Six Flags' Board buckles up for a rough ride...

Wednesday, September 15, 2004 6:52 PM
...click for details or skim this summary.

Item 1.01 - Directs the corporation to cover the Boards' collective hineys if the shareholders sue them.

Item 5.03, Section 3.3 - Gives the chairman the right to adjourn a shareholder meeting at any time

Item 3.03 appears to have a few poison-pill provisions, but I don't really feel like deciphering them right now.

Next armchair analyst?

-'Playa

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Wednesday, September 15, 2004 7:03 PM
Looks like they are taking a bunker mentality and preparing for the worse.....
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Wednesday, September 15, 2004 7:04 PM
Here's what I got - 3.03 seems like it's basically setting them up so that if they're bought out or taken over, they retain some sort of control with the rules that are already in place.

1.01 definitely is a cover your ass because you're getting sued soon ...

Not much else. Legalese is making my head hurt.

I think it's a defensive movement by the company against a buyout or hostile shareholders (i.e. - Bill Gates or the guy from the Redskins) but I don't know if it's just being forward-looking or actually reacting to a situation, that part's impossible to tell. It does show that they're trying to take the initiative though, which again could be good or bad depending on if the first moves have already been made ...

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Wednesday, September 15, 2004 9:34 PM
Ahhh...The proverbial circling of the wagons!
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Wednesday, September 15, 2004 9:36 PM
Okay, I've read this and don't understand what any of this really means? Does this mean Burke is in big trouble, the company is at risk for a takeover by another company? What?
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Wednesday, September 15, 2004 9:55 PM
I think it means the shareholders/investors might file a suit against SFI if things don't improve & Gates/Snyder will be the first two investors out of the gate to "lead the charge" so to speak.
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Wednesday, September 15, 2004 11:37 PM
I always thought .08 was the legal limit in most states these days? Oh, wait...sorry. Wrong thread ;). Still recovering from vacation.
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Thursday, September 16, 2004 12:32 AM
I don't think this is anything too terribly interesting...yet.

From what it looks like to me, since there has been a lot of heated talk lately about SFI management, the officers are just protecting themselves in case a lynch mob arises.

This is why Burke postponed a shareholder meeting until he could meet with his lawyer.

The other half pretty much sets them up for an acquisition or merger, IF they decide to do so.

So this is pretty much just an ass protecting measure, nothing else. It's not a sign that they're doing anything but worrying about the bad press they have been getting.

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Thursday, September 16, 2004 11:58 AM
^Let's not forget that Burke refused to even meet with Snyder or Gates to discuss the topic of any possible sale or merger.
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Thursday, September 16, 2004 12:33 PM
I'm not totally sure why he met with his lawyers. I think his main priority was to save his butt in every way.
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