Q Funding calls out Dick Kinzel in SEC filing

Posted Friday, October 15, 2010 9:44 AM | Contributed by Jeff

Q Funding, the largest unitholder of Cedar Fair, said in a proxy statement that it wants to solicit votes to separate the roles of CEO and chairman of the board, and reinstate the distribution. The filing calls out Dick Kinzel, the current CEO and chair, for making "questionable decisions." The filing also says that Kinzel's hand picking of the board results in a "country club atmosphere," and that separation of power is essential to proper corporate governance.

Read the entire filing on the SEC Web site.

Friday, October 15, 2010 9:46 AM
Jeff's avatar

This is awesome beyond words, and I give them a ton of credit for doing their due diligence and getting people on the board and seeing what goes on before starting to throw around demands. They've got a solid position now. I'm amused at the inflammatory terms like Kinzel's "reign," as if to suggest he has been a king. Hardly far from the truth.


Jeff - Webmaster/Editor - CoasterBuzz.com - My Blog - Twitter - Video

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Friday, October 15, 2010 9:52 AM
Tekwardo's avatar

Though it isn't against the rules, I'm against a CEO being Chairman of the board, unless it's in cases where the CEO/Chairman maybe started the company and is the majority holder. That's somewhat different, but not completely.

Dick needs to be one or the other. Let him be Chairman. Let him be CEO. But not both.


cebeavers.tumblr.com

Don't cry because it's over, smile because it happened.

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Friday, October 15, 2010 9:55 AM
birdhombre's avatar

I don't know if I find it amusing or scary that a CBuzz thread was cited as evidence that people were concerned about the mystery surrounding Jack Falfas' departure. :) I agree though, it's refreshing to hear this.

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Friday, October 15, 2010 10:06 AM

Wow, thats harsh.

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Friday, October 15, 2010 10:06 AM
Tekwardo's avatar

I read thru most of it, and I have to say, I'm 100% behind Q fundings (Not that it matters, I'm not a shareholder).

Granted, now that Dick has so much power, and his son is the GM of my home park, changes could result in less for Carowinds, but the Company as a whole deserves a chairman that knows how to be a chairman. Even Q mentions they seem to think Dick is a decent CEO.

He just has too much power.


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Don't cry because it's over, smile because it happened.

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Friday, October 15, 2010 10:23 AM

I agree the the roles of chairman and CEO should be separated but some of the justifications in that filing are pretty comical and strike me as being middle-school-esque.

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Friday, October 15, 2010 10:58 AM

Tekwardo said:

Granted, now that Dick has so much power, and his son is the GM of my home park...

Oh, you mean Kim Jong Kinzel? ;)


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Friday, October 15, 2010 11:15 AM
mlnem4s's avatar

Ensign Smith said:

Tekwardo said:


Granted, now that Dick has so much power, and his son is the GM of my home park...

Oh, you mean Kim Jong Kinzel? ;)

Rotflmao, that one is so good!

As word of this is getting out I know there are a lot of current and former Cedar Fair employees who have the brightest smiles on their faces. Maybe there is hope afterall!

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Friday, October 15, 2010 11:42 AM
Tekwardo's avatar

Maybe it should be Dick Kinz Jong el?

That was funny, though, seriously :).


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Don't cry because it's over, smile because it happened.

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Friday, October 15, 2010 12:04 PM
ApolloAndy's avatar

Well now Dick can get back to "just running the parks."


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Friday, October 15, 2010 12:32 PM
Jeff's avatar

Oh, that's hilarious... I didn't see the footnote referencing CoasterBuzz. Well if you read something here, there's obviously reason for concern. ;)


Jeff - Webmaster/Editor - CoasterBuzz.com - My Blog - Twitter - Video

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Friday, October 15, 2010 12:36 PM

Wow, the only thing missing in that filing was calling Dick out for nepotism. This doesn't come as a surprise. I figured we would be hearing more from the two new board members. If me, as a casual, somewhat informed observer could see the root of the problems from my distant perch than being inside must be quite the spectacle.

I only witnessed firsthand Dick's leadership style a few times but I was close enough to see these things happening 15 years ago. I'm glad some of this is getting out in the open.

Not sure I would have referenced Cbuzz in the filing. That sounds a bit amateurish. But, in the "new media" I guess I don't know what is proper and what is not.

At first glance it would be easy to think that the unitholders would just look past this if for no other reason than apathy. But, with the lack of the distribution and the recent news of a very modest one returning there might be enough people out there for some embers to start burning. My father in law was probably someone who would have just turned the page until recently. He is one who was caught off guard by the cessation of the distribution and he also showed up at the State Theatre for the meeting the was cancelled at the 11th hour. Those moves have made him take a closer look at Dick's leadership and this move by Q funding might be something he will buy into.

I'd like to think Dick is a bit worried about all of this. But, I'm not sure I give him that much credit. I do suspect there are some employees on the inside that are going to be watching this all with keen interest.

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Friday, October 15, 2010 4:03 PM

Percentage wise how many shares does Mr. Kinzel own?


-Brent Kneebush

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Friday, October 15, 2010 4:57 PM

Kinzel is 3%. Q funding is in the high 20s.

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Friday, October 15, 2010 10:52 PM
Jeff's avatar

Someone made an interesting point to me tonight. It's unlikely that this came out of the blue. I think the Q folk made the suggestion already that Dick should not be his own boss. I mean, it almost makes sense that the suggestions were made and blown off, forcing this filing. Speculation on my part, but from what I hear of Kinzel these days, plausible.


Jeff - Webmaster/Editor - CoasterBuzz.com - My Blog - Twitter - Video

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Saturday, October 16, 2010 12:00 AM

It reminds me of a little league small potatoes version of the end of Eisner. Maybe Kinzel can have a canceled TV show too?

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Saturday, October 16, 2010 12:59 AM

wahoo skipper said:
Not sure I would have referenced Cbuzz in the filing. That sounds a bit amateurish. But, in the "new media" I guess I don't know what is proper and what is not.

I think the point is to show that there was more discussion of the resignation of the #2 man in the company on an internet forum than came from the company itself. That is unbecoming a company with nearly a billion in revenue.

I wonder what the percentages are/were of unitholders who chose to receive their distribution in cash as opposed to reinvesting and purchasing additional shares.

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Saturday, October 16, 2010 2:32 AM

For some reason, when I picture Dick Kinzel and Cedar Fair headquarters, episodes of the office began to run through my head...


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Saturday, October 16, 2010 9:26 AM

RGB...if there is a lawsuit involved then I suppose there wasn't much DK or CF could say about Falfas.

In fact, if Jeff is right and the suggestion had been made already I wonder if Falfas was part of that discussion...and if that played into him no longer being employed.

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