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Hollywood Park Realty Enterprises

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CALIFORNIA | LOCAL
April 20, 1989
Hollywood Park Realty Enterprises Inc. has filed a lawsuit against the city seeking to recover $125 million it claims it lost when voters overwhelmingly rejected a proposal to develop one of the largest remaining open spaces in northwestern Orange County. "We're seeking (to recover) the cost of holding the property, which we've had to hold since 1984, plus the interest we've had to pay . . . and lost opportunity when we couldn't consummate the (sale) transaction," said Robert Forgnone, the attorney representing Hollywood Park.
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SPORTS
October 1, 1991 | BILL CHRISTINE, TIMES STAFF WRITER
Despite opposition from Marje Everett, the track's former chief executive officer, shareholders of Hollywood Park approved a reorganization plan Monday that will merge the company's two corporations. With a vote of 70% of the shares needed, the merger passed with 2% to spare. Hollywood Park Operating Co. and Hollywood Park Realty Enterprises now become one entity, Hollywood Park Inc. Previously, shares in the two companies had been paired on the stock exchange.
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SPORTS
February 15, 1989
Cypress voters Tuesday were overwhelmingly rejecting a proposed 167-acre business and recreational project for one of the largest remaining open spaces in northwestern Orange County, culminating years of debate and legal wrangling over the site. With 21 of 23 precincts reporting, the special ballot measure was being defeated almost 2-1.
SPORTS
December 14, 1990 | JOHN CHERWA, TIMES ASSOCIATE SPORTS EDITOR
The current operators of Hollywood Park, embroiled in a bitter power struggle for control of the race track, have questioned the background of R.D. Hubbard in a letter to the California Horse Racing Board. Hubbard, the owner of race tracks in New Mexico and Kansas, has initiated a proxy fight to remove the current board of directors, including Chief Executive Officer Marje Everett.
SPORTS
May 15, 1988
An Orange County development company has agreed to buy Los Alamitos Race Course for $100 million in cash, officials announced Saturday. Hollywood Park, the current owner of the facility in Cypress, also agreed to continue to operate Los Alamitos through a leaseback agreement until the year 2001 for an annual base rent of $3.5 million.
CALIFORNIA | LOCAL
May 13, 1989 | MICHAEL CICCHESE, Times Staff Writer
A group of investors Friday offered to pay $60 million for the Los Alamitos Race Course under a plan that would improve track operations and expand an existing golf course while developing a low-density office complex on the surrounding land. If the purchase goes through, officials say it could end a 5-year controversy between track owners, Hollywood Park Realty Enterprises and Cypress residents who opposed previous plans for high-density office development on the site. The purchase offer is being made by two prominent men in the quarter-horse racing industry and SDC Developers in Newport Beach.
NEWS
February 15, 1989 | MARK LANDSBAUM and KEN YAMADA, Times Staff Writers
Cypress voters Tuesday overwhelmingly rejected a 167-acre business and recreational project proposed for one of the largest remaining open spaces in northwestern Orange County, culminating years of debate and legal wrangling over the site. With all precincts reporting, the special ballot measure was defeated almost 2 to 1. "We've got it. Absolutely," proclaimed Joyce Nicholson, a leader of the opposition as the vote count progressed.
SPORTS
June 29, 1989 | BILL CHRISTINE, Times Staff Writer
Hal W. Brown Jr., chairman of the board and chief executive officer of Hollywood Park Realty Enterprises, has been found guilty in a federal court of committing an antitrust violation while acting as an executive of an outdoor advertising company. Brown and Michael Tobey, also an advertising executive, were convicted after a three-week trial that ended June 19 in Los Angeles of conspiring to suppress competition for the renewal of billboard locations in Southern California, and with reducing rents paid by billboard companies to property owners.
CALIFORNIA | LOCAL
February 16, 1989 | KENNETH T. YAMADA, Times Staff Writer
Officials of Hollywood Park Realty Enterprises Inc., the losers in Cypress' special election Tuesday, vowed Wednesday to pursue a $125-million lawsuit against the city, but the mayor pro tem said he hopes to come up with a compromise plan to avert that suit. Hollywood Park hopes to recoup legal fees spent and money lost from a proposed sale of its property around the Los Alamitos Race Course, company spokesman Donald M. Robins said.
SPORTS
October 1, 1991 | BILL CHRISTINE, TIMES STAFF WRITER
Despite opposition from Marje Everett, the track's former chief executive officer, shareholders of Hollywood Park approved a reorganization plan Monday that will merge the company's two corporations. With a vote of 70% of the shares needed, the merger passed with 2% to spare. Hollywood Park Operating Co. and Hollywood Park Realty Enterprises now become one entity, Hollywood Park Inc. Previously, shares in the two companies had been paired on the stock exchange.
