From the Thoroughbred Times:
Frank Stronach, founder and chairman of Magna Entertainment Corp. and its parent MI Developments Inc., spent an hour Monday morning defending the companies’ practices in the wake of Brian Tobin’s departure as director of Magna Entertainment and president of MI Developments.
"Everything is OK; we have stability," Stronach said many times throughout the conference call. "MI Developments is a very stable company. It’s primary business is to build factories for Magna and lease them to it. The working group has been around for years, and it’s very stable. As a company, it’s very young, and it will take some time for it to gel. We’re proud of the companies we’re building."
Read the entire article here.
Posted by Oregon Racing News at August 23, 2004 11:11 AM