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Snyder gets Six Flags

G-Town

By G-Town
in The Tailgate

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G-Town

G-Town

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http://news.yahoo.com/news?tmpl=story&ncid=&e=9&u=/ap/20051123/ap_on_bi_ge/six_flags_takeover

By SEAN MURPHY, Associated Press Writer

1 hour, 15 minutes ago

OKLAHOMA CITY - A group led by Washington Redskins owner Dan Snyder said Tuesday it has lined up enough shareholder votes to oust three board members and assume control of amusement park operator Six Flags Inc.

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Red Zone LLC, Snyder's investment group, said it has delivered written consents representing more than 57 percent of Six Flags' outstanding common stock, which would be sufficient to oust three members of the seven-member board of the Oklahoma City-based amusement park operator. A majority of the new board would then have to vote to replace the current management team.

"I want to thank Six Flags' stockholders for their confidence in Red Zone and my fellow nominees," Snyder said in a statement contained in a Securities and Exchange Commission filing Tuesday.

Six Flags officials, responding in a news release to the announcement, said the consents still must be verified by an independent auditor.

Red Zone plans to dump Six Flags CEO Kieran Burke and other top officers and replace them with its own slate of nominees. Snyder wants to be Six Flags' chairman and bring aboard former ESPN executive Mark Shapiro as the company's new CEO. They say they would then shed some properties and revamp the company's advertising and marketing strategies to boost shareholder returns.

The announcement was made after the close of markets Tuesday. Shares of Six Flags fell 14 cents, or 1.8 percent, to close at $7.46 in trading on the New York Stock Exchange, down from a new 52-week high of $7.74 during the session. The stock rose 4 cents in after-hours trading.

Six Flags, which touts itself as the world's largest regional theme park operator, had suffered years of declines in attendance and revenues until this year, when revenues increased 9.5 percent and attendance jumped 5.6 percent over the first three quarters. The company also has $2.1 billion in long-term debt, according to its most recent financial report.

Snyder, who holds about 11.7 percent of the company's stock, launched a proxy battle against Six Flags in August, aiming to replace Burke with Shapiro and remove Chief Financial Officer James Dannhauser and board member Stanley Shuman. Snyder and Shapiro would join the board, along with Virginia homebuilder Dwight C. Schar.

Six Flags responded by putting itself up for auction. In a conference call Monday with shareholders, Burke said Six Flags had received a "number of financial and strategic bidders." He declined to reveal the number or the names of bidders.

"We are, in fact, going to protect the integrity of that process," Burke said. "It is on track. We frankly have just two to three weeks to go when we'll have our final bids."

But Robert McCormick, vice president of proxy research and operations for Glass, Lewis and Co., said Snyder's announcement could chill a potential sale of the company.

"I don't want to underestimate the importance of this large return on the vote they've announced already. That's a pretty significant vote and it's pretty rare," McCormick said.

"There's a strong feeling among shareholders that either current management is not in a strong position to run the company or they are not the ones in the best position to determine the best possible price for the company. That's kind of the tricky part — to determine exactly what the shareholders are thinking."

Six Flags runs 30 theme parks in North America. It has corporate offices in Oklahoma City and New York.

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halter91

halter91

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This is a joke?

This is the absolute best thing that could have happened to Six Flags.

I agree, why are you guys all haters. Synder is a smart buisness man and he will suceed. Whether you like him or not, he is trying to make the Skins the best team in the NFL.

QUIT HATE'N!! :mad:

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Burgold

Burgold

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Redskins are the most profitable team in the NFL. Snyder communications was a billion dollar company before he left. Snyder will do well with six flags. If this becomes his newest baby and toy, I wonder if he would be diverting attention from the 'skins and hiring a gen manager.

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Larry

Larry

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Just checking my portfolio (I became a member of the "invertor class" a few days ago, and I'm doing the daily check-in routine.) and there was a link to a news story about this that popped up because I bought some Disney.

Aparantly the reaction to this news is Six Flags down, Disney up. (By very small percentages.)

Not shure I agree with what Vegas is predicting, here.

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stwasm

stwasm

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Redskins are the most profitable team in the NFL. Snyder communications was a billion dollar company before he left. Snyder will do well with six flags. If this becomes his newest baby and toy, I wonder if he would be diverting attention from the 'skins and hiring a gen manager.

But, in the process, he's raised prices, totally ruined the on-field product and stick it to the fans. At what cost success?

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Larry

Larry

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As to Snyder's record for success, I don't think I'd jump to "Redskins are profittable, therefore Snyder guaranteed successfull". Some things to consider (going from memory):

  • The Redskins were already the most profitable franchise before Dan bought the team.
  • One reason they're profitable is because they're the only NFL franchise that actually owns their own stadium. This is JKC's decision, though. Dan bought the team after it happened.
  • Fire Casserly, keep Norv.
  • Reneg on already-signed contract for training camp facilities. Change admission to camp, instead. Ignore NFL rules designed to discourage this. Become bigger joke.
  • Hire Deion and Bruce Smith. Pay Deion huge upfront money and virtually zero salary. Give him permission to skip practices, training camp, preseason and actual games (with pay) if he plays baseball. Talk Steven Davis into taking a bonus instead of salary (increasing his salary-cap hit in later years, while reducing it this year) so we can afford Deion.
  • Fire Norv mid-season, without arrainging for a replacement. Offer job to an assistant who declines it. Give job to a lower assistant, but announce as soon as you give him the job that he's not going to keep it.
  • Hire Marty. Give him a no-cut contract which gives him unlimited authority. Tell him to get tough with the team.
  • Marty gets tough with team. Team doesn't like it. (widely reported unsubstantiated rumor): Snyder supports players, leans on "unlimited authority" head coach.
  • After season finishes on up note, demand that "unlimited authority" coach do what you tell him, or else you'll fire him and pay him, anyway.
  • Fire your second head coach (third, if you count the interim) for refusing to allow you to alter your contract. Fire him without first arrainging for a replacement.

In short, I think if I were writing Dan Snyder's resume, "became self-made millionaire before age 40" would rank higher than what he's done with the Redskins.

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jrockster21

jrockster21

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I wonder if Dan will add any Redskin themed rides.

-Grant

I hear a new ride is in production; The Patrick Ramsey experience. You start out with the football, and then drop back to pass. You can try to throw it, but mechanical arms force you to hold on to the ball for 5 to 6 seconds until a massive DE annhilates you.

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TheSteve

TheSteve

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I hear a new ride is in production; The Patrick Ramsey experience. You start out with the football, and then drop back to pass. You can try to throw it, but mechanical arms force you to hold on to the ball for 5 to 6 seconds until a massive DE annhilates you.

But that's not as good as the Mark Brunell Experience!!!

Experience the joys of being an NFL Quarterback for the Washington Redskins! You drop back to pass and wait patiently for the reciever to get open, but then a hidden electronic shocker shocks you, simulating a seizure as your hand shakes beyond your control causing you to LOSE THE FOOTBALL!!! But never fear, you get a second chance! Oh! Your wide reciever is WIDE open downfield, but the robotic defensive ends are closing in!! Oh, we're sorry! You threw the ball away for 828372983752893752 time!!!!!!!!!! That's a NEW RECORD!!! You're in the high scores!!!

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Sarge

Sarge

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:laugh:

or one you see all the previous cry babies like coles and Bailey..

-Grant

No joke. My Mom worked for the Redskins under JKC. AFter Snyder won the right to buy the team, he sent all the employees of Redskins Park letter saying basically, "Hey, don't worry, you all still have jobs"

Needless to say, no one went looking for work, until two weeks later when he came in and fired everyone on the spot.

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