Will Frank Stronach Be Shopping at the Dollar Tree Soon?

You can’t buy much for a buck at a Magna track these days, the last time I was at Gulfstream, a reserved seat was ten bucks and a simulcasting program cost more than three bucks. But if Magna’s fortune’s don’t improve soon, Frank Stronach could rid himself of his unhappy shareholders and take Magna private just by shopping at the Dollar Tree, where Magna stock (MECA) may soon go on sale if its value sinks much lower.

Last month Stronach announced that he had hired Thomas Hodgson, a former chief executive of the company, to evaluate the company's assets and pretty up its balance sheet. Hodgson implied there would be "no sacred cows" among Magna's properties. But the first two cows to be ground up for hamburger were not “sacred cows” like Santa Anita or Gulfstream but money losers Thistledown and Portland Meadows. Yet even this move doesn’t seem to helping Magna’s stock price which sank as low as $1.98 today.

Can I get a price check on Pimlico in aisle three please!!