Hedge Funds

Einhorn's Greenlight bets on the ponies

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Most hedge fund investments don't make it to the headlines of horse racing news dailies like the Thoroughbred Times. But that's exactly what happened recently when David Einhorn's Greenlight Capital sued MI Developments in Ontario Superior Court, accusing the company of "oppressive" behavior that goes against shareholder interests. As it turns out, Einhorn's fund shop is trying to get MI Developments to spin off its Magna Entertainment subsidiary into a real estate investment trust (REIT). Magna owns a number of race tracks that Greenlight thinks would perform better under a REIT structure. Greenlight holds about 9.9% of