NASDAQ Issues Formal Order Delisting Magna

By Richard Brenneman
Wednesday March 25, 2009 - 07:10:00 PM

The NASDAQ stock exchange formally announced Wednesday, March 25, that it was delisting the stock of Magna Entertainment Corp. 

It is the final action in a process that began with suspension of the shares last week, when the exchange announced it would be removing the company from its listings.  

Owner of the largest share of America’s horse racing venues, including Albany’s Golden Gate Fields, Magna has sought the protection of bankruptcy courts in the United States and Canada. 

The Toronto Stock Exchange had already delisted the stock, and NASDAQ had suspended trading in Magna Shares March 16. 

Troubled by financial woes that plague the sport of kings, Magna has struggled to survive. While shares had traded for $154.20 in November, 2005, and at $198 in January, 2002, the stock had plummeted to pennies a share by the time trading was halted. 

The Albany track and several other corporate holdings are heading for the auction block, though a sister company has announced it will try to buy the assets.