Although Magna Entertainment Corp. (MEC) , the parent company of Santa Anita Park race track, filed for bankruptcy protection yesterday, the fate of the track's paymaster accounts remains uncertain. The bankruptcy judge could declare the $15 million, which was placed in the joint trust account, an asset of MEC and order it frozen.
Employees at Santa Anita Park fear bankruptcy of its parent company Magna Entertainment Corp (MEC). Chairman Frank Stronach said the horsemen would not have to worry about any of their monies. Paymaster accounts total $11 million at Santa Anita Park. The accounts contain money earmarked for winning owners, who must pay a percentage of those earnings to jockeys and trainers. Magna Entertainment Corp. has lost $500 million in the past 5 years.
Developer Rick Caruso, whose stalled $500 million, 820,000 square feet retail project "The Shops at Santa Anita," is planned for Santa Anita Park's south parking lot, said he has "no control" over possible bankruptcy at the race track's parent company, Magna Entertainment Corp. (MEC). Caruso said he was still planning to go ahead with his mall and would "wait and see what happens and deal with it." Any reorganization at Magna Entertainment Corp. may delay the mall plans.
Santa Anita Park's parent company, Magna Entertainment Corp., faces the threat of bankruptcy amid mounting losses and a $600 million debt burden. The current racing season and status are unaffected. Frank Stronach of Magna Entertainment Corp. said he was looking for partners for the track.
A middle-aged man tried to kidnap a 5-year-old school girl from the Westfield Shoppingtown Santa Anita mall on November 26. His composite sketch is shown and is described as an Asian male in his 50s, 5'8" with gray hair and a bald spot. Police are calling it an isolated incident but parents should be vigilant.
17-year-old Arcadia High School student Courtney Chou Lee has been named the 91st Rose Queen. Six other young ladies are princesses including another AHS student, Lauren Valenzuela. The Rose Queen and her royal court will reign over the 120th Rose Parade and the 95th Rose Bowl. Article contains some quotes from Courtney Lee's parents, Andrew Lee and Ulanda Lee.
Teacher Brandon Michael Landreth, 30, of Pasadena, pleaded not guilty at his arraignment in Pasadena Superior Court. He allegedly confessed to his ex-wife that he shot 25-year old Justo Cesar Morales to death at his parents' Canyon Road home in Northern Arcadia.
Kate Linder, an actress on television soap opera The Young and the Restless, got a star on the Hollywood Walk of Fame. She was raised in Arcadia and graduated from Arcadia High School. Her parents are Ralph and Molly Wolveck. She also keeps a job as a flight attendant.
Justo Cesar Morales, 25, of Arcadia, was shot to death and found in his parents' home in the 2200 block of Canyon Road. The slaying has stunned residents in this upscale neighborhood.
15-year-old Richard Ung was arrested at his parents' home in Arcadia, where sheriffs recovered nine guns, including an AK-47 assault rifle and an assault pistol. Ung is being investigated for alleged involvement in the stabbing death of Boo K. Lee.
Westridge School is one of the first San Gabriel Valley private schools to offer Mandarin Chinese language classes. Parents and educators believe a knowledge of Chinese makes their students competitive in the marketplace. Arcadia High School already offers five Mandarin classes.
Safeway Inc., parent company of Arcadia-based Vons/Pavilions, is changing operations to comply with a new law that calls for a 25 percent reduction in California's carbon emissions by the year 2020.
Macy's will relaunch at more than 800 sites nationwide, after parent company Federated Department Stores acquired May Department Stores in August 2005. The Robinsons-May in Arcadia became property of the Westfield Group and plans for the site have not been announced.
Arcadia Police are cracking down on parents who drop off their children at Arcadia High School in red zones or by double parking. Police are using a video camera that records the violation and the violator's license plate. Violators receive a $30 citation in the mail. Police hope this will discourage unsafe practices.
Shares of Safeway Inc. fell 4.5 percent after the Pleasanton-based parent company of Arcadia-based Vons/Pavilions said it expects second-quarter earnings will be below Wall Street estimates.
A chart shows school enrollment numbers from 1998 to 2004. More than 40 percent of the public school districts in California are experiencing declining enrollment. Experts say it is due to a decline in the birth rate and families' migration patterns.
Steve Burd, Safeway chairman and CEO, told analysts that parent company of Arcadia-based Vons/Pavilions expects to continue rebounding from the 5-month labor strike that ended March 2004. Safeway reversed losses with a $202.7 million fourth-quarter profit in 2004.
In a city that is 50 percent Asian, the first Chinese-American and Cambodian-American firefighters--both bilingual--have joined the Arcadia Fire Department. (Photo of Colorguard, Sun, Pheng and their parents).