Posted Friday, January 19, 2001 8:26 PM | Contributed by Josh the coaster freak
The state's top court on Thursday refused to hear Time Warner's appeal of a record $454 million verdict over alleged mismanagement of Six Flags Over Georgia amusement park will not be heard by state's highest court. Investors alleged that Time Warner, the former owner of the Six Flags park, sought to reduce the park's value in order to acquire it.
Read the AP report on Yahoo.
Friday, January 19, 2001 8:40 PM
That certainly helps...
Life's too short! Let's go ride some coasters!
Saturday, January 20, 2001 5:15 AM
Hopefully now the park will begin to get some of the good rides it deserves!
Josh the coaster freak
Saturday, January 20, 2001 6:01 AM
From what I've read, ALL of the money is SFoG's, not Six Flags Inc. If that is true we should start to see a lot of new and good rides at SFoG before long. $454 million will buy a lot of rides!
What is life without ups and downs!?!?
Saturday, January 20, 2001 6:15 AM
The money is going to investors. The current Six Flags Inc. has absolutely nothing to do with the suit in any way.
Webmaster/Admin - CoasterBuzz.com
Saturday, January 20, 2001 6:38 AM
Since that is the case, could the suit be carried over to Six Flags Inc., since they are now the rightful owner?
Saturday, January 20, 2001 7:09 AM
I remember back in 1998 I cut out every newspaper article I could find on the SFoG lawsuit. I can remember the first day that it appeared in the newspaper. My mom woke me up for school and in her hand was the article and I knew that someday when everything was settled they would be able to use that money and TODAY IS THAT DAY.
The possibilities are pretty much endless. This can improve their park so much. I think that we will see a whole new theme park emerge from the shadow of SFoG. They might start by raising pay because its only 5.75 an hour and I think that’s why they are so understaffed. I think that they have set aside plans or an outline of what they want to do with the money if they got the chance to use it.
Improvement could start to take place as soon as the end of the 2001 season and I think that we can look forward to seeing new attractions on a normal basis. Also Improvements on rides all around would be nice. They will also probably be in the position to buy a lot of new land and I see them taking some of the offers. Maybe we can look forward to seeing a new tram from the parking lot to the entrance.
The downside to this might be an admission and season pass increase. Only time will tell and I think the next decade will be really exciting for SFoG.
Saturday, January 20, 2001 9:47 AM
Don't expect to see this money going towards sfog i realized that jeff is right. The park will start improving of course or else this mess will happen again, but like jeff said, the money is going to the stockholders. The stockholders were the ones that sued because the value of their stocks were going down from the neglection of the park.
Saturday, January 20, 2001 9:55 AM
I think this is a great park with an arsenal of rides that are instantly likeable. I hope the future brings rides that will set records along with unique one-of -a-kind coasters!
Alabama needs more parks
Sunday, January 21, 2001 5:05 PM
What does this mean? I dont get it. Can someone please tell me what just happened.
Have you ever had that feeling that you've been here before? Cedar Point 2002...
Wednesday, January 24, 2001 12:51 AM
The only thing I can figure is that Time Warner lost an appeal to overturn a previous judgement at the Supreme Court level. And another group of Investors are now 454 million dollars richer.
I don't know anything about this lawsuit.
How did Time Warner reduce the park's value anyway?
Wednesday, January 24, 2001 3:39 AM
The state's supreme court wouldn't even hear the case, leaving the earlier ruling to stand.
Time Warner bought adjacent property that they would never sell. In doing that, the park could not expand. A park that can't expand isn't worth as much, so it drives its value down. When the value is driven down, it was cheaper for Time Warner to buy up the percentage they didn't already own. Of course, that leaves the other investors with a crappy investment.
Webmaster/Admin - CoasterBuzz.com
Thursday, January 25, 2001 5:28 PM
Well, patience paid off in this case. Man, did it pay off.