Judge to hear arguments over Magna profit-sharing deal

November 19, 2009

A federal bankruptcy judge agreed Wednesday to hear arguments Jan 5. on whether to reject a profit-sharing agreement related to Maryland's two thoroughbred tracks slated to be auctioned early next year. The hearing will be three days before the auction of Pimlico Race Course and Laurel Park. The racetracks' bankrupt owner, Magna Entertainment Corp., wants to terminate the deal that would split any potential slots proceeds with Joseph De Francis and other former owners of the tracks. De Francis initiated an adversary proceeding - the bankruptcy court equivalent of a civil lawsuit - to fight Magna's efforts. De Francis' lawyers have argued in court papers that alternative gaming rights spelled out in the deal are property under Maryland law.

- Hanah Cho

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