Sunday, April 5, 2009
Music to make the drive to Camden Yards more fun
Friday, February 20, 2009
re Gulfstream Park -Bankruptcy looming for Magna Entertainment?
http://www.miamiherald.com/business/breaking-news/story/911231.html
http://www.cardcow.com/search2.php?substring=gulfstream%20park
As someone who's always been very interested in historical preservation, and who used to read the magazine Preservation cover-to-cover, I always thought that, media-wise, even for South Florida's very low journalism standards, there'd have been more made about one of the few iconic structures in South Florida going buh-bye. http://www.preservationnation.org/magazine/
And by that, of course, I mean so little attention paid or even fuss made when the old Gulfstream Park
Is it just me, or does it seem that most TV news directors down here have become so jaded over the years, sent so many news reporters to cover faux news over on South Beach, City Hall or downtown Miami, that when something historical actually comes down the pike, they channel the mantra of a dis-interested teenage girl -
If WPBT-Channel 2 was really worth a damn anymore, they'd have produced an hour retrospective program on the racetrack, and what it used to be like in the old days, pre-Shula Dolphins, when South Florida's sports world revolved largely around the horses and the Hurricanes.
Of course, I also have to blame myself for not taking a ton of photos at the time it came down, since if I had, I'd post them here for posterity.
C'est la guerre.
Magna may not be able to pay off debt to controlling shareholder
Due date moved up for owed $275 million; future uncertain for beleaguered racetrack owner
By Bill Ordine
February 20, 2009
The credit leash on financially beleaguered Magna Entertainment, owner of Pimlico Race Course and Laurel Park, just got a lot shorter.
The company's controlling shareholder, MI Development, is abandoning a reorganization plan that had been criticized by the firm's minority shareholders. As a result, the due date on about $275 million in debt owed by Magna Entertainment to MI has been accelerated to March 20.
Both Canadian-based companies are controlled by auto-parts magnate Frank Stronach.
In a statement, Magna Entertainment said that it will not be able to repay the loans unless it can raise money "through an alternative transaction with MI Development, asset sales, by taking on additional debt or by some other means." The due date on Magna Entertainment's $40 million line of credit with a Canadian bank has also been moved up, to March 5.
Because Magna Entertainment owns the two Maryland race tracks and the Preakness Stakes, the state's horse industry is in a constant state of unease about the future of the tracks and the second jewel of the Triple Crown.
It remained unclear what Magna Entertainment's options might be, particularly since it has been trying to refinance its debt with other sources and sell real estate without success.
MI Development has already granted Magna extensions a handful of times over the past year. Magna Entertainment hired a firm specializing in restructuring debt and Chapter 11 bankruptcy last fall.
"If by some circumstances they did file for Chapter 11, it could get pretty crazy," said Maryland Racing Commission Chairman John Franzone, "because then you're at the mercy of a bankruptcy trustee."
Officials for Magna Entertainment could not be reached for comment.
Tim Rice, a managing partner in a stock brokerage firm whose clients once owned Magna Entertainment stock, said that Magna has passed up opportunities to liquidate real estate holdings at reasonable prices in the past.
"I'm sure that [Stronach] would do whatever he can to [prevent] the public shareholders from getting wiped out," Rice said, "but I don't know if he can do that."
But Franzone expressed confidence that Stronach will find a way out.
"Frank is a pretty savvy guy. He's faced crises in his auto business over the years and he's always pulled rabbits out of his hat, so I wouldn't count him out," Franzone said.
Magna Entertainment has used MI Development as a lender of last resort in recent years, to the chagrin of some MI minority shareholders.
The proposed reorganization would have eventually severed the relationship, but was undercut when a vocal MI Development shareholder, New York-based Greenlight Capital Inc., complained that the plan would convert the company's secured loans into shares of Magna Entertainment stock.
Magna Entertainment shares closed at 38 cents yesterday.
Part of the money that MI Development lent to Magna was supposed to be used to develop a new slot machine casino at Laurel Park. But the company's effort to secure a slots license was derailed when it failed to put up millions of dollars in required fees when it submitted its bid this month.
