Creditors of racetrack owner Magna Entertainment Corp. received permission in a hearing today in Wilmington, Delaware to prosecute the company’s chairman and founder, Frank Stronach

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According to an article on Bloomberg.com, U.S. Bankruptcy Judge Mary Walrath approved the creditors’ request to sue Stronach and current and former company directors over loans they claim were wrongfully secured to prop up the bankrupt racetrack owner.

To read the Bloomberg.com article in its entirety, click here.

(With files from Bloomberg.com)