Snyder named chair of Six Flags board, directors still looking to sell company

Posted Thursday, December 1, 2005 2:38 PM | Contributed by Jeff

ix Flags Inc. on Thursday said its board unanimously named dissident investor Daniel Snyder as non-executive chairman as the amusement park operator weighs restructuring or selling to an outside bidder. "All directors are committed to continuing the sale process," Snyder said in a statement.

Read more from Reuters.

Thursday, December 1, 2005 3:06 PM
I was wondering if they'd continue the sales process the other day. This is very interesting (and probably good) news.
Thursday, December 1, 2005 3:39 PM
It sounds like "good news" is going to be a very relative term in all this. This is NOT going to be good news for everyone.

It also confirms the notion that it wasn't the potential sale that Snyder objected to, but rather Red Zone not being a part of it. I smell the division/split of parks coming.

.*** This post was edited by DWeaver 12/1/2005 3:39:45 PM ****** This post was edited by DWeaver 12/1/2005 3:41:47 PM ***

Thursday, December 1, 2005 3:41 PM
it's not good news if you like coasters. chances are, with snyder getting a larger role in who buys the company, he will favor bidders who share his beliefs (too coaster-centric, not enough for the family with small kids to do, etc.). he could just sell it to an investor who likes his plan and lets him go to it.
Thursday, December 1, 2005 5:30 PM
Why is everyone so low on Snyder? Six Flags DESPERATLY needs a shot in the arm... Snyder has proved to be a competent businessman in multiple fields (the Redskins, while not performing the best on the field, are far and away the most profitable team in the NFL).
Thursday, December 1, 2005 5:58 PM
Jeff's avatar Anyone that says they don't have a "road map" for their business doesn't strike me as competent, only lucky.

I have to say I'm surprised that he still wants to go through with the sale. My distinct impression was that he wanted on quickly for the purpose of stopping it.

Thursday, December 1, 2005 6:09 PM
Lord Gonchar's avatar

I have to say I'm surprised that he still wants to go through with the sale. My distinct impression was that he wanted on quickly for the purpose of stopping it.

Yeah, mine too. This situation gets a little weirder with each news story.

What exactly is his angle?

Thursday, December 1, 2005 6:48 PM
sirloindude's avatar No one knows. That's the problem. Much as I'm glad to see someone stepping in, I'd kinda like to know what they're planning on doing. I'm hesitant to support someone whose not in it for the parks as much as the cash.
Thursday, December 1, 2005 6:49 PM


"(no S?)ix Flags Inc. on Thursday said its board...."

Thursday, December 1, 2005 6:59 PM
Well, what most successful business people who "fly by the seat of their pants" do is surround themselves with experts who *do* have a solid plan. It's not as if Snyder will be doing this on his own. There are other board members and perhaps a new company partnership who will also have ideas of their own.
Thursday, December 1, 2005 7:29 PM
True, but you still at least have to have a general idea of where you're headed and what you want to happen. Anything else, as Jeff said, it just incredibly lucky. Even if you're surrounding yourself with competent people, it's not good enough to just go with the flow and make it up as you go along. Even if that roadmap is "Well, [name] is an expert in [field] so I'll trust his instincts", at least there's direction. Although with that kind of attitude, why not just have [name] as the top exec?
Thursday, December 1, 2005 7:37 PM
All this is just speculation though. No one here knows for sure that this guy doesn't know exactly what he wants to do.
Thursday, December 1, 2005 8:52 PM
I think Snyder wanted to be in the board because he wanted to make sure that they make a good profit for the sale or it could be after he was let in on the news on how much people are willing to pay for Six Flags he jump right in and decide to sell because he will make lots of money off the sale.
Thursday, December 1, 2005 8:54 PM
Well some unknowns are how far along the sale process was and how much the major shareholders wanted the sale. I'm sure these factors play a big role in Snyder's decision.
Thursday, December 1, 2005 9:53 PM
But so far, what we know about the people Snyder has surrounded himself with are that one was a bigwig at ESPN and the other is a home builder. How that translates into managing amusement parks is beyond me.
Thursday, December 1, 2005 10:07 PM
the one good thing is that there are 3 people on Snyders side and the 4 others are part of the origianl board. So, hopefully the 4 origianal board members will stick to their guns and not let the Snyder crew become top execs
Thursday, December 1, 2005 10:31 PM
So if the chain sells, what happens to Snyder? Is he gone then too?
Thursday, December 1, 2005 10:32 PM
Jeff's avatar Uh, if there was any division on the board, they wouldn't have elected him chairman.
Thursday, December 1, 2005 10:36 PM
RatherGoodBear...I think you hit the nail on the head...It doesn't translate into amusement/theme park management team. I think what it does translate into though is a team that is waiting in the wings to sell off parks and/or excess property for development into housing/retail/entertainment venues.
Friday, December 2, 2005 6:23 AM
I wouldn't worry to much about Dwight Schar unless you live in the NE. NVR, the company Dwight is chairman of, is mostly a NE homebuilder. They build homes in Maryland, Virginia, West Virginia, Pennsylvania, New York, New Jersey, Delaware, Ohio, North Carolina, South Carolina and Tennessee under the names of Ryan Homes, NVHomes, Fox Ridge Homes, and Rymarc Home.

RGB there are a number of successfull business people that have led major corporations in which they didn't have any experience managing.


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