Two former Cedar Fair execs sue three current over reorganization

Posted Thursday, June 17, 2004 9:23 AM | Contributed by supermandl

Charles Paul, VP and corporate controller of Cedar Fair LP, and John Albino, who retired June 4 as Dorney Park's VP and GM, say they should receive a portion of the $3.45 million in Cedar Fair stock transferred as part of a plan to change the management structure of the company. The suit names three of the former general partners, including CEO Dick Kinzel, Cedar Point GM Dan Keller and Richard Collingwood, corporate VP of administration.

Read more from The Morning Journal.

Link: PointBuzz

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Thursday, June 17, 2004 9:41 AM
I'm not sure I follow this (the reorg didn't make particular sense to me in the first place). How are you entitled to distributions when you don't own the stock?
Thursday, June 17, 2004 9:46 AM
Just quick first impression: sounds to me like "hey we got out too early and missed some cash, so we'll sue to get our piece of the pie ... "
Thursday, June 17, 2004 1:10 PM
I think that this is one for the lawyers to decide. Lots of complex detailed legal issues.
Wednesday, June 23, 2004 9:41 AM
It all depends on the language of their contracts. When CF reorganized in 2000 and liquidated CFMC, Albino and Paul should have received some money. How much or when would be up to the language of the contract to decide.
Wednesday, June 23, 2004 10:55 AM
Right, and you know this because you read the contracts.
Wednesday, June 23, 2004 11:06 AM
Will you please read what I have written? Contracts contain language, and the language will dictate what the outcome of this lawsuit is. If you're referring to my blanket statement that Paul and Albino should receive "some money," that is pretty clear since they were investors in CFMC, and they DID receive "some money." They did not receive ALL of the money they think they are entitled to, and THAT is up to the contracts to decide.

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