If Six Flags folds... which would survive?

Well, after the bought GL (formerally known as SF: Ohio), the DID change the name back.

Jeffrey Seifert said:
You are correct Touchdown. SF Inc. only owns 34% of SFOT. The majority of the park is owned by the the Six Flags Texas Fund Limited, and SF Inc. has a contract to manage the park. After paying a management fee, part of the profits from the park go back into capital expenditures. New assets become property of the holding company (less the 34% owned by SFI). The situation is similar in Georgia.

The lawsuit from the group that owns SFOG was against SF Inc. for among other things, selling them the Schwarzkopf Shuttle Loop from SFGAm a couple of years ago at a price that was much higher than the market value. The suit also claimed SFI was witholding new capital such as a BTR because they were trying to lower the value of the park in an attempt to purchase it for themselves. They won that suit.

And it was because of this lawsuit that TW first sold out to premier parks back in 98 to begin with.