Court dismisses Greenlight Capital appeal
July 10 2008 - 5:23PM
PR Newswire (US)
AURORA, ON, July 10 /PRNewswire-FirstCall/ -- MI Developments Inc.
(MID) (TSX: MIM.A, MIM.B; NYSE: MIM) today announced that the
Ontario Divisional Court has dismissed Greenlight Capital's appeal
of the decision of the Ontario Superior Court of Justice dismissing
the oppression application filed by Greenlight and certain hedge
funds managed by Greenlight against MID and certain of its current
and former officers and directors. The award by the Ontario
Superior Court of Justice of costs to MID and the other responding
parties on a higher scale with respect to the original oppression
application was upheld on appeal, subject to a reduction of
approximately $40,000 in respect of certain pre-application costs,
such that Greenlight has been ordered to pay costs in the amount of
approximately $2.1 million. A copy of the full reasons for the
decision will be posted to MID's website
(http://www.midevelopments.com/) on the homepage under the "MID
Quick Links" box. About MID MID is a real estate operating company
focusing primarily on the ownership, leasing, management,
acquisition and development of a predominantly industrial rental
portfolio for Magna International Inc. and its subsidiaries in
North America and Europe. MID also acquires land that it intends to
develop for mixed-use and residential projects. MID holds a
controlling interest in Magna Entertainment Corp., North America's
number one owner and operator of horse racetracks, based on
revenue, and one of the world's leading suppliers, via
simulcasting, of live horse racing content to the growing
intertrack, off-track and account wagering markets. DATASOURCE: MI
Developments Inc. CONTACT: please contact Richard J. Crofts, MID's
Executive Vice-President, Corporate Development, General Counsel
& Secretary, at (905) 726-7505
Copyright