State officials threw out the Magna bid last week. Lawyers for the track's owners have taken the matter to court. State Senate President Thomas V. Mike Miller said the state should work to ensure that the Preakness Stakes stays in Maryland and that horse racing remains viable here. He compared any effort to save the tracks to building a baseball stadium or granting tax incentives to Hollywood filmmakers who bring their sets here.
"If we have an interest in having movies filmed in Maryland," Miller said, "then we certainly have an interest in somehow finding a buyer for our racetracks."
Baltimore Sun reporters Hanah Cho and Laura Smitherman contributed to this article.
Friday, October 10, 2008
re Journalism, Reporters as heroes in film, Blogs about Media Buyouts and Layoffs
Info at: http://www.imdb.com/title/tt0032599/
Trailer at: http://www.tcm.com/video/videoPlayer/?cid=102055&titleId=206
I think there's a federal law to that effect now because of a provision inserted secretly into the financial bailout bill last week, requiring a Medill p.o.v. on any media story about newspaper layoffs.
Sorta like the one that requires all Florida media organizations to quote Susan McManus of USF ad nauseum. Or, in WIOD's case, twice an hour all day -as they did Tuesday.
Did you miss these recent McManus pearls of wisdom:
Undecideds could decide presidential race Florida Today, FL - Oct 5, 2008
HIGHER SENIORITY: Older voters have clout Anderson Herald Bulletin, IN - Sep 27, 2008
McManus is the Bob Shrum of Pol. Sci profs turned analysts.
She's no Larry Sabato! !!!
They're positively unbearable, worse than ever.
Before you scroll down any farther, read this great blast-from-the-past from a TIME magazine cover story and guess when it was written:
"What's interesting about the current explosion of news is that it has not been accompanied by an equivalent increase in the amount of news gathering.
Over the past few years, in fact, cost cutting at the networks and many major newspapers has reduced the number of correspondents digging up stories around the country and the world."
The answer is at the bottom of this post.
Speaking of Medill, http://www.northwestern.edu/features/snapshots/ a place that I came to know and truly appreciate when I was living, learning and loving in Evanston, hard by Lake Michigan http://www.ugadm.northwestern.edu/pan/ and becoming friends with so many of their students, faculty and administrators, here's a site full of great media blogs that you might want to consider bookmarking for future use: http://blognetwork.poynter.org/media/
(To repeat what I wrote Tuesday: I watched the Dolphins' 1985 MNF win over the undefeated Bears wearing my Dolphins cap and the Bears mauling of the Patriots in the Super Bowl at the Norris Student Union at Northwestern with my friends at Medill and Kellogg, the same place I watched the Shuttle Challenger disaster live from the very beginning on ABC-TV.)
It's worse than sad, it's tragic really that none of the South Florida-based foundations has ever thought to have the good sense to fund anything approaching either the necessity, scope or quality of Medill Reports in order to keep the myriad bureaucrats on their toes: http://news.medill.northwestern.edu/chicago/govt/.
http://news.medill.northwestern.edu/chicago/govt/aboutus.aspx
About Us
For the People…around Chicago is a project launched in the spring of 2008 by the Medill News Service to merge in depth reporting with social networking. For years, Northwestern University’s Medill School of Journalism has reported on news and affairs through affiliations between Medill’s graduate journalism program and news organizations throughout the world. We still do that with a flourish through Medill Reports Chicago and Medill Reports Washington.
This project attempts to expand our universe, or more importantly, to create linkages beyond news organizations to groups that have a particular interest in an issue. That enables our stories to continue to be a part of the ongoing conversation about that issue. We cover stories that examine what’s working and what’s not around Chicago. We are well aware that news organizations, including Medill, tend to move on to the next issue, and then another one. Our work gets buried in the flow of continuing events, and those groups and individuals who stay with an issue can feel abandoned.
