Stadium-Armory Posted February 16, 2010 Share Posted February 16, 2010 http://www.washingtoncitypaper.com/blogs/citydesk/2010/02/12/update-six-flagging-creditor-asks-court-to-remove-dan-snyder-from-six-flags/ Update: Six Flagging — Creditor Asks Court to Remove Dan Snyder from Six Flags Posted by Dave McKenna on Feb. 12, 2010, at 1:52 pm Somebody's been reading Cheap Seats' coverage of Dan Snyder's theme park chain, Six Flags... I heard this morning from Lance Laifer, CEO of Resilient Capital Management. That's an investment group that sunk some sum in the small seven figures into Six Flags, and doesn't want to walk away with nothing. Laifer doesn't like what he's learned about Snyder's company since it filed for Chapter 11 bankruptcy protections last summer. Yesterday, Resilient filed a motion with the bankruptcy court asking the judge to remove Snyder and the rest of the Six Flags management team and appoint a trustee to run the company while the case is settled. Much of the filing is way over my head, with talk of PIERs and EBITDA and the like. But the meaty parts of Reslient's argument in urging that the court "replace Debtor's management" are right in my wheelhouse. Resilient contends that the Snyder et al should be tossed out for padding their wallets and wasting Six Flags shareholders' money through transactions between Six Flags, a public company Snyder controls, and Red Zone, a private investment firm he controls. Two of Snyder's conflicted-out-the-wazoo deals -- the sale of 40 percent of Dick Clark Productions from Red Zone to Six Flags, and a licensing pact with Johnny Rockets, owned by Red Zone, that pays Red Zone 5 percent of the sales of all overpriced burgers at Six Flags -- were particularly heinous and damaging to Six Flags' fiscal fitness. "These funds [used to buy Dick Clark Productions], in addition to the funds used to pay Johnny Rockets royalties and funds used to pay for Johnny Rockets restaurants inside Six Flags parks, could have been used to easily avert a bankruptcy," reads the Resilient filing. Asked for a comment on Snyder's behavior, Laifer tells me: "Six Flags is clearly and obviously being used and abused by Mr. Snyder and Red Zone to further the economics of Mr. Snyder, certain members of the [six Flags] board of directors and management, Johnny Rockets, Dick Clark Productions and Red Zone entities at the expense of all Six Flags stakeholders. "Members of the management team have exacerbated the situation by emulating Mr. Snyder's behavior in recklessly pursuing their own self interests. Certain advisors and agents to the company have participated in these shenanigans for their own benefit. The board of directors has not stopped this behavior and has repeatedly violated their fiduciary obligation. We are hopeful that the court will recognize what is going on and put a stop to this immediately, if not sooner." Makes sense to me. The next hearing in Six Flags bankruptcy case is scheduled for next Friday in the U.S. Bankruptcy Court for the District of Delaware Link to comment Share on other sites More sharing options...
AdmiralWaugh Posted February 16, 2010 Share Posted February 16, 2010 Seems like this belongs in Tailgate. Link to comment Share on other sites More sharing options...
Mr. Sinister Posted February 16, 2010 Share Posted February 16, 2010 Meh, I could care less Link to comment Share on other sites More sharing options...
DGREENHULK Posted February 16, 2010 Share Posted February 16, 2010 Kings Dominian RULES Six flags drules... Link to comment Share on other sites More sharing options...
Taylor 36 Posted February 16, 2010 Share Posted February 16, 2010 Wow. This could get very interesting to say the least. Link to comment Share on other sites More sharing options...
kappaluvacee Posted February 16, 2010 Share Posted February 16, 2010 Sounds like this guy didn't have enough other holding to reap the benefits that the others have, now he's crying foul. Link to comment Share on other sites More sharing options...
Mr. Sinister Posted February 16, 2010 Share Posted February 16, 2010 Kings Dominian RULES Six flags drules... Go to Cedar Point. Your life won't be the same afterwards. Link to comment Share on other sites More sharing options...
HA1LV1CT0RY Posted February 16, 2010 Share Posted February 16, 2010 Sounds like someone is a little bitter that they didnt do enough research before investing in Six Flags. As long as Snyder can crank out those checks for the Redskins I could care less. Link to comment Share on other sites More sharing options...
TSO Posted February 16, 2010 Share Posted February 16, 2010 Go to Cedar Point. Your life won't be the same afterwards. This man knows his amusement parks! Link to comment Share on other sites More sharing options...
Rocky21 Posted February 16, 2010 Share Posted February 16, 2010 As a Redskins season ticket holder, I can attest to Mr. Snyder's behavior in recklessly pursuing his own self interests. Link to comment Share on other sites More sharing options...
Laxpunk2006 Posted February 16, 2010 Share Posted February 16, 2010 I was wondering how someone as successful as Mr. Snyder was having such "trouble" with Six Flags. Now that I realize it's only a problem for the other investors it makes much more sense now. Link to comment Share on other sites More sharing options...
ExoDus84 Posted February 16, 2010 Share Posted February 16, 2010 Interesting story. Looks like the guy maybe lost some money or is pissed off at snyder for making some money, while he lost it. On a side note... Meh, I could care less Sounds like someone is a little bitter that they didnt do enough research before investing in Six Flags.As long as Snyder can crank out those checks for the Redskins I could care less. I'm pretty sure if you could care less, then you kind of care somewhat. However, if you couldn't care less, you really, really don't care. Link to comment Share on other sites More sharing options...
