Posted Friday, December 12, 2003 11:58 AM | Contributed by Jeff
Cedar Fair announced fourth their quarterly cash distribution today, and also announced restructuring to the board. A seven-member board with staggered terms will be formed, where unit holders will elect each member. In connection with this new board, the general partner, Cedar Fair Management Company, will be replaced by a new general partner.
Read the press release from Cedar Fair.
Friday, December 12, 2003 1:55 PM
Hmmm, interesting turn of events. I will have to digest this information before commenting too much. I am sure the vote of the unitholder will be weighted based on the number of units you own. Thus, the powers that be today are likely to be the major players tomorrow.
In other words, my relatively meager holdings aren't going to put me in a position to nominate and vote for myself! :-)
Friday, December 12, 2003 4:34 PM
I suppose one upside of this is that if large, institutional unit holders don't like who the board chooses to replace Kinzel, they can do something about it.
Red Garter Rob
Saturday, December 13, 2003 9:55 AM
.. but it will also allow the removal of someone as well if need be. It's alot harder to do that right now.
Monday, December 15, 2003 9:18 AM
re- structuring goes on all the time at the cedar fairs offices. Nothing new. I have seen this going on for years not a big deal...
Monday, December 15, 2003 9:49 AM
Every time you post something you make yourself sound like you don't know what you're talking about. This changes the fundamental structure of the partnership and the way it's governed. It is
new and it has nothing to do with what goes on at the "office."