By Meymo Lyons
Magna Entertainment Corp. is moving forward with the sale of its Maryland thoroughbred race tracks without an initial bid.
Magna, which filed for bankruptcy protection in March, was scheduled to file a motion Wednesday in federal bankruptcy court in Delaware revealing a so-called stalking horse bidder, which allows the bankrupt company to avoid low bids by setting the bar for the sale process. But now Brian Rosen, an attorney representing the Ontario-based firm, says Magna decided it will bypass the lead bid and proceed to the second round of bidding due December 4th.
An auction for Pimlico Race Track, Laurel Park and the Bowie Training Center is scheduled for January 8th. Potential buyers must agree to keep the Preakness, the second leg of the Triple Crown, in Maryland.