By Liz Farmer
Daily Record Business Writer
WILMINGTON, Del. — Tuesday’s hearing seeking approval for the sale of Laurel Park and Pimlico Race Course was marked by extensive testimony on the tracks’ financial details and their potential value with slots, as well as an assurance that the state would keep its right of first refusal to the Preakness .
Ontario-based Magna Entertainment Corp., the bankrupt owner of the tracks, is seeking confirmation of its reorganization plan after canceling an auction to sell its Maryland properties last month. That plan includes the transfer ownership of five of its race tracks and other assets to parent company MI Developments Inc. in exchange for assuming unsecured debt and settlements.
After hearing more than four hours of testimony in the U. S. Bankruptcy Court in Delaware from two company officials and a representative for the unsecured creditors committee, Judge Mary F. Walrath continued the hearing to Thursday morning.
“It’s been a long and windy road to get to this point,” said Magna’s attorney, Brian Rosen. “And without one brick, this plan will falter and the foundation will not survive.”