Six Flags Bankruptcy any Threat to Redskins?

[RedSunday]

The possible bankruptcy has no impact on the Redskins whatsoever. It doesn't even have much of an impact on Dan Snyder personally for that matter either because he won't have to come out of pocket whatsoever. The only impact will be to his ego.

This is simply,stupid.How do you know what and how much he invested,did he leverage the Redskins to buy the Six Flags stock,he won't go to the poor house and I doubt he'll lose the Skins but also ....I DON'T KNOW for SURE..........on what or how much or even how he financed the deal!

[HighOnHendrix]

You may be somewhat right but he did pay between $8-10 a share for 5.4 million shares that will be virtually worthless if they declare bankruptsy.

SIX stock on NYSE went down an additional 3 cents on Friday to close at 16 cents. It's already worthless!

[coolbeans]

SIX stock on NYSE went down an additional 3 cents on Friday to close at 16 cents. It's already worthless!

So Snyder's shares are currently worth $864,000, not that he could unload 5.4 million shares even if he wanted to. My point was that the article stated that upon filing for bankruptsy, his investment would become virtually worth $0.00 and I suppose he would lose all control. His board of Directors and management team will surely not be re-elected by the shareholders if there ever is another vote. Basically, I was trying to put an end to all the talk of him having sole control over the real estate that the parks are sitting on and possibly building a stadium or recouping his investment. He merely owns 5.4% of the shares and was able to convince a majority of the other shareholders to vote for his management team in a proxy fight. He doesn't own Six Flags the way he owns the redskins so he cannot just take the land and do whatever he wants with it.

[BAFGA]

So Snyder's shares are currently worth $864,000, not that he could unload 5.4 million shares even if he wanted to. My point was that the article stated that upon filing for bankruptsy, his investment would become virtually worth $0.00 and I suppose he would lose all control. His board of Directors and management team will surely not be re-elected by the shareholders if there ever is another vote. Basically, I was trying to put an end to all the talk of him having sole control over the real estate that the parks are sitting on and possibly building a stadium or recouping his investment. He merely owns 5.4% of the shares and was able to convince a majority of the other shareholders to vote for his management team in a proxy fight. He doesn't own Six Flags the way he owns the redskins so he cannot just take the land and do whatever he wants with it.

You are correct about the sole ownership thing, but he does control the management of the company. That management has pretty much driven the company into the ground. The economy may have helped some (a convenient excuse for many poorly run companies), but it seemed that whoever was in charge there pushed the company off the edge of the cliff completely.

[RFKFedEx]

Basically, I was trying to put an end to all the talk of him having sole control over the real estate that the parks are sitting on and possibly building a stadium or recouping his investment.

Think 2005 and not 2009.

Land development may have been part of his long term vision when he bought in. Real estate values were still climbing at a record pace.

I can also see why a theme park would have seemed like a good tie in to his fledgling media and entertainment empire.

Clearly Danny's plot to overtake Six Flags in his typical Napoleonic fashion he employed on the Redskins didn't work out $ wise. But if it had, he may have one day been the man calling the shots on the Six Flags board when it came time for decisions on land use.

[HighOnHendrix]

He merely owns 5.4% of the shares and was able to convince a majority of the other shareholders to vote for his management team in a proxy fight. He doesn't own Six Flags the way he owns the redskins so he cannot just take the land and do whatever he wants with it.

You are absolutely right. I believe I read somewhere that another entity, maybe controlled by Bill Gates?, owns over 10% of the shares. Hard to believe the stockholders picked the faction with half as many shares invested, but they did. I admit I didn't pay much attention to this when it went down; I'm sure many others on this here board know more about it than I do.

[coolbeans]

Think 2005 and not 2009.

Land development may have been part of his long term vision when he bought in. Real estate values were still climbing at a record pace.

I can also see why a theme park would have seemed like a good tie in to his fledgling media and entertainment empire.

Clearly Danny's plot to overtake Six Flags in his typical Napoleonic fashion he employed on the Redskins didn't work out $ wise. But if it had, he may have one day been the man calling the shots on the Six Flags board when it came time for decisions on land use.

I see your point. The only issue I may have is that for there to be a change in land use, that would mean that the theme parks were no longer the highest and best use for the land. The only way that happens is if they are no longer profitable and the stock becomes worthless, basically the situation that is now happening. I don't see how Snyder could think he could keep his management team in place under those circumstances and continue to call the shots on what to do with the land. I would think the shareholders are just waiting for the opportunity to vote him out of control.

