FORM 4
[ X ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

GLG Market Neutral Fund 		2. Issuer Name and Ticker or Trading Symbol

MAGNA ENTERTAINMENT CORP [ MECA ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      __ X __ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

C/O GLG PARTNERS LP, 1 CURZON STREET 		3. Date of Earliest Transaction (MM/DD/YYYY)

2/12/2004
(Street)

LONDON, X0 W1J 5HB
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Subordinated Voting Stock   2/12/2004     S (1)    37200   D $5.29   0   D  
 
Class A Subordinated Voting Stock   2/13/2004     S (1)    34500   D $5.24   0   D  
 
Class A Subordinated Voting Stock   4/12/2004     S (1)    100000   D $6.09   0   D  
 
Class A Subordinated Voting Stock   6/24/2004     S (1)    49500   D $5.26   0   D  
 
Class A Subordinated Voting Stock   7/2/2004     S (1)    50000   D $6.02   0   D  
 
Class A Subordinated Voting Stock   9/7/2004     P (1)    100000   A $6.00   100000   D  
 
Class A Subordinated Voting Stock   11/2/2004     S (1)    36000   D $5.28   64000   D  
 
Class A Subordinated Voting Stock   11/3/2004     S (1)    64000   D $4.76   0   D  
 
Class A Subordinated Voting Stock   8/4/2005     S (1)    100000   (2) D $6.75   (2) 0   D  
 
Class A Subordinated Voting Stock   9/14/2005     S (1)    100000   D $6.69   0   D  
 
Class A Subordinated Voting Stock   12/2/2005     S (1)    141800   D $7.58   0   D  
 
Class A Subordinated Voting Stock   12/28/2005     S (1)    80000   D $7.25   0   D  
 
Class A Subordinated Voting Stock   12/29/2005     S (1)    62300   (3) D $7.22   (3) 0   D  
 
Class A Subordinated Voting Stock   12/30/2005     S (1)    57700   D $7.16   0   D  
 
Class A Subordinated Voting Stock   3/31/2006     S (1)    100000   (4) D $6.708   (4) 0   D  
 
Class A Subordinated Voting Stock   4/4/2006     P (1)    51187   A $6.50   51187   D  
 
Class A Subordinated Voting Stock   4/18/2006     P (1)    50000   (5) A $6.179   (5) 101187   D  
 
Class A Subordinated Voting Stock   4/28/2006     P (1)    6400   A $6.10   107587   D  
 
Class A Subordinated Voting Stock   10/17/2006     S (1)    17405   (6) D $5.401   (6) 90182   D  
 
Class A Subordinated Voting Stock   10/20/2006     S (1)    9000   D $5.40   82182   D  
 
Class A Subordinated Voting Stock   10/27/2006     S (1)    87396   (7) D $5.218   (7) 0   D  
 
Class A Subordinated Voting Stock   11/2/2006     P (1)    59600   A $4.91   59600   D  
 
Class A Subordinated Voting Stock   11/8/2006     P (1)    25000   A $4.69   84600   D  
 
Class A Subordinated Voting Stock   12/28/2006     P (1)    50000   A $4.49   134600   D  
 

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
8.55% Convertible Subordinated Notes due 2010   $7.05   12/2/2005     P  (1)    2000000         (8) 6/15/2010   Class A Subordinated Voting Stock   283688   $2317780.00   $54300000.00   D  
 
Call Option (obligation to sell)   $7.50   5/30/2006     S  (1)       355    5/30/2006   1/18/2007   Class A Subordinated Voting Stock   35500   $90.00   $0   D  
 
Call Option (obligation to sell)   $7.50   5/31/2006     S  (1)       10    5/31/2006   1/18/2007   Class A Subordinated Voting Stock   1000   $90.00   $0   D  
 
Call Option (obligation to sell)   $7.50   6/1/2006     S  (1)       231    6/1/2006   1/18/2007   Class A Subordinated Voting Stock   23100   $90.00   $0   D  
 
Call Option (obligation to sell)   $7.50   6/2/2006     S  (1)       20    6/2/2006   1/18/2007   Class A Subordinated Voting Stock   2000   $100.00   $0   D  
 
Call Option (obligation to sell)   $7.50   6/5/2006     S  (1)       10    6/5/2006   1/18/2007   Class A Subordinated Voting Stock   1000   $90.00   $0   D  
 
Call Option (obligation to sell)   $7.50   6/8/2006     S  (1)       10    6/8/2006   1/18/2007   Class A Subordinated Voting Stock   1000   $90.00   $0   D  
 
Call Option (obligation to sell)   $7.50   6/9/2006     S  (1)       35    6/9/2006   1/18/2007   Class A Subordinated Voting Stock   3500   $90.00   $0   D  
 
Call Option (obligation to sell)   $7.50   6/13/2006     S  (1)       35    6/13/2006   1/18/2007   Class A Subordinated Voting Stock   3500   $62.86   $0   D  
 
8.55% Convertible Subordinated Notes due 2010   $7.05   10/19/2006     S  (1)       2000000      (8) 6/15/2010   Class A Subordinated Voting Stock   283688   $2100000.00   $52300000.00   D  
 
8.55% Convertible Subordinated Notes due 2010   $7.05   11/2/2006     S  (1)       2800000      (8) 6/15/2010   Class A Subordinated Voting Stock   397163   $2895620.00   $49500000.00   D  
 
Convertible Bond   $7.05   2/23/2007     S  (1)       2000000      (8) 6/15/2010   Convertible Bond   283688   $2020000.00   $47500000.00   D  
 

Explanation of Responses:
( 1)  The Reporting Person's transactions in the Issuer's securities as reported on this Form 4 involved short-swing transactions that are subject to liability under Section 16(b) of the Securities Exchange Act of 1934, as amended. As a result, the Reporting Person has paid $269,769 to the Issuer, which represents the entire amount of profit realized on their pecuniary interest in these short-swing transactions.
( 2)  This transaction was executed in multiple trades at prices ranging from $6.75 to $6.80. The price reported above represents the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
( 3)  This transaction was executed in multiple trades of prices ranging from $7.22 to $7.26 per share. The price reported represents the weighted average sales price of these trades. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares and prices at which the transaction was effected.
( 4)  This transaction was executed in multiple trades at prices ranging from $6.70 to $6.76. The price reported above represents the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
( 5)  This transaction was executed in multiple trades at prices ranging from $6.17 to $6.20. The price reported above represents the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
( 6)  This transaction was executed in multiple trades at prices ranging from $5.40 to $5.41. The price reported above represents the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
( 7)  This transaction was executed in multiple trades at prices ranging from $5.21 to $5.22. The price reported above represents the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
( 8)  The 8.55% Convertible Subordinated Notes due 2010 were convertible into Class A Subordinated Voting Stock at any time.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
GLG Market Neutral Fund
C/O GLG PARTNERS LP
1 CURZON STREET
LONDON, X0 W1J 5HB
X


Signatures
GLG Partners LP, Investment Manager for GLG Market Neutral Fund, By: /s/ Victoria Parry, Senior Legal Counsel of GLG Partners, LP 1/8/2009
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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