BUSINESS
December 10, 1990 | From United Press International
Hollywood Park Suit, Countersuit: Texas millionaire R. D. Hubbard, engaged in a battle for control of Hollywood Park race track, filed suit against the company that manages the track, charging that its board made false and misleading statements about his takeover efforts. Hollywood Park Operating Co. retaliated with a separate federal suit against Hubbard aimed at stopping his proxy fight.
SPORTS
December 6, 1990 | BILL CHRISTINE, TIMES STAFF WRITER
The battle for control of Hollywood Park was active on two fronts Wednesday: --The track's realty board rejected a proposal by the operating company to put the track up for sale. --Earlier in the day, the operating company filed a lawsuit against three of the track's largest shareholders, accusing them of conspiring to take over control.
SPORTS
November 28, 1990 | BILL CHRISTINE, TIMES STAFF WRITER
The battle for control of Hollywood Park took another turn Tuesday with the announcement of a proposal that the Inglewood race track be put up for sale. The proposal was made to Hollywood Park Realty by a committee of seven directors who serve on the board of the Hollywood Park Operating Co. The operating company leases Hollywood Park from the realty company, and publicly traded shares in the track are paired on the stock exchange.
SPORTS
October 18, 1990 | JOHN CHERWA, ASSOCIATE SPORTS EDITOR
The Western Standardbred Assn. has filed suit against Hollywood Park seeking $81 million in damages for the race track's alleged attempt to kill harness racing in the Southland. The suit, which was filed Tuesday in Los Angeles Superior Court, said that Hollywood Park Operating Company and Hollywood Park Realty "were engaged in a wrongful plan and program to curtail the competitive opportunities for harness racing in Southern California and eliminate harness racing in Southern California."
SPORTS
October 13, 1989
Hollywood Park and dissident stockholder Thomas W. Gamel apparently ended their feud Thursday. Hollywood Park Realty and Hollywood Park Operating Co. have agreed to nominate Gamel to the board of directors of each company, and he has agreed to withdraw the slate of directors he had nominated and will vote his shares for the boards' nominees.
CALIFORNIA | LOCAL
September 12, 1989 | JOHN CHERWA, Times Staff Writer
Hollywood Park Realty officially announced the sale of Los Alamitos Racecourse to a harness-racing group from Sacramento. The group, headed by Lloyd Arnold, president of Cal Racing Expo Assn., paid a reported $71 million for the 297 acres, which include a golf course and undeveloped land. Joining Arnold in the venture are Buzz Oates, one of the leading builders of commercial and industrial buildings in Sacramento, attorney Chris Bardis and developer Frank Ramos.
REAL ESTATE
June 11, 1989 | JOHN CHARLES TIGHE, Times Staff Writer
When the owner of Cypress' only golf course closed the links to make way for a 167-acre commercial development, citizens rose up in protest and voted down the developer's plans in a recent citywide election. Hollywood Park Realty Enterprises might not have known what it was getting into when it began its wrangle with the down-home Orange County community, described by one civic leader as a "spirited tiny town like you might find in the Midwest--and we intend to stay that way." It's the type of town where children decorate their wagons on the Fourth of July and parade around their neighborhoods.
NEWS
September 7, 1989 | JOHN CHERWA, Times Staff Writer
A Sacramento harness racing group appears to have beaten an Orange County-based racing group by a nose in efforts to purchase Los Alamitos Race Course, sources close to the negotiations told The Times. The buyers will pay close to $75.5 million for the 300-acre Cypress property that Hollywood Park purchased five years ago for $58 million, the sources said.
SPORTS
September 12, 1989 | JOHN CHERWA, Times Associate Sports Editor
Hollywood Park Realty officially announced the sale of Los Alamitos Racecourse to a harness-racing interest group from Sacramento. The group, headed by Lloyd Arnold, Cal Racing Expo Assn. president, paid a reported $71 million for the 297 acres, which includes a golf course and undeveloped land. Joining Arnold in the venture are Buzz Oates, one of the leading builders of commercial and industrial buildings in Sacramento, attorney Chris Bardis and developer Frank Ramos.
NEWS
September 7, 1989 | JOHN CHERWA, Times Staff Writer
A Sacramento harness racing group appears to have beaten an Orange County-based racing group by a nose in efforts to purchase Los Alamitos Race Course, sources close to the negotiations told The Times. The buyers will pay close to $75.5 million for the 300-acre Cypress property that Hollywood Park purchased five years ago for $58 million, the sources said.
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