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.
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.
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 ***
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!"
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...
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.
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.
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.
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.