Red Zone execs are named to Six Flags board

Posted Tuesday, November 29, 2005 1:12 PM | Contributed by coasterguts

Six Flags, Inc. announced today that the results of Red Zone's consent solicitation have been certified by IVS Associates, Inc., the independent inspectors of election, and that all of the proposals that were the subject of the consent solicitation have been adopted. As a result, Messrs. Daniel Snyder, Mark Shapiro and Dwight Schar have become directors of Six Flags, replacing Messrs. Burke, Dannhauser and Shuman, and Red Zone's other proposals, including the amendments to the Company's By-laws, have been adopted.

Read the press release on Yahoo.

Tuesday, November 29, 2005 1:29 PM
I love the sound of that...

I just keep rereading it.

W00T!

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Tuesday, November 29, 2005 1:53 PM
I just got another revocation form yesterday. I guess I don't need to send it in.

Personally I don't think this is good news. What works for a sports team isn't necessarily going to work for a chain of amusement parks. Many of the "new ideas" that Snyder has come up with are things Six Flags was already doing.

I can see prices for everything going up. I guess I better get my season pass now.

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Tuesday, November 29, 2005 1:56 PM
"Many of the "new ideas" that Snyder has come up with are things Six Flags was already doing. "

According to who? Burke and Company?

My personal opinion is we've seen only what Burke and Co. want us to see.

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Tuesday, November 29, 2005 2:02 PM
I've read the press releases from Red Zone. They want to partner with providers and Snyder wants to provide exclusive contracts. That's already been done. We already have Coke products throughout the park, The "Ozarka" flume ride, Ben & Jerry's Ice Cream stands, a Six Flags Credit Card. Reliant Energy is the official supplier to SFOT. These are not new ideas.


*** This post was edited by Jeffrey Seifert 11/29/2005 2:05:20 PM ***

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Tuesday, November 29, 2005 2:04 PM
Which song by The Who is it that has the lyric, "Meet the new boss, same as the old boss" - It's escaping me right now.

I think it'd be fun if that was the music for the podcast, just for this week. ;)

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Tuesday, November 29, 2005 2:10 PM
Well, in the true form of any college basketball fan (well, at least any fan here at the Univ of Maryland) I sing in response to this news... "na, na, na, na... na, na, na, na... hey, hey, hey... goodbye!"
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Tuesday, November 29, 2005 2:25 PM
"Won't get fooled again"

And yes I am glad to see Burke and Co. gone but will Snyder et al actually help? We can only wait and see and don't expect it to be the 2006 season everything hits.

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Tuesday, November 29, 2005 3:09 PM
I'm scared.

Burke had been doing a nice job since Story left. Things were slowly starting to turn around (Not speaking of money, just things in park) and now we have to worry again.

I hope everyone likes outsourcing a lot.

Things got better when we stopped outsourcing so much. Now we're going to outsource all concessions, which is pretty much where we make all of our money.

Hope we get some good contracts, and decent companies to come in and do so.

There was talk that our Retail and Foods department would pretty much disappear, but I guess only time will tell.

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Tuesday, November 29, 2005 3:17 PM
Maybe Snyder will put some pizzaz into SFA? I can only hope.
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Tuesday, November 29, 2005 3:30 PM
Xander...being in TX, I think you may have *impressions* of SF that on the whole aren't necessarily true at other parks. Certainly there ARE other good parks, such as SFGAm, SFoG, SFFT, etc....but the majority are NOT run that way.

Sadly, SFoT is more the exception than the rule. Had SFoT been the norm, SFI would be selling at 12-15/share, minimum, and we never would've heard the name Dan Snyder except in the context of the Washington Redskins...

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Tuesday, November 29, 2005 4:17 PM
Pizzaz into SFA? I'm sure, in the form of $800,000 homes. The area around SFA has become very valuable, and no matter how much you may think PG County loves having the park as far as tax revenue, etc., the truth is they would much rather have anything else. My father-in-law is an Assist PGFD fire commissioner, and as such is privy to some of the behind the scenes planning and zoning board meetings and has told me that given the choice between an amusement park and homes/shopping/retail use of the land, the county wouldn't choose the amusement park. And do you think it a coincidence that Snyder picked a real estate developer and a guy that helped create the ESPN Sports Zone entertainment venue in Baltimore to sit oh his board? I hope I'm wrong, but I have a feeling that we'll be seeing some of our favorite parks replaced by condos and shopping centers.
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Tuesday, November 29, 2005 5:28 PM
I think, either way, we're going to get a Hooters on the property at SFA. Why not? There's one inside Fedex Field. ;)

*** This post was edited by coasterguts 11/29/2005 5:29:01 PM ***

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Tuesday, November 29, 2005 6:45 PM
Rescue, I agree. I bet we will see some SF parks disappear. :(
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Tuesday, November 29, 2005 6:49 PM
FYI: Just because Snyder and it's 2 other associates are on the board with him, does not give him control of Six Flags. Six Flags still has 4 other members on the board. The old board still has control over the company. Which means anything can still happen, including the sale of Six Flags. Also Burke is not gone from Six Flags. Burke is still the CEO of Six Flags. As well as Dannhauser is still the CFO of Six Flags.
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Tuesday, November 29, 2005 7:09 PM
I thought that part of the solicitation put Shapiro in as CEO, and if that's the case, Burke is out.
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Tuesday, November 29, 2005 7:14 PM
Correct me if I'm wrong here Carlo18 but Snyder intends to replace Burke as CEO so if what we're hearing now is true then it means that Burke no longer has any job within SFI & Snyder is simply filling Burke's original CEO position ASAP.

I thought they had until december 24th to vote on the measure first pending any new corporate management changes even though most stockholders have already voted Burke & CO. off the proverbial island so to speak.

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Tuesday, November 29, 2005 7:15 PM
From what I've been reading, Jeff, it seems Burke is still in charge of running the company until the board votes to kick him off. Hence the reason Dan Snyder was trying to get three seats on the board. I think if 57% of the shareholders voted to remove Burke and Co. then there shouldn't be a problem of ousting him completely.
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Tuesday, November 29, 2005 8:27 PM
So will SFAW be saved? If anything I'm excited to see some activity with SF. Snyder may not be the man but he's got to be better than the old idiots.
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Tuesday, November 29, 2005 8:45 PM
I don't see Snyder doing much building, maybe tearing, but not building or saving.
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