HP,

Not real sure what Financials regarding Magna you looking at but here is a capsule review.

Cash---------$80,000,000
Real Estate-$870,000,000
Licenses----$235,000,000


Current Liab--$180,000,000
Long Term Debt$137,000,000
Convertibles--$219,000,000

This adds up to almost $540,000 million in debt and payables with only $80 Million in available cash.

The deficit is $112,000,000

The price of the stock peaked at 9.75 then crashed to 3.75 six months later.

The only assets he has are his Real Estate and if you remember when the bidding for Gulfstream was going on Churchill pulled out because they felt the offer Stronach made was way to high and made no sense. So what happens here recently, Stronach takes a $26 Million charge to write-down the value of his Gulfstream assets. He overpays then mismanages, not a good combination.

As OPM points out this has been a consistent pattern for Magna, a strategy that changes every six months, discarding of quality Mgmt people and a continued acquistion plan when they have yet to prove they can successfully operate the existing properties according to budgeted expectations.

From a racing standpoint moving the Fl. Derby is total lunacy. As it stands now he he had the full and undevoted attention of all the racing media and horse players when the Fl. Derby was a stand alone event. Now he wants to share that stage by moving the date.

Go figure.