The rides at Six Flags New Orleans

/\ Who are you making fun of?

Not you, Krax.

coasterguts said:
Yeah but if the insurance adjusters total a ride, don't they own the ride and the ride is then their ride to do whatever they want to do with it?

I'd imagine it works the same as homeowners insurance...which I've *become* knowledgeable about. When they "total you out", all that means is they pay up to the coverage limit, and then it becomes YOUR problem. The insurance company doesn't take possession, or any further responsibility. But any and all repairs are then between the insured and their contractor(s).

I got news for everyone who is talking about insurance. No one, I repeat, NO ONE down here has any type of flood insurance. I've yet to meet a single person who has it for their home or business, and I know a lot of people that are WAY richer than I could ever dream of.

#1 is finding an agency who will sell it to you. Most won't. Not in south Louisiana, and especially south of lake Ponchatrain (which SF is). #2 is that if you find someone who will sell, the price is astronomical.

Now...if a tree or projectile hit something on SF property, I'm sure they are covered. BUt all that stuff sitting in water, be it a building, ride, etc. They're probably not going to get a penny from their insurance provider. SOmeone please correct me if I'm wrong.

Real Cbuzz quote of the day - "The classes i take in collage are so mor adcanced then u could imagen. Dont talk about my emglihs" - Adamforce

Peab,
Isn't that why there's a national flood insurance program?

$400 annual premium per $100,000 of coverage sounds pretty cheap to me.

http://www.washingtonpost.com/wp-dyn/content/article/2005/09/03/AR2005090300247.html?nav=rss_business/government

"I've been born again my whole life." -SAVED

Does that apply here? Everyone talks about flood insurance like it's darn near impossible to get here.

Real Cbuzz quote of the day - "The classes i take in collage are so mor adcanced then u could imagen. Dont talk about my emglihs" - Adamforce

Qouth Swoosh

.....It was a category 4 hurricane and the park did not get the blunt of the storm ...

So in addition to causing widespread destruction Katrina was handing out cannabis? That b*tch!

Fate is the path of least resistance.

Considering that Six Flags doesn't own SFNO... they won't be running off with any rides or checks. They have the exact same lease agreement as SFMW. The City's Industrial & Development board owns everything, EVEN the new for 2005 rides such as Batman. Look in the SF company prospectus, it's there I swear by it.

I think Six Flags may be abandoning that sunken ship though and the city may have to end up dealing with it (as if they don't have enough to deal with!).

New Orleans WILL return, better than ever.

BTW It is possible to get flood insurance in certain areas. I know the Superdome had $100 million in coverage. Hopefully that and federal aid can get the park running again. But in my opinion, ONLY if they get the levee issue fixed. This whole flood issue should have never happened. The surge in the NO area was probably less than a Cat. 3 storm, which is what they CLAIM they can withstand.

*** Edited 9/13/2005 8:00:15 PM UTC by Cameraman***

^^Antuan - that was funny and appropriate how?

Swoosh...."blunt" vs. "brunt"...;)

You don't get much Snoop Dogg in the Midwest, huh?

No, we pretty much stick with the homeboys out of St. Louis. Snoop isn't even played on the local stations to be exact. Weird now that you mention it.

Cameraman said:
Considering that Six Flags doesn't own SFNO... they won't be running off with any rides or checks. They have the exact same lease agreement as SFMW. The City's Industrial & Development board owns everything, EVEN the new for 2005 rides such as Batman. Look in the SF company prospectus, it's there I swear by it.

Okay, then that means SF is only the management company and it should up to the board as to whether or not the park reopens.

BTW, SF had to dump $25 mil into the park. Who owns the $25 mil worth of attractions they added.

A day at the park is what you make it!

As crazy as it sounds, under the lease terms and agreements, even the $25 million in investments becomes property of the City of New Orleans Industrial and Development Board. I was pretty stunned and surprised that they would agree to this. But you can read it for yourself in a Six Flags company prospectus. I think the city was thinking in the future if Six Flags decide to uproot and then leave the park at square one. Though given the disaster, the park is probably at square negative one hundred at this point. Unfortunately I can't access the link to the company prospectus at the moment as I am not using my own computer.

Yeah I'm one of those displaced persons.
I do have a home to go back to though ;) ...eventually.

I don't think it would really help.

So what you are saying, Cameraman, is that SFI could just up and leave SFNO and not have a care in the world? Works for me.

Cameraman said:
The City's Industrial & Development board owns everything, EVEN the new for 2005 rides such as Batman.

From Six Flags:
We lease, on a long-term basis, the land on which the park is located together with most of the rides and attractions existing at the park.

Notice *most* of the rides and attractions. My guess is the new ones - the ones Six Flags purchased - belong to Six Flags.

-Nate

Update. On the news, I heard that it may be 5 years before New Orleans fully recovers from the hurricane, so SFNO, just call the park a total loss and sell the rides to other parks.

This is from Six Flags' 2004 Annual report, page 66-67

On August 23, 2002, we acquired Jazzland (now Six Flags New Orleans), a theme park located outside New Orleans, for the assumption of $16,820,000 of pre-existing liabilities of the park and aggregate cash payments of $5,415,000.
The prior owner of the park had sought protection under the federal bankruptcy laws. We agreed to invest in the park $25,000,000 over the three seasons commencing with 2003. As of December 31, 2004, this obligation was satisfied.
We lease, from the Industrial Development Board of the City of New Orleans, on a long-term basis, the land on which the park is located, together with most of the rides and attractions existing at the park on the acquisition date.
Pursuant to this lease, the Industrial Development Board automatically acquires title to and becomes the owner of all rides, attractions and other leasehold improvements funded with our $25,000,000 investment or with other amounts we invest at the park, subject to all of the terms of the lease. We also own a separate 66-acre parcel available for complementary uses.

So, Batman, Jester and all rides that were in place prior to 12/31/04 (approximately) are property of the Industrial Development Board...not Six Flags. *** Edited 9/14/2005 1:19:39 PM UTC by redman822***

--George H

Interesting that Six Flags agreed the city will own everything funded with that $25 million, what a boneheaded move.

not really. Sure looking back at it after the hurricane, sure, they don't own much - if anything at the park now.

But at the time, it would appear that they had made a good deal. For a combined $47.2 million ($5.4MM cash, $16.8MM debt and $25MM upgrades) they had a fully operational park. And of that $25MM in upgrades, not much of that was, most likely, in the form of cash as they brought in two used coasters and various flat rides, which if my memory serves right were also located elsewhere previously.

And in fact, checking the old news stories here, $24 million was spent on upgrades before the park opened in 2003...

--George H