The Baltimore Sun has reported that yesterday in the Maryland General Assembly the House of Delegates voted 93-43 in favour of a bill that would authorize the state to purchase the Preakness Stakes and other assets of bankrupt track owner Magna Entertainment Corp.
The article cites officials from governor Martin O'Malley's camp as having emphasized in numerous Annapolis hearings that they want condemnation powers over Magna's assets but have not decided whether to use them.
According to the report, O'Malley's people have said the state is thinking about participating in a court-supervised bankruptcy auction anticipated this summer. The bill authorizes the Maryland Economic Development Corp. to finance a purchase by issuing bonds.
To read the Baltimore Sun article in its entirety, click here.
(With files from the Baltimore Sun)