Posted Wednesday, November 9, 2005 1:22 AM | Contributed by Jeff
Amusement park operator Six Flags Inc. said on Tuesday it expects to receive final takeover offers from financial and strategic suitors by early December, with a final decision made by year-end. CEO Kieran Burke again urged investors not to support a group seeking to take over the board and instead wait for Six Flags to finish the process of selling the company.
Why would any shareholder in their right mind trust a guy who did his utmost to tank the stock a few short months ago with his lil' public rant that he was gonna dump it? How crazy is that?
Burke and Co. are beginning to sound more and more desperate and demanding in their e-mail messages.
I just want to add, even though I've defended Red Zone in this thread, it doesn't mean I want Snyder either. As a Redskins season ticket holder I know what kind of tricks Snyder is capable of pulling. I'm for a change at SF and I want to make sure Burke doesn't get one penny out of a sale. If that leaves only the Snyder option, so be it.*** This post was edited by coasterguts 11/9/2005 5:58:40 PM ***
I say Tigris is actually the CPO. Fancy webpage to follow real soon-like!
*** This post was edited by CoastaPlaya 11/9/2005 6:08:43 PM ***
Why do peeps keep using this line as an dis to SFI. Was I the only one that noticed all the bad weather all around the U.S for the past 2 years. Surely I'm not the only that live in Southern California that saw a more than average amount of rain that ruined attendance at all parks not just Six Flags and all of the numerous hurricanes that ravaged the gulf and eastern seaboard. Remember what happened to SFOG, a great amount of the park was completely under water. Surely you can see how this would affect attendance.
Someone also commented on the various things other than coasters that SFI needs. Well, also in the filings they also mention that included in the budget they will be doing a lot of landscaping and repainting of rides. I know at Six Flags Magic Mountain they are preping Viper and Deja Vu for repainting before this season ends. SFI are actively fixing past mistakes and I commend them on their current efforts.
Playa, this is what I think makes Burke and Co. sound desperate and demanding:
Stockholders should not sign Red Zone's white consent card. If stockholders have previously signed a white consent card, they may revoke that consent by immediately signing, dating and mailing the BLUE Consent Revocation Card being sent to them. Stockholders may support their current Board by signing, dating and mailing the BLUE Consent Revocation Card as soon as they receive it.
Also, Playa, I'm not familiar with the initals CPO, please explain?
*** This post was edited by coasterguts 11/9/2005 7:27:17 PM ***
But the question is...how do they get to that place, and who's most qualified to take them there? The things you mention don't just happen by magic. Someone's got to have the patron's best interest at heart. All these business heads don't impress me. Snyder (at least so far) is the only one to come forth with language that makes sense to me. Everyone else is just spouting numbers and playing the blame game.
Actually, the Premier Parks team of Gary Story and Kieran Burke DID make this debt primarily through the acquisition and rebranding of parks. In 1996 before PKS bought the chain, Six Flags had only 12 parks in 8 locations. Now they've got over double that.
As far as the debt is concerned there is information that Six Flags owns large amounts of land in other states that in undeveloped. I once heard a tall tale of the company buying a ridiculous amount of land in Michigan where the heigh varience is 75 feet, making the land useless for development! Again I call this a tall tale, but who knows.
I really think the end result will be a feeding frenzy where many different parks go to many different owners. This after a new owner is announced...who then sells off other parks. Cedar Fair making a bid seems more of a posistion move to see the Six Flags books. If Cedar Fair did buy the chain I would be concerned. Does Cedar Fair have the human resources to put in place at that many parks to raise standards?
Again I don't know, but I think we are looking at one of the most exciting off-seasons of all time.
Actually, the Premier Parks team of Gary Story and Kieran Burke DID make this debt primarily through the acquisition and rebranding of parks.
No, Premier already owned most of the parks they rebranded. The $2 billion in debt was there for whoever chose to purchase the chain from BV and Time Warner.
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