Question-and-Answer Session
Operator
(Operator Instructions) And our first question comes from the line of [Bill Banes from Crystal City]. Please proceed with your question.
Bill Banes - Crystal City
First Frank, I certainly want to thank you for your -- I know how much you love Magna Entertainment and how much you love horse racing and I respect that very much and I want to let you know that before I speak.
My first problem is with Joe De Francis being on this Board. I think his first fiduciary responsibility being on this board is to look out for the best interest in the shareholders. I think it's very difficult for him to do this, knowing that we need to re-negotiate Maryland Jockey Club deal that is completely beneficial to him, and it puts Maryland horse racing at stake because of the percentage that Maryland has already taken to state, if slots do pass, and the deal needs to be re-done and I think its very difficult for this Board to try to attack the deal with him being on the Board and for Joe being on the Board no one that he wants to get Maryland Jockey Club the best deal that they can get. And the other end of it, he is supposed to look out for the shareholder's best interest.
Frank Stronach
First of all, we had a talk with Joe, right, and he is not staying as a director for 2008 and we talk to Joe that he is excluded when we talk about some strategic plans, for the simple reason, he would have a conflict of interest. So we are well staffed and we act accordingly to it, but anyway thank you for your call and thank you for coming.
Bill Banes - Crystal City
That's one thing Frank.
Frank Stronach
What's the other thing?
Operator
And our next question comes from [Ray Orbinski from Orbinski Associates]. Mr. Orbinski, your line is open. You can proceed with your question.
Ray Orbinski - Orbinski Associates
Hello
Frank Stronach
Hello
Ray Orbinski - Orbinski Associates
Can you hear me, Frank?
Frank Stronach
Yeah, we can hear you.
Ray Orbinski - Orbinski Associates
Great, I was just curious, when will you be hiring a new permanent CEO for the company? As I understand now--?
Frank Stronach
Yeah, first of all, I'm very pleased that Ron Charles joined us, right. Ron has been known in the horse community as a good businessman and loves horses, and he has been running Santa Anita or the California tracks very successfully for the last five-six years, close to.
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