Travis Kelce partners with Jana Partners to influence Six Flags

In my experience, the Q&A for other companies is similar. Analysts asking questions know management and often ask questions which allow management to pat themselves on the back (which they typically just did during the management discussion). You don't often see analysts asking challenging questions. Unfortunately. Though management has some limitations on what it can/will say in earnings release calls.

Dave Habiger is leaving the Jana/Kelce group to "pursue another complementary opportunity with the Company."

https://www.investing.com/n...CH-4355341

He may become directly involved with the company. Board seat?

Habiger replacing Bassoul or Zimmerman?

Kelce and Jana most likely bought their shares after the big dip in September. That would charitably put their purchase price at ~$23.50 average (very rough math). That means with this past Friday’s close at $14.60, they are down roughly 37%. That’s a loss of ~$70 Million to date, give or take $10 Million.

That’s got to sting, and might force their hand to behave differently than the “I’m a fan” narrative they spun when the investment was announced.

11/17: Stock breached the $14 dollar mark this morning, dropping nearly 5% in morning trading, while the general market is down only slightly.

Stock is down ~13% over the last 5 days. Lack of ANY good news from the company is not helpful (though I'm not sure what they could say). The prospect of no rate cut in December is probably weighing on the stock as well as their other issues, but either way, here we are.

I would caution anyone to do your own diligence if you decide to jump in here.

UPDATE: 1:53 pm EST. Stock is down $1.00 today, almost 7%.

YIKES

Update: 3:19 pm EST. While the rest of the market nose-dived, FUN recovered somewhat, now only down ~5%, or $0.71 as of this update.

GoBucks89:

Analysts asking questions know management and often ask questions which allow management to pat themselves on the back

This is one of the continuing failures of American business. These sessions should be so painful for mgt, because they should be asked all kinds of pointed, serious, and probing questions. While companies are limited in what they can say, the questioners should be on their game.

The fact that they're not, and these sessions are rarely more than softballs, is a crime.

That's because they want to be invited to participate in the next call. I'm sure they're screening and picking who is friendly.

On Friday, 11/14, Land & Buildings confirmed that they now hold 1.59 MM shares.

https://www.tipranks.com/news/the-fly/land-buildings-reports-new-1-59m-share-stake-in-six-flags-thefly

Not a significant investment on its own, and certainly not enough to demand a board seat, or similar, but their disclosure is not to be ignored. The fact that they've now lost a big chunk of money on their "investment" will no doubt cause them to double down on their efforts to demand change.

Here's their pitch back in September, when the stock was worth $21.29.

https://www.businesswire.com/news/home/20250925248557/en/Land-Buildings-Issues-Letter-Detailing-Why-Now-Is-the-Time-to-Finally-Unlock-Six-Flags-Substantial-Trapped-Real-Estate-Value.

The stock is down 37% from that date (~$13.51 at time of this edit), which, assuming real estate prices and/or value from a Sale Lease Back is unchanged, makes their argument that much more persuasive.

Make no mistake, they are not going to stop with their push for a sale/leaseback or similar OpCo/PropCo deal. This is their 3rd run at convincing Six Flags, having tried twice before prior to the CF merger. It's going to be harder for current management to argue against it.

It will be a benefit to shareholders (at some point), but will be the death knell for the company, and a huge loss for our hobby.