-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PWEt1tsaUh08/ynN47YIGdGTYcoVDelj10BlQZKrh68Ljz5vHDvHqkaJEkVcdiRj o7Ddyr1u5gs3t72AzN/O/A== 0000905148-08-000976.txt : 20080214 0000905148-08-000976.hdr.sgml : 20080214 20080214102513 ACCESSION NUMBER: 0000905148-08-000976 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080214 DATE AS OF CHANGE: 20080214 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: MAGNA ENTERTAINMENT CORP CENTRAL INDEX KEY: 0001093273 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-RACING, INCLUDING TRACK OPERATION [7948] IRS NUMBER: 980208374 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-59157 FILM NUMBER: 08609310 BUSINESS ADDRESS: STREET 1: 337 MAGNA DRIVE STREET 2: AURORA CITY: ONTARIO CANADA STATE: A6 ZIP: L4G 7K1 BUSINESS PHONE: 9057262462 MAIL ADDRESS: STREET 1: 337 MAGNA DRIVE CITY: AURORA STATE: A6 ZIP: L4G 7K1 FORMER COMPANY: FORMER CONFORMED NAME: MI ENTERTAINMENT CORP DATE OF NAME CHANGE: 19991105 FORMER COMPANY: FORMER CONFORMED NAME: MI VENTURE INC DATE OF NAME CHANGE: 19990813 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CLIFFWOOD PARTNERS LLC CENTRAL INDEX KEY: 0001105623 IRS NUMBER: 954648555 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 11726 SAN VICENTE BLVD STREET 2: SUITE 600 CITY: LOS ANGELES STATE: CA ZIP: 90049 BUSINESS PHONE: 3104420370 MAIL ADDRESS: STREET 1: 11726 SAN VICENTE BLVD STREET 2: SUITE 600 CITY: LOS ANGELES STATE: CA ZIP: 90049 SC 13G 1 efc8-0246_schedule13g.txt UNITED STATES SECURITIES EXCHANGE COMMISSION Washington, D.C. 20549 - -------------------------------------------------------------------------------- SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. )* MAGNA ENTERTAINMENT CORPORATION ----------------------------------------- (Name of Issuer) Common Stock, $.01 par value per share ----------------------------------------- (Title of Class of Securities) 559211107 ---------------------------- (CUSIP Number) December 31, 2007 ---------------------------- (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [X] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d) * 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 the disclosures provided in a prior cover page. The information required in 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 ("Act") 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). Continued on following pages Page 1 of 9 Pages SCHEDULE 13G CUSIP No.: 559211107 Page 2 of 9 Pages ................................................................................. 1. Names of Reporting Persons. CLIFFWOOD PARTNERS LLC I.R.S. Identification Nos. of above persons (entities only): 95-4648555 ................................................................................. 2. Check the Appropriate Box if a Member of a Group (a) [x] (b) [ ] ................................................................................. 3. SEC Use Only ................................................................................. 4. Citizenship or Place of Organization Delaware ................................................................................. 5. Sole Voting Power None Number of .......................................................... Shares 6. Shared Voting Power 3,469,170 Beneficially .......................................................... Owned by Each 7. Sole Dispositive Power None Reporting .......................................................... Person With 8. Shared Dispositive Power 3,469,170 ................................................................................. 9. Aggregate Amount Beneficially Owned by Each Reporting Person 3,469,170 ................................................................................. 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] ................................................................................. 11. Percent of Class Represented by Amount in Row (9) 5.96% based on 58,148,887 shares outstanding as of October 31, 2007. ................................................................................. 12. Type of Reporting Person: IA SCHEDULE 13G CUSIP No.: 559211107 Page 3 of 9 Pages ................................................................................. 1 Names of Reporting Persons. CLIFFWOOD VALUE PLUS FUND, L.P. I.R.S. Identification Nos. of above persons (entities only): [ ] ................................................................................. 2. Check the Appropriate Box if a Member of a Group (a) [x] (b) [ ] ................................................................................. 3. SEC Use Only ................................................................................. 4. Citizenship or Place of Organization Delaware ................................................................................. 