Court dismisses Greenlight Capital appeal



    AURORA, ON, July 10 /CNW/ - MI Developments Inc. (MID) (TSX: MIM.A,
MIM.B; NYSE:   MIM) today announced that the Ontario Divisional Court has
dismissed Greenlight Capital's appeal of the decision of the Ontario Superior
Court of Justice dismissing the oppression application filed by Greenlight and
certain hedge funds managed by Greenlight against MID and certain of its
current and former officers and directors.
    The award by the Ontario Superior Court of Justice of costs to MID and
the other responding parties on a higher scale with respect to the original
oppression application was upheld on appeal, subject to a reduction of
approximately $40,000 in respect of certain pre-application costs, such that
Greenlight has been ordered to pay costs in the amount of approximately
$2.1 million.
    A copy of the full reasons for the decision will be posted to MID's
website (www.midevelopments.com) on the homepage under the "MID Quick Links"
box.

    About MID

    MID is a real estate operating company focusing primarily on the
ownership, leasing, management, acquisition and development of a predominantly
industrial rental portfolio for Magna International Inc. and its subsidiaries
in North America and Europe. MID also acquires land that it intends to develop
for mixed-use and residential projects. MID holds a controlling interest in
Magna Entertainment Corp., North America's number one owner and operator of
horse racetracks, based on revenue, and one of the world's leading suppliers,
via simulcasting, of live horse racing content to the growing intertrack,
off-track and account wagering markets.





For further information:

For further information: please contact Richard J. Crofts, MID's
Executive Vice-President, Corporate Development, General Counsel & Secretary,
at (905) 726-7505

Organization Profile

MI DEVELOPMENTS INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890