argued in court papers that alternative gaming rights spelled out in the deal are property under Maryland law. De Francis has indicated he may be interested in re-acquiring the two tracks, which are being auctioned off early next year.

- Hanah Cho

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