New Orleans wants to revive buyout deal with Six Flags

Posted | Contributed by Jeff

Six Flags CEO Mark Shapiro told the Associated Press on Thursday that New Orleans suddenly wants his company to put a deal back on the table in spite of its well-publicized financial problems. In 2006, Six Flags offered to pay the city $10 million, donate 86 acres of land it owns in eastern New Orleans and share with the city any future insurance proceeds it collected on the park in excess of $75 million if the mayor's office would terminate its long-term lease. Six Flags valued the deal at about $14 million.

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What horrible timing for the city New Orleans to bring all this up. Everyone knows Six Flags is hurting more than ever. They should have taken care of this a long time ago

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The reason it is coming up is bankruptcy will void this contract and the city will get nothing.

Which is precisely why Six Flags has no incentive to make this deal.

Hobbes: "What's the point of attaching a number to everything you do?"
Calvin: "If your numbers go up, it means you're having more fun."

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