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U.S. hedge funds lose fight against MI Developments

A group of U.S. hedge funds has lost its fight to stop MI Developments Inc., the real estate arm of Frank Stronach's business empire, from conducting certain related-party transactions without shareholder votes. A panel of the Ontario Securities Commission released a ruling yesterday that dismissed the hedge funds' complaint, following a hearing that was held over two days last week. That means the OSC will allow MI to make loans to its horse-racing subsidiary Magna Entertainment Corp., or to buy assets from MEC, without the agreement of the hedge funds that own stock in MI. The commissioners will release their detailed reasons at a later date. MEC is currently under bankruptcy protection. MIM.A (TSX) rose 10 cents to close at $14.70.

© 2007 The Globe and Mail. All rights reserved.

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