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IN RE MAGNA ENTERTAINMENT CORP.

Bankruptcy No. 09-10720 (MFW). Adversary No. 09-52212 (MFW).

442 B.R. 88 (2011)

In re MAGNA ENTERTAINMENT CORP., et al., Debtors. Magna Entertainment Corp., Plaintiff, v. PA Meadows, LLC, Defendant.

United States Bankruptcy Court, D. Delaware.

February 9, 2011.

Attorney(s) appearing for the Case

L. Katherine Good, L. Katherine Good, Tyler D. Semmelman, Richards, Layton & Finger, P.A., Wilmington, DE, for Plaintiff.

Carl N. Kunz, III, Eric J. Monzo, Morris James LLP, Wilmington, DE, for Defendant.

OPINION1

MARY F. WALRATH, Bankruptcy Judge.

Before the Court are the Cross Motions for Summary Judgment filed by Plaintiff, Magna Entertainment Corp. ("MEC") and by Defendant, PA Meadows, LLC ("PAM") on the Complaint filed by MEC seeking payment under a Holdback Agreement between the parties. For the reasons set forth below, the Court will deny MEC's Motion and grant PAM's Motion for summary judgment.

I...

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