5. Sole Voting Power None Number of .......................................................... Shares 6. Shared Voting Power 3,469,170 Beneficially .......................................................... Owned by Each 7. Sole Dispositive Power None Reporting .......................................................... Person With 8. Shared Dispositive Power 3,469,170 ................................................................................. 9. Aggregate Amount Beneficially Owned by Each Reporting Person 3,469,170 ................................................................................. 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] ................................................................................. 11. Percent of Class Represented by Amount in Row (9) 5.96% based on 58,148,887 shares outstanding as of October 31, 2007. ................................................................................. 12. Type of Reporting Person: OO SCHEDULE 13G CUSIP No.: 559211107 Page 4 of 9 Pages ................................................................................. 1. Names of Reporting Persons. CLIFFWOOD ABSOLUTE RETURN STRATEGY LTD. I.R.S. Identification Nos. of above persons (entities only): N/A ................................................................................. 2. Check the Appropriate Box if a Member of a Group (a) [x] (b) [ ] ................................................................................. 3. SEC Use Only ................................................................................. 4. Citizenship or Place of Organization Cayman Islands, British West Indies ................................................................................. 5. Sole Voting Power None Number of .......................................................... Shares 6. Shared Voting Power 3,469,170 Beneficially .......................................................... Owned by Each 7. Sole Dispositive Power None Reporting .......................................................... Person With 8. Shared Dispositive Power 3,469,170 ................................................................................. 9. Aggregate Amount Beneficially Owned by Each Reporting Person 3,469,170 ................................................................................. 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] ................................................................................. 11. Percent of Class Represented by Amount in Row (9) 5.96% based on 58,148,887 shares outstanding as of October 31, 2007. ................................................................................. 12. Type of Reporting Person: PN SCHEDULE 13G CUSIP No.: 559211107 Page 5 of 9 Pages ................................................................................. 13. Names of Reporting Persons. CLIFFWOOD ABSOLUTE RETURN STRATEGY, L.P. I.R.S. Identification Nos. of above persons (entities only): 95-4789951 ................................................................................. 14. Check the Appropriate Box if a Member of a Group (a) [x] (b) [ ] ................................................................................. 15. SEC Use Only ................................................................................. 16. Citizenship or Place of Organization Delaware ................................................................................. 17. Sole Voting Power None Number of .......................................................... Shares 18. Shared Voting Power 3,469,170 Beneficially .......................................................... Owned by Each 19. Sole Dispositive Power None Reporting .......................................................... Person With 20. Shared Dispositive Power 3,469,170 ................................................................................. 21. Aggregate Amount Beneficially Owned by Each Reporting Person 3,469,170 ................................................................................. 22. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] ................................................................................. 23. Percent of Class Represented by Amount in Row (9) 5.96% based on 58,148,887 shares outstanding as of October 31, 2007. ................................................................................. 