What we hope to do with this project is to become more connected with you; the network of groups and people who invest in particular issues. Any stories we cover are available to you to redistribute over the web, to republish in your newsletters or other material, to link to from your website, or to embed directly onto your site. Only one proviso; that you credit us with the stories so people know we’re involved. If you are an organization or individual or blog that cares about the issues we cover, let us know so we can link back to you to enhance the network.
http://news.medill.northwestern.edu/chicago/
http://news.medill.northwestern.edu/washington/
It would be great to have Larry Lebowitz of the Herald as a field general and Gabriel at Transit Miami as his trusted aide-de-camp ready to unleash their smart, savvy eager beaver reporters at FDOT like a kamikaze squad, forcing the ever-elusive FDOT Secretary Stephanie Kopelousos to finally make a public appearance in South Florida where she's made to answer questions from actual taxpayers, not the industry/trade types, per her usual MO.
And when I think about what such a squad of eager reporters could've done to the Miami-Dade School Board years ago to ferret out the real facts on the $100K crowd that Rudy Crew sought to inoculate himself with, as well as hammer the sclerotic legion of bad teachers and cranky administrators, it literally my heart skips a beat.
By the way, after having missed it many times on Turner Classic Movies over the past 20 years, I finally caught 1952's The Captive City on TCM.
See http://www.tcm.com/tcmdb/title.jsp?stid=17060 and http://www.imdb.com/title/tt0044476/
It was great to once again see the under-appreciated John Forsythe, always so good in almost everything he was in, and a former baseball broadcaster, to boot, cast here as a small-town newspaper editor trying to battle organized crime getting its tentacles into everything he holds dear about his town, and later testifying at the Kefauver Hearings.
(Always wanted to say 'get their tentacles' in a sentence.)
Afterwards, with some time left on my videotape, as I was leaving for an errand, if you can believe this, per a recent conversation of many months ago with a reporter friend, I was almost able to tape Ace in the Hole for her right afterwards.
That's the great 1951 Kirk Douglas film, him as the world-weary once-promising reporter needing a fresh start, and lucking into a great story in a New Mexico cave-in and positively milking it dry -by hook or by crook. The first time I saw it was part of a double feature with Sweet Smell of Success at an art house, probably in Chicago.
Trailer at: http://www.tcm.com/video/videoPlayer/?cid=154055&titleId=613826 Warning: It's loud at the beginning!
http://www.tcm.com/video/videoPlayer/?cid=186689&titleId=613826http://www.tcm.com/tcmdb/title.jsp?stid=613826
When I got back home, the videotape had ended ten minutes before the film was over! Ugh!
I hate when that happens.
It replays on TCM at Tuesday 10/28/2008 10:00 PM , Friday 11/07/2008 2:30 PM , and Tuesday 12/09/2008 9:30 AM
Catch it if at all possible!
__________________________
Media Circus
Taking Things Personally Focusing On Personalities--and Their Bodies--in the Sun's New Look
by Martin L. Johnson
Published at the crescendo of the first wave of Palinmania, the column (tellingly titled "A Woman--But Why This Woman?") was highly critical of the Palin selection, which Reimer suggested was made to kowtow to special-interest groups on the right.
"I thought it was a natural topic for me," Reimer says in a phone interview. "She billed herself as a hockey mom, and I have billed myself as a soccer mom all these years. As the column clearly shows, I was very animated on the topic, personally and professionally."
But Reimer, who has been writing columns for the Sun for 16 years, wasn't ready for what happened next. The day after her column appeared, the Drudge Report, which gets close to 30 million site visits daily, linked to it as an example of media criticism of the Palin pick. Then the deluge started.
Media Bias Blogs Tell the Story Behind Sun Buyouts and Changes
But behind the scenes, journalists at the Sun and other papers owned by the Tribune Co. have launched an angry (if only online) revolt against staff layoffs, management decisions, and what they see as a wholesale dismantling of the Chicago-based company's newspapers.
To see the rest of the story, see: http://www.citypaper.com/news/story.asp?id=16235
So my earlier question was to guess, more or less, when the following saw the light of day:
The title featured the headline: