- Statement of Ownership (SC 13G)
18 2월 2009 - 6:14AM
Edgar (US Regulatory)
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
SCHEDULE
13G
(Rule
13d-102)
INFORMATION
TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO
RULES 13d-1(b) (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT
TO 13d-2(b)
Magna Entertainment
Corp.
(Name of
Issuer)
Common
Stock
(Title of
Class of Securities)
559211305
(CUSIP
Number)
December 31,
2009
(Date of
Event Which Requires Filing of this Statement)
Check the
appropriate box to designate the rule pursuant to which this Schedule is
filed:
þ
Rule
13d-1(b)
¨
Rule
13d-1(c)
¨
Rule
13d-1(d)
1
The
remainder of this cover page shall be filled out for a reporting person’s
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The
information required on the remainder of this cover page shall not be deemed to
be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934
or otherwise subject to the liabilities of that section of the Act but shall be
subject to all other provisions of the Act (however,
see
the
Notes
).
|
CUSIP NO.
559211305
|
13G
|
Page 2 of
10
|
|
1
|
NAME
OF REPORTING PERSON:
Canyon Capital Advisors
LLC
I.R.S.
IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
95-4688436
|
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
þ
(b)
¨
|
|
3
|
SEC
USE ONLY
|
|
4
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
Delaware
|
|
NUMBER
OF
SHARES
BENEFICIALLY
OWNED
BY EACH REPORTING PERSON WITH
|
5
|
SOLE
VOTING POWER
169,526
(including 121,277 shares based upon conversion of bonds CUSIP
559211AD9)
|
|
6
|
SHARED
VOTING POWER
0
|
|
7
|
SOLE
DISPOSITIVE POWER
169,526
(including 121,277 shares based upon conversion of bonds CUSIP
559211AD9)
|
|
8
|
SHARED
DISPOSITIVE POWER
0
|
|
9
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
169,526
(including 121,277 shares based upon conversion of bonds CUSIP
559211AD9)
|
|
10
|
CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN
SHARES*
¨
|
|
11
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.62%
|
|
12
|
TYPE
OF REPORTING PERSON*
IA
|
*
SEE INSTRUCTIONS BEFORE FILLING OUT!
|
CUSIP NO.
559211305
|
13G
|
Page 3 of
10
|
|
1
|
NAME
OF REPORTING PERSON:
Mitchell R. Julis
I.R.S.
IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
|
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
þ
(b)
¨
|
|
3
|
SEC
USE ONLY
|
|
4
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
United
States
|
|
NUMBER
OF
SHARES
BENEFICIALLY
OWNED
BY EACH REPORTING PERSON WITH
|
5
|
SOLE
VOTING POWER
0
|
|
6
|
SHARED
VOTING POWER
169,526
(including 121,277 shares based upon conversion of bonds CUSIP
559211AD9)
|
|
7
|
SOLE
DISPOSITIVE POWER
0
|
|
8
|
SHARED
DISPOSITIVE POWER
169,526
(including 121,277 shares based upon conversion of bonds CUSIP
559211AD9)
|
|
9
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
169,526
(including 121,277 shares based upon conversion of bonds CUSIP
559211AD9)
|
|
10
|
CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN
SHARES*
¨
|
|
11
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.62%
|
|
12
|
TYPE
OF REPORTING PERSON*
IN
|
*
SEE INSTRUCTIONS BEFORE FILLING OUT!
|
CUSIP NO.
559211305
|
13G
|
Page 4 of
10
|
|
1
|
NAME
OF REPORTING PERSON:
Joshua S. Friedman
I.R.S.
IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
|
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
þ
(b)
¨
|
|
3
|
SEC
USE ONLY
|
|
4
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
United
States
|
|
NUMBER
OF
SHARES
BENEFICIALLY
OWNED
BY EACH REPORTING PERSON WITH
|
5
|
SOLE
VOTING POWER
0
|
|
6
|
SHARED
VOTING POWER
169,526
(including 121,277 shares based upon conversion of bonds CUSIP
559211AD9)
|
|
7
|
SOLE
DISPOSITIVE POWER
0
|
|
8
|
SHARED
DISPOSITIVE POWER
169,526
(including 121,277 shares based upon conversion of bonds CUSIP
559211AD9)
|
|
9
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
169,526
(including 121,277 shares based upon conversion of bonds CUSIP
559211AD9)
|
|
10
|
CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN
SHARES*
¨
|
|
11
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.62%
|
|
12
|
TYPE
OF REPORTING PERSON*
IN
|
*
SEE INSTRUCTIONS BEFORE FILLING OUT!
|
CUSIP NO.
559211305
|
13G
|
Page 5
of 10
|
|
1
|
NAME
OF REPORTING PERSON:
K. Robert Turner
I.R.S.
IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
|
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
þ
(b)
¨
|
|
3
|
SEC
USE ONLY
|
|
4
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
United States
|
|
NUMBER
OF
SHARES
BENEFICIALLY
OWNED
BY EACH REPORTING PERSON WITH
|
5
|
SOLE
VOTING POWER
0
|
|
6
|
SHARED
VOTING POWER
169,526
(including 121,277 shares based upon conversion of bonds CUSIP
559211AD9)
|
|
7
|
SOLE
DISPOSITIVE POWER
0
|
|
8
|
SHARED
DISPOSITIVE POWER
169,526
(including 121,277 shares based upon conversion of bonds CUSIP
559211AD9)
|
|
9
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
169,526
(including 121,277 shares based upon conversion of bonds CUSIP
559211AD9)
|
|
10
|
CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN
SHARES*
¨
|
|
11
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.62%
|
|
12
|
TYPE
OF REPORTING PERSON*
IN
|
*
SEE INSTRUCTIONS BEFORE FILLING OUT!
|
CUSIP NO.
559211305
|
13G
|
Page 6 of
10
|
|
ITEM
1(a).
|
NAME
OF ISSUER:
|
|
|
Magna
Entertainment Corp. (“Magna”)
|
|
ITEM 1(b).
|
ADDRESS OF ISSUER’S PRINCIPAL
EXECUTIVE OFFICES:
|
|
|
337
Magna Drive
Aurora,ON L4G
7K1
Canada
|
|
ITEM
2(a).
|
NAME
OF PERSON FILING:
|
|
|
This Schedule 13G is being
filed on behalf of the following persons*:
|
|
|
(i)
|
Canyon Capital
Advisors LLC (“CCA”)
|
|
|
|
Mitchell R.
Julis
|
|
|
(iii)
|
Joshua S.
Friedman
|
|
|
(iv)
|
K. Robert
Turner
|
|
|
CCA is
the investment advisor to the following persons:
|
|
|
(i)
|
Canyon Value
Realization Fund, L.P. (“VRF”)
|
|
|
|
The Canyon Value
Realization Fund (Cayman), Ltd. (“CVRF”)
|
|
|
(iii)
|
Canyon Value
Realization Fund MAC 18, Ltd. (“CVRFM”)
|
|
|
(iv)
|
Canyon Capital
Arbitrage Master Fund, Ltd. (“CARB”)
|
|
|
(v)
|
Lyxor/ Canyon
Capital Arbitrage Lund Limited (“LYXOR”)
|
|
|
*
|
Attached
as Exhibit A is a copy of an agreement among the persons filing (as
specified hereinabove) that this Schedule 13G is being filed on behalf of
each of them.
|
|
ITEM
2(b).
|
ADDRESS
OF PRINCIPAL BUSINESS OFFICE:
|
The
principal business office of the persons comprising the group filing this
Schedule 13G is located at
2000 Avenue of the Stars,
11
th
Floor, Los Angeles,
CA 90067.
|
|
CCA:
|
a Delaware limited
liability company
|
|
|
VRF:
|
a Delaware limited
partnership
|
|
|
CVRF:
|
a Cayman Islands
corporation
|
|
|
CVRFM:
|
a Cayman
Islands corporation
|
|
|
|
a Cayman Islands
corporation
|
|
|
LYXOR:
|
a Jersey
corporation
|
|
|
Mitchell R.
Julis:
|
United
States
|
|
|
Joshua
S.mFriedman:
|
United
States
|
|
|
Robert K.
Turner
|
United
States
|
|
CUSIP NO.
559211305
|
13G
|
Page 7 of
10
|
ITEM
2(d). TITLE
OF CLASS OF SECURITIES:
The class
of securities beneficially owned by the persons filing this statement is common
stock.
