Saturday, February 21, 2009

Fleeing Magna's Sinking Ship?

Magna Entertainment just announced that Jerry Campbell has resigned as a member of the Board of Directors. I don't know the background, but it's safe to assume that he may just be trying to get out ahead of the bankruptcy.  Who needs all that tsuris?

In addition to Magna's other troubles, Campbell's resignation means that Magna Entertainment is no longer in compliance with the Toronto Stock Exchange rule that requires at least three "independent" directors on a company's audit committee. Good luck trying to find another "independent" businessperson who wants to sign on to this particular ship of fools.

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