31smackdown
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Well, when he'd not getting in the way of the Commanders...
The auction of Six Flags has been complicated by an effort by dissident shareholder Daniel Snyder, owner of the Washington Commanders football team, to replace the company's top executives with his own nominees and raise his stake to 34.9 percent from 11.7 percent. Six Flags also boasts $2.1 billion in debt and faces shrinking growth in park attendance and revenues.
"While we do not believe that Six Flags, awash in red ink, will generate an attractive sale price ... our nominees, if elected, have pledged to review and evaluate any proposed sale transaction," Snyder's investment firm, Red Zone LLC, said in a statement.
Red Zone contended that over the past six years Six Flags' current board and management have allowed the company to lose more than $2.6 billion in shareholder value. The price of Six Flags stock has dropped from more than $40 in May 1999 to less than $4 in May of 2005.
Last week, another Six Flags investor, Diaco Investments LP, said it would reject the theme park operator's plan to put itself up for sale and would side with Snyder's proposal to replace top officials. Diaco holds a 9.8 percent stake in Six Flags.
http://news.yahoo.com/s/nm/20051108/bs_nm/leisure_sixflags_dc
The auction of Six Flags has been complicated by an effort by dissident shareholder Daniel Snyder, owner of the Washington Commanders football team, to replace the company's top executives with his own nominees and raise his stake to 34.9 percent from 11.7 percent. Six Flags also boasts $2.1 billion in debt and faces shrinking growth in park attendance and revenues.
"While we do not believe that Six Flags, awash in red ink, will generate an attractive sale price ... our nominees, if elected, have pledged to review and evaluate any proposed sale transaction," Snyder's investment firm, Red Zone LLC, said in a statement.
Red Zone contended that over the past six years Six Flags' current board and management have allowed the company to lose more than $2.6 billion in shareholder value. The price of Six Flags stock has dropped from more than $40 in May 1999 to less than $4 in May of 2005.
Last week, another Six Flags investor, Diaco Investments LP, said it would reject the theme park operator's plan to put itself up for sale and would side with Snyder's proposal to replace top officials. Diaco holds a 9.8 percent stake in Six Flags.
http://news.yahoo.com/s/nm/20051108/bs_nm/leisure_sixflags_dc