24. Type of Reporting Person: PN SCHEDULE 13G CUSIP No.: 559211107 Page 6 of 9 Pages Item 1(a). Name of Issuer: Magna Entertainment Corporation (the "Issuer) Item 1(b). Address of Issuer's Principal Executive Offices: 337 Magna Drive Aurora Ontario, Canada A6 L4G 7K1 Item 2(a). Name of Person Filing: This Statement is filed on behalf of each of the following persons (collectively, the "Reporting Persons"): i) Cliffwood Partners LLC ("Cliffwood Partners"); ii) Cliffwood Value Plus Fund, L.P. ("Cliffwood Value Plus Fund"); iii) Cliffwood Absolute Return Strategy Ltd. ("Cliffwood Absolute Return Strategy (Cayman)"); and iv) Cliffwood Absolute Return Strategy, L.P. ("Cliffwood Absolute Return Strategy"). This Statement relates to Shares (as defined herein) that were held for the accounts of Cliffwood Value Plus Fund, Cliffwood Absolute Return Strategy (Cayman), Cliffwood Absolute Return Strategy, The Common Fund and Guggenheim Trust Company. Cliffwood Partners serves as the general partner for each of Cliffwood Value Plus Fund, Cliffwood Absolute Return Strategy (Cayman) and Cliffwood Absolute Return Strategy. Cliffwood Partners also serves as the investment manager to each of Cliffwood Value Plus Fund, Cliffwood Absolute Return Strategy (Cayman), Cliffwood Absolute Return Strategy, The Common Fund and Guggenheim Trust Company. In such capacities, Cliffwood Partners may be deemed to have voting and dispositive power over the shares held for the accounts of each of Cliffwood Value Plus Fund, Cliffwood Absolute Return Strategy (Cayman), Cliffwood Absolute Return Strategy, The Common Fund and Guggenheim Trust Company. Item 2(b). Address of Principal Business Office or, if None, Residence The address of the principal business office of each of Cliffwood Partners, Cliffwood Value Plus Fund and Cliffwood Absolute Return Strategy is 11726 San Vicente Boulevard, Suite 600, Los Angeles, CA 90049. The address of the principal business office of Cliffwood Absolute Return Strategy (Cayman) is c/o CITCO Fund Services (Cayman Islands) Limited, P.O. Box 31106 SMB, Regatta Office Park, West Bay Road, Grand Cayman, Cayman Islands. Item 2(c). Citizenship i) Cliffwood Partners is a Delaware limited liability company; ii) Cliffwood Value Plus Fund is a Delaware limited liability partnership; Page 7 of 9 Pages iii) Cliffwood Absolute Return Strategy (Cayman) is a Cayman Islands exempted company; and iv) Cliffwood Absolute Return Strategy is a Delaware limited liability partnership. Item 2(d). Title of Class of Securities: Common Stock, $.01 par value per share (the "Shares") Item 2(e). CUSIP Number: 559211107 Item 3. If This Statement is Filed Pursuant to ss.ss.240.13d-1(b) or 240.13d-2(b) or (c), Check Whether the Person Filing is a: (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) [X] 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. (g) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J). Item 4. Ownership: Cliffwood Partners LLC Cliffwood Value Plus Fund, L.P. Cliffwood Absolute Return Strategy Ltd. Cliffwood Absolute Return Strategy, L.P. The Common Fund Guggenheim Trust Fund. (a) Amount beneficially owned: Cliffwood Value Plus Fund, L.P. beneficially owns 106,500 shares of common stock; Cliffwood Absolute Return Strategy Ltd. beneficially owns 379,900 shares of common stock; Cliffwood Absolute Return Strategy, L.P. beneficially owns 2,422,270 shares of common stock; The Common Fund beneficially owns 106,800 shares of common stock; Guggenheim Trust Fund beneficially owns 453,700 shares of common stock. Page 8 of 9 Pages (b) Percent of class: 5.96% of the aggregate outstanding shares of that class based upon information provided by Magna Entertainment Corporation in its most recently filed quarterly report on form 10-Q which stated that there were approximately 58,148,887 common shares of beneficial interest outstanding as of October 31, 2007. The sole power to vote or direct the vote of the entire shareholding and the sole power to dispose of or direct the disposal of the entire shareholding has been delegated to Cliffwood Partners LLC for each of Cliffwood Value Plus Fund, L.P., Cliffwood Absolute Return Strategy Ltd., Cliffwood Absolute Return Strategy, L.P., The Common Fund's managed account and Guggenheim Trust Company's managed account. Item 5. Ownership of Five Percent or Less of a Class: Not applicable. Item 6. Ownership of More than Five Percent on Behalf of Another Person: Not applicable. 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 the Group: Not applicable. Item 9. Notice of Dissolution of Group: Not applicable. Item 10. Certification: By signing below each of the Reporting Persons certifies that, to the best of their knowledge and belief, the securities referred to above 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. Page 9 of 9 Pages SIGNATURE 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. February 14, 2008 --------------------------- Date /s/ Carl B. Tash --------------------------- Carl B. Tash CLIFFWOOD PARTNERS LLC /s/ Carl B. Tash - ----------------------------- Carl B. Tash, CEO CLIFFWOOD VALUE PLUS FUND, L.P. By: Cliffwood Partners LLC, its general partner /s/ Carl B. Tash - ----------------------------- Carl B. Tash, CEO CLIFFWOOD ABSOLUTE RETURN STRATEGY LTD. By: Cliffwood Partners LLC, its general partner /s/ Carl B. Tash - ----------------------------- Carl B. Tash, CEO CLIFFWOOD ABSOLUTE RETURN STRATEGY, L.P. By: Cliffwood Partners LLC, its general partner /s/ Carl B. Tash - ----------------------------- Carl B. Tash, CEO -----END PRIVACY-ENHANCED MESSAGE-----