[topdogbran]

Think 2005 and not 2009.

Land development may have been part of his long term vision when he bought in. Real estate values were still climbing at a record pace.

I can also see why a theme park would have seemed like a good tie in to his fledgling media and entertainment empire.

Clearly Danny's plot to overtake Six Flags in his typical Napoleonic fashion he employed on the Redskins didn't work out $ wise. But if it had, he may have one day been the man calling the shots on the Six Flags board when it came time for decisions on land use.

And if we weren't so friggin' loyal he would have run the Redskins into the ground years ago. Seriously, I think most reasonably intelligent people could figure out how to make money running this franchise. Aside from the marketing company he sold, has accomplished anything else?

[zCommander]

I root like hell that this thing goes down and that it leads to Snyder having to sell the franchise. A pipe dream, I know.....but it's all I've got left.

Ah that won't be happening. He bought some stocks in Six Flags along with Bill Gates couple of years ago and has poured just a little over 50 million trying to rebuild the company when the stock was around $12 but now it sits around a $.16 (ouch).

Keep in mind he bought the Skins for over 800 million which is now worth over a billion.

Dan is losing as much sleep over this is as much as Bill Gates is over losing Microsoft because Six Flags is not going to make it.

[RFKFedEx]

I don't see how Snyder could think he could keep his management team in place under those circumstances and continue to call the shots on what to do with the land. I would think the shareholders are just waiting for the opportunity to vote him out of control.

He probably thought he was going to make a killing from the get go. Thus he'd leverage majority control of SF for years to come while gaining a greater personal financial stake in the company assets.

Scrapping one park in DC or LA for an NFL stadium wouldn't have necessarily meant closing all of SF if they were profiting after years of Snyder's leadership.

Surely Danny expected to boost profits in the short term. Equity was a nice long term insurance plan or a golden parachute once the highest and best use of the land evolved from a theme park. A potential stadium site in LA and DC would have been icing on the cake. Could have, should have, would have, but it all turned to :pooh:.

[BAFGA]

Ah that won't be happening. He bought some stocks in Six Flags along with Bill Gates couple of years ago and has poured just a little over 50 million trying to rebuild the company when the stock was around $12 but now it sits around a $.16 (ouch).

Keep in mind he bought the Skins for over 800 million which is now worth over a billion.

Dan is losing as much sleep over this is as much as Bill Gates is over losing Microsoft because Six Flags is not going to make it.

Yeah but Gates could buy Snyder 40 times over. A stock hit like this to Gates would be like a flea bite, but for Snyder it would cause some hemorrhaging.

First Six Flags...what's next, Johnny Rockets?

[terpfan44]

Considering the rumors that Snyder convinced Vinny to buy stock in Six Flags, Six Flags going bankrupt could mean a whole lot more of Vinny.

the guy that gave Danno the tip on 6-Flags was among those hit by the lay-off

[88Comrade2000]

We can dream that it would be a threat to Dan Snyder.

So much so that 2009 ends up being his last year as owner.

I'd keep on eye on his finances this year though because if Jim Zorn fails this year; Dan's finances could play a part in whether Jim would get a reprieve or the ax.

[djbubba4life]

The six flags in Maryland never had all the rides working at once. EVER.

[TD Riggo]

If you're ever in northern Ohio, hell Ohio in general, try to go to Cedar Point. If you go to parks for the coasters, it's better than KD, BG, and SF put together.

Last time I went to Cedar Point was in 2000 just after they built Millennium Force. BEST .. COASTER .. EVER!! The damn thing goes up FAST out of the starting house at about a 70-degree incline (I am fearless on coasters, and THIS thing scared the Hell out of me! But I rode it 8 times) to 310 feet and drops you 305 feet at about 85 degrees and from there on you race along at 93 mph!

When you get off and go to the kiosk where they sell the pictures, everyone has those weird skin folds and their lips and cheeks are spread open like the guys in the pictures on the old NASA high-speed rocket sleds! Hilarious.

Since then, they've built a few more and they're even bigger and faster. All I know is that Cedar Point is hands-down THE place to go for coaster enthusiasts!

[Titaw]

Here's the deal Snyder bought Six Flags for the land. He made a killing off of Astroworld. It was located across the highway from the Astrodome. He sold off the land to a home development firm and moved the rides to other parks. He bought a failing company for land and land alone.