HA1LV1CT0RY Posted February 16, 2010 Share Posted February 16, 2010 Interesting story. Looks like the guy maybe lost some money or is pissed off at snyder for making some money, while he lost it. On a side note... I'm pretty sure if you could care less, then you kind of care somewhat. However, if you couldn't care less, you really, really don't care. I guess we will have to wait and see if Snyder continues to write those checks :] Link to comment Share on other sites More sharing options...
SKiNz Jus 2 sick Posted February 16, 2010 Share Posted February 16, 2010 Kings Dominian RULES Six flags drules... yea kings dominion is way better Link to comment Share on other sites More sharing options...
ArmchairRedskin Posted February 16, 2010 Share Posted February 16, 2010 Dave McKenna hard at work Link to comment Share on other sites More sharing options...
Stadium-Armory Posted February 16, 2010 Author Share Posted February 16, 2010 Seems like this belongs in Tailgate. The thought crossed my mind, but I don't think so. Link to comment Share on other sites More sharing options...
Redskinzfan30 Posted February 16, 2010 Share Posted February 16, 2010 Kings Dominian RULES Six flags drules... I've never been to Six Flags but I prefer Busch Gardens over Kings Dominian. Link to comment Share on other sites More sharing options...
bedlamVR Posted February 17, 2010 Share Posted February 17, 2010 The thought crossed my mind, but I don't think so. Why is Redskins or football related ? It looks and sounds like one side of a complex litigation to which the blogger only digs out some of poiniant bash Dan Snyder points, for what ever reasons . Thing is these are allegations of business deals that are unfair are just that allegations, you should read some of the litigation I have come across . ... Sounds like it defiantly should be in the Tailgate .... Link to comment Share on other sites More sharing options...
BadKarma Posted February 17, 2010 Share Posted February 17, 2010 Pretty clear Snyder screwed over the shareholders of six flags so he could transfer over some of his bad debt. Thank god he has Redskin Nation to keep funding him or else fatass would have to kiss those juicy palm steaks goodbye and go back to eating crackers in the gutter. I really hope the bankruptcy courts throw the book at him. Link to comment Share on other sites More sharing options...
tonyriggins Posted February 17, 2010 Share Posted February 17, 2010 If 6Flags can rid itself of Snyder, why cant we? Like I said before Goodell should step in and save this team, Snyder doesnt have to be the owner! Major League Baseball did it to the Cinny Reds owner, I cant remember her name but it was like 15 years ago. Link to comment Share on other sites More sharing options...
Taylor 36 Posted February 17, 2010 Share Posted February 17, 2010 If 6Flags can rid itself of Snyder, why cant we? Like I said before Goodell should step in and save this team, Snyder doesnt have to be the owner! Major League Baseball did it to the Cinny Reds owner, I cant remember her name but it was like 15 years ago. Snyder looks to be turning the corner on how he owns this franchise. Notice, I didn't say how he runs it. If he truely stays out of the mix and lets Bruce and Mike run the show, he will be one of the best owners you could hope for. A guy who doesn't mind spending money on players his football people go out and get??? Come on. Besides, Snyder has not broken any laws or rules to get the NFL to step in. The Redskins, under SNyder's watch, have brought in so much revenue for the league, there is no way they would even think of getting rid of him. Link to comment Share on other sites More sharing options...
MassSkinsFan Posted February 17, 2010 Share Posted February 17, 2010 As a Redskins season ticket holder, I can attest to Mr. Snyder's behavior in recklessly pursuing his own self interests. Are you willing to testify in a court of law? Link to comment Share on other sites More sharing options...
MassSkinsFan Posted February 17, 2010 Share Posted February 17, 2010 If 6Flags can rid itself of Snyder, why cant we? Like I said before Goodell should step in and save this team, Snyder doesnt have to be the owner! Major League Baseball did it to the Cinny Reds owner, I cant remember her name but it was like 15 years ago. That was good old Marge Schott. She was in an entirely different league from The Dan though. She was the poster child for bad owners. After years of wanting Snyder to sell the team I'm now OK with his ownership as long as he lets Allen and Shanny run football. Link to comment Share on other sites More sharing options...
Rocky21 Posted February 17, 2010 Share Posted February 17, 2010 Are you willing to testify in a court of law? Oh, you know it. Link to comment Share on other sites More sharing options...
scruffylookin Posted February 17, 2010 Share Posted February 17, 2010 Snyder looks to be turning the corner on how he owns this franchise. Notice, I didn't say how he runs it. If he truely stays out of the mix and lets Bruce and Mike run the show, he will be one of the best owners you could hope for. A guy who doesn't mind spending money on players his football people go out and get??? Come on. Fair enough but Danny should be forced to sign a document that states if he pulls another "Marty" and cuts the chord after one season he loses ownership of the team. BTW not a serious suggestion on my part but I use it to illustrate that we should not be so quick to pat Danny on the back for "turning the corner on how he owns this franchise" at this point. He has shown that he will revert back to his meddling ways very quickly and very easily. Link to comment Share on other sites More sharing options...
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