ITEM
2(e). CUSIP
Number:
559211305
|
ITEM
3.
|
IF
THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(b), or 13d-2(b) or (c)
CHECK WHETHER THE PERSON FILING IS: One of the
following
|
|
(a)
|
¨
|
Broker
or dealer registered under Section 15 of the Exchange
Act.
|
|
(b)
|
¨
|
Bank
as defined in Section 3(a)(6) of the Exchange Act.
|
|
(c)
|
¨
|
Insurance
company as defined in Section 3(a)(19) of the Exchange
Act.
|
|
(d)
|
¨
|
Investment
company registered under Section 8 of the Investment Company
Act.
|
|
(e)
|
þ
|
An
investment adviser in accordance with
Rule 13d-1(b)(1)(ii)(E);
|
|
(f)
|
¨
|
An
employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
|
|
(g)
|
¨
|
A
parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
|
|
(h)
|
¨
|
A
savings association as defined in Section 3(b) of the Federal Deposit
Insurance Act;
|
|
(i)
|
¨
|
A
church plan that is excluded from the definition of an investment company
under Section 3(c)(14) of the Investment Company Act;
|
|
(j)
|
¨
|
Group,
in accordance with Rule
13d-1(b)(1)(ii)(J).
|
|
CUSIP NO.
559211305
|
13G
|
Page 8 of
10
|
|
ITEM 4.
|
OWNERSHIP:
|
|
|
The
information in items 1 and 5 through 11 on the cover pages (pp. 2 - 5) on
this Schedule 13G is hereby incorporated by reference.
|
|
ITEM
5.
|
OWNERSHIP
OF FIVE PERCENT OR LESS OF A CLASS:
|
|
|
If
this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities check the
following. [ ]
|
|
ITEM
6.
|
OWNERSHIP
OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:
|
|
|
CCA is an investment advisor to various managed accounts noted
above, including VRF, CVRF, CVRFM, CARB, and LYXOR, with the right to
receive, or the power to direct the receipt, of dividends from, or the
proceeds from the sale of the securities held by, such managed
accounts. Messrs. Julis, Friedman, and Turner control entities
which own 100% of CCA.
|
|
ITEM
7.
|
IDENTIFICATION
AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING
REPORTED ON BY THE PARENT HOLDING COMPANY:
|
|
|
Not
applicable
|
|
ITEM
8.
|
IDENTIFICATION
AND CLASSIFICATION OF MEMBERS OF A GROUP:
|
|
|
Not
applicable.
|
|
ITEM
9.
|
NOTICE
OF DISSOLUTION OF GROUP:
|
|
|
Not
applicable
|
|
CUSIP NO.
559211305
|
13G
|
Page 9 of
10
|
ITEM
10. CERTIFICATION
By
signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were acquired and are held in the ordinary course
of business and were not acquired and are not held for the purpose of or with
the effect of changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
After
reasonable inquiry and to the best of my knowledge and belief, I certify that
the information set forth in this statement is true, complete and
correct.
Dated: February
17, 2009
CANYON
CAPITAL ADVISORS LLC,
a
Delaware limited liability company
By:
/s/ John H. Simpson
Name: John
H. Simpson
Title: Chief
Operating Officer
/s/ Joshua S. Friedman
JOSHUA S.
FRIEDMAN
/s/ K. Robert Turner
K. ROBERT
TURNER
|
CUSIP NO.
559211305
|
13G
|
Page 10 of
10
|
EXHIBIT
A
AGREEMENT
REGARDING JOINT FILING
The
undersigned hereby agree and consent to the joint filing on their behalf of this
amendment to Schedule 13G in connection with their beneficial ownership of the
common stock of Magna.
Dated: February
17, 2009
CANYON
CAPITAL ADVISORS LLC,
a
Delaware limited liability company
By:
/s/ John H. Simpson
Name: John
H. Simpson
Title: Chief
Operating Officer
/s/ Joshua S. Friedman
JOSHUA S.
FRIEDMAN
/s/ Mitchell R. Julis
MITCHELL
R. JULIS
Magna Entertainment Corp (MM) (NASDAQ:MECA)
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Magna Entertainment Corp (MM) (NASDAQ:MECA)
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