BTW, Kings Dominion was bought out by Cedar Fair two years ago. Cedar Fair is the corporation that was established due to the mega-success of Cedar Point. Cedar Fair bought out ALL of the Paramounts Parks. After the fall of Six Flags, Cedar Fair will only have the Busch Parks and independants to compete with. As far as THAT industry is concerned you DON't want to see Six Flags collapse as competition breeds innovation.

As far as the Skins are concerned we won't even see a difference.

[NavyDave]

We can dream that it would be a threat to Dan Snyder.

So much so that 2009 ends up being his last year as owner.

I'd keep on eye on his finances this year though because if Jim Zorn fails this year; Dan's finances could play a part in whether Jim would get a reprieve or the ax.

Well since thats not going to happen.

It may mean smarter decisions with contracts and if 2010 is an uncapped year (I'll believe it when I see it) all of the expensive contracts to the Jansens, etcs of the skins will be purged and hopefully we become younger and more consistent along the lines.

[Lombardi's_kid_brother]

bingoooooo. this is what I was looking for vs a danny-hater themed "hes an idiot and bought a sinking company"

No one thought six flags was viable, so that couldnt be it. he also did nothing to improve or turn it around which tells you there was other motivation.

I wonder how much he paid out of pocket when all is said and done factoring in VC funds and shareholder interest. I bet youre dead on and dude makes a mint...

It would have been cheaper to just let the thing go bankrupt (which it was going to do) and then buy the land. And it's not like Six Flags is just two parks.

[RedSunday]

Here's the deal Snyder bought Six Flags for the land. He made a killing off of Astroworld. It was located across the highway from the Astrodome. He sold off the land to a home development firm and moved the rides to other parks. He bought a failing company for land and land alone.

quote]

Being from Lusby this answer doesn't surprise me one bit.Six Flags is more then just one park off of rt#214(Central Ave).If the Danny did what you say..........................he'd be the biggest moron in the world,which I don't think he is:doh:

[Lombardi's_kid_brother]

He probably thought he was going to make a killing from the get go. Thus he'd leverage majority control of SF for years to come while gaining a greater personal financial stake in the company assets.

Scrapping one park in DC or LA for an NFL stadium wouldn't have necessarily meant closing all of SF if they were profiting after years of Snyder's leadership.

Surely Danny expected to boost profits in the short term. Equity was a nice long term insurance plan or a golden parachute once the highest and best use of the land evolved from a theme park. A potential stadium site in LA and DC would have been icing on the cake. Could have, should have, would have, but it all turned to :pooh:.

I have to reiterate this: The idea that Snyder bough an enormous entertainment franchise for two parcels of land is the most idiotic thing I've ever heard.

This is what I want the financial geniuses on here to do.

Tell me what the value of the land alone is in PG County and LA.

Now...tell me how much Snyder paid for Six Flags.

Now...tell me how much it will cost him to raze two amusment parks to allow development on the two parcels.

Now tell me what he's going to do with all the other theme parks.

Now explain to me why he didn't just wait to buy the land at auction once Six Flags failed.

Snyder's group was trying to create a multi-level entertainment company. Look at the assets. Radio stations. Amusement parks. Theme restaurants. Dick Clark Productions. And Snyder's personal holding of the Redskins. Throw in all this together and you were supposed to see a ton of cross promotion and tie ins and whatever.

Unfortunately, Six Flags is death. The Golden Globes were essentially cancelled the first year. And a massive recession hit.

So, the synergy he dreamed of is gone and he is left holding a lot of debt.

He might wind up owning a lot of land. But tell me: Isn't land in PG County worth 25 percent less now than it was in 2005?

Again....how did any of this make sense as a land grab?

[bnacpa]

After the fall of Six Flags, Cedar Fair will only have the Busch Parks and independants to compete with. As far as THAT industry is concerned you DON't want to see Six Flags collapse as competition breeds innovation.

As far as the Skins are concerned we won't even see a difference.

Don't you think Disney and Universal are competitors? Also, the number of independents are vast across the south and north. There is plenty of competition, and more so currently in the down economy.

[Skinz4Life12]

hopefully danny will sell the team to cover his losses.

but we all know that isnt going to happen...

[fjblair]

Not likely but if it were to go down that way, the fans would be the real winners. Snyder would take the team to languish in L.A. where they seem to not really want football anyway. DC would keep the team name and history and get to start over with an expansion team or one transferred in from a small market city. In three or four years DC's expansion team would be a contender while Snyder continues his policy of "what we do works" in L.A.

I wish.