This excerpt taken from the MECA 8-K filed Mar 4, 2008.
- Rice Voelker - Analyst
I really think you guys ought to go back and listen to about the last seven or eight conference calls, because its like Groundhog Day. Every quarter the results are disappointing. Every quarter were going to sell assets and reduce debt. And its just nothing ever happens. But thats a rant. Heres my question. Both you and MID have made it clear that in an effort to retire the indebtedness to MID, that its very likely that theyll make continued investments in MEC properties. Can you give us an update on any progress in that regard?
Frank Stronach - Magna Entertainment Corp. - Chairman and Interim CEO
This is an MEC conference call. Yes, MID is the major shareholder. And originally, when we spun out MID, I think the information [circular] clearly indicated there will be synergies and there will be dealings between MEC and MID. But again, I do wear two
hats. I wear the hat of MID, so I have to Im staying out of most of those discussions. We have independent committees which will deal with those matters, and in order to service the MID shareholders and naturally, we have independent committees at MEC. But I do hope that we will have better working relationships with MID. And I do hope that we will arrive on a constructive framework whereby we can deal with all those matters. Thank you. We have maybe one more question, or two more.
(OPERATOR INSTRUCTIONS). [Tim Bates], private investor.