MI DEVELOPMENTS RESPONDS TO MERITLESS CORDISH COMPLAINT
February 15 2011 - 7:22PM
PR Newswire (Canada)
AURORA, ON, Feb. 15 /CNW/ -- AURORA, ON, Feb. 15 /CNW/ - MI
Developments Inc. ("MID") (TSX: MIM.A, MIM.B; NYSE: MIM) has
learned via media reports that certain Cordish companies
("Cordish") have filed a Complaint for Damages ("Complaint")
against the Maryland Jockey Club ("MJC"), a joint venture entity of
MID, and other defendants, in Baltimore City Circuit Court for
allegedly conspiring to defame Cordish, which plans to build a slot
machine casino at the Arundel Mills Mall in Maryland. Along
with MJC and MID, some of the other defendants are Penn National
Gaming Inc. and Frank Stronach. MJC has previously successfully
defended other litigation brought by Cordish and MID believes this
Complaint to be similarly meritless. In the Complaint, Cordish
additionally alleges certain claims respecting Indiana business
matters, of which MID has no knowledge or information. About MID
MID is a real estate operating company engaged primarily in the
acquisition, development, construction, leasing, management and
ownership of a predominantly industrial rental portfolio leased
primarily to Magna International Inc. and its automotive operating
units in North America and Europe. MID also acquires land that it
intends to develop for mixed-use and residential projects.
Additionally, MID owns Santa Anita Park, Golden Gate Fields,
Gulfstream Park (including an interest in The Village at Gulfstream
Park, a joint venture with Forest City Enterprises, Inc.), an
interest in joint ventures in The Maryland Jockey Club with Penn
National Gaming, Inc., Portland Meadows, AmTote and XpressBet®, and
through some of these assets, is a supplier, via simulcasting, of
live horseracing content to the inter-track, off-track and account
wagering markets. For further information about MID, please visit
www.midevelopments.com or call 905-713-6322. MID's filings can be
viewed at www.sedar.com and www.sec.gov. Copies of financial data
and other publicly filed documents are available through the
internet on Canadian Securities Administrators' Systems for
Electronic Document Analysis and Retrieval (SEDAR) which can be
accessed at www.sedar.com and on the United States Securities and
Exchange Commission's Electronic Data Gathering, Analysis and
Retrieval System (EDGAR) which can be accessed at www.sec.gov.
Forward Looking Statements This press release contains statements
that, to the extent they are not recitations of historical fact,
constitute "forward-looking statements" within the meaning of
applicable securities legislation. Forward-looking statements
include statements regarding MID's future plans, goals, strategies,
intentions, beliefs, estimates, costs, objectives, economic
performance or expectations, or the assumptions underlying any of
the foregoing. Words such as "may", "would", "could", "will",
"likely", "expect", "anticipate", "believe", "intend", "plan",
"forecast", "project", "estimate" and similar expressions are used
to identify forward looking statements. Forward-looking statements
should not be read as guarantees of future events, performance or
results and will not necessarily be accurate indications of whether
or the times at or by which such future performance will be
achieved. Undue reliance should not be placed on such statements.
Forward-looking statements are based on information available at
the time and/or management's good faith assumptions and analyses
made in light of our perception of historical trends, current
conditions and expected future developments, as well as other
factors we believe are appropriate in the circumstances, and are
subject to known and unknown risks, uncertainties and other
unpredictable factors, many of which are beyond MID's control, that
could cause actual events or results to differ materially from such
forward-looking statements. Important factors that could cause such
differences include, but are not limited to, the risks set forth in
the "Risk Factors" section in MID's Annual Information Form for
2009, filed on SEDAR at www.sedar.com and attached as Exhibit 1 to
MID's Annual Report on Form 40-F for the year ended December 31,
2009, which investors are strongly advised to review. The "Risk
Factors" section also contains information about the material
factors or assumptions underlying such forward-looking statements.
Forward-looking statements speak only as of the date the statements
were made and unless otherwise required by applicable securities
laws, MID expressly disclaims any intention and undertakes no
obligation to update or revise any forward-looking statements
contained in this press release to reflect subsequent information,
events or circumstances or otherwise. To view this news release in
HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/February2011/15/c3109.html
p align="justify"Don Cameron, MID's Chief Operation Officer, at
905-726-7606/p
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