Snyder Fans Weep As SIX FLAGS Goes The Way Of Trump's Gambling Empire!
lapable
Snyder even more than they do the players, are crying in their Pablum
as they realize their boy genius is not.
With Flags stock at just $2.50, BANKRUPTCY looms as a real "solution"
to the Daniel's latest demonstration of
his clueless business acumen.
The team has reflected his and his bed-buddy Vinnie "Where'd I Come
From?" Ceratto's failure to acquire steady, dedicated players that
might someday win a playoff game.
Super Bowl?
Never under these two ... best friends.
------------------
"For Six Flags, Debt Squeeze Looms as Latest Hurdle"
By Alejandro Lazo
Washington Post Staff Writer
Friday, March 13, 2009; D03
When Washington Redskins owner Daniel Snyder became chairman of the
troubled Six Flags theme park company three years ago, he sought to
turn the debt-laden firm into a piece of a burgeoning entertainment
empire.
Now the home of adrenaline-pumping attractions such as Tony Hawk's
Halfpipe, the Tornado and the Tower of Doom could sink under its own
weight. The company said Wednesday that it may seek bankruptcy court
protection if it can't restructure some of its obligations by mid-
August and that it is actively negotiating with lenders.
As part of its attempted turnaround, the company has tried to make its
parks cleaner and more family-oriented. The company owns 20 amusement
parks, including Six Flags America in Largo.
The strategy has been orchestrated by president and chief executive
Mark Shapiro, a former ESPN programming chief who Snyder recruited to
run the company after he won a proxy battle in 2005.
"The three-year turnaround for Six Flags required a great deal of
patience," Shapiro said in a statement on Tuesday. "The remaining
challenge is the inherited balance sheet and we are in comprehensive
dialogue with our lenders to remedy that issue."
A spokeswoman for the company, Sandra Daniels, said yesterday that a
bankruptcy filing would not disrupt park operations. "Whatever the end
result is of our discussions . . . Six Flags is open for business,"
she said.
Six Flags' warning that it might turn to bankruptcy court came after
its announcement that last year it lost $113 million, compared with
$253 million in 2007, as attendance at its parks nudged up despite the
economy. Its loss for the fourth quarter, however, widened to $201
million from $127 million in the fourth quarter of 2007.
Snyder's effort to transform Six Flags was part of a broader expansion
into a variety of entertainment properties. In the first few months
after the takeover, investors cheered the move, with Six Flags shares
climbing as high as $11.80, up from about $4 before the proxy fight.
One of Snyder's private equity firms, Red Zone Capital, in 2007 bought
Johnny Rockets, the restaurant chain known for its 1950s-themed
diners, then added those restaurants to the Six Flags parks. The
company also bought Dick Clark Productions, the television home of the
Golden Globe Awards, the Academy of Country Music Awards and "American
Bandstand," hoping to feature some of those in the parks. A spokesman
for Snyder referred calls to Six Flags.
Concerns over the future of Six Flags have grown. In September,
Moody's Investors Service downgraded its rating, citing the
possibility that it could fail to meet its obligations. In October,
the New York Stock Exchange warned the company twice that it was not
in compliance with listing standards, first because its share price
had sunk below $1 and later because its stockholders equity had fallen
to less than $75 million. The stock remains listed, however. It closed
at 19 cents yesterday.
Six Flags' debt payments continue to weigh down its earnings. Most
pressing now is an Aug. 15 deadline in which the company must pay
$287.5 million to owners of its Preferred Income Equity Redeemable
Shares. That could run to more than $318 million when accrued and
unpaid dividends are factored in, according to the company's annual
report filed with the Securities and Exchange Commission.
"It is a good business with a bad balance sheet; what we have seen is
that, surprisingly, they have held up relatively well given what is
going on in the economy," said Christopher Snow, an analyst with the
firm CreditSights. But in regards to their upcoming debt deadline, he
said, "they have to come to some resolution."
http://www.washingtonpost.com/wp-dyn/content/article/2009/03/12/AR2009031203317.html?sub=AR
Douglas T Lilley
> Johnny Rockets, the restaurant chain known for its 1950s-themed
> diners, then added those restaurants to the Six Flags parks. The
> company also bought Dick Clark Productions, the television home of the
> Golden Globe Awards, the Academy of Country Music Awards and "American
> Bandstand," hoping to feature some of those in the parks. A spokesman
> for Snyder referred calls to Six Flags.
>
As a Skins fan, I happen to agree with you. This however is
hilarious. Just think, if he owned the Lawrence Welk Show, he'd have
it all.
Airyx
> With Flags stock at just $2.50, BANKRUPTCY looms as a real "solution"
> to the Daniel's latest demonstration of
> his clueless business acumen.
As opposed to yours? How many billions did YOU make when you sold the
companies you founded?
Diamondback
Well, I don't like Snyder one bit, but if Six Flags is trading at $2.50,
it's trading higher than Citicorp.
Walter Bushell
Diamondback <rfa...@gmale.com> wrote:
Hey, it may have a higher market cap that Citicorp, if not now then
soon. And it's a model of business compared to Madoff.
Douglas T Lilley
> In article <JsKdnR0YAIbulybUnZ2dnUVZ_ryWn...@cablespeedmi.com>,
And it's a lot more humane than Adolf Hitler. Let's aim for the stars.
Ike Milligan
"lapable" <lilh...@yahoo.com> wrote in message
news:05aeac04-eea0-4b22...@41g2000yqf.googlegroups.com...
> True Washington Redskins fans, who unashamedly worship owner Dan
> Snyder even more than they do the players, are crying in their Pablum
> as they realize their boy genius is not.
It seems you must not reside in the D.C. metropolitan area, or you would
realize how unpopular Snyder is with the fans. Actually he is not a lot
worse than any other team owner, just stupider.
> With Flags stock at just $2.50, BANKRUPTCY looms as a real "solution"
> to the Daniel's latest demonstration of
> his clueless business acumen.
Is "clueless acumen" an oxymoron?
>
> The team has reflected his and his bed-buddy Vinnie "Where'd I Come
> From?" Ceratto's failure to acquire steady, dedicated players that
> might someday win a playoff game.
>
Your admiration is touching.
> Super Bowl?
>
> Never under these two ... best friends.
>
Read the OP if you are interested in Six Flags. What they seem to have done
is created a lot of trendy rides and stuff that tries to piggy-back off the
latest media entertainment craze, and spent too much on stuff that didn't
have a broad enough appeal. They could have stuck to the old formula and
saved a bunch of money, cut the admission price and maybe had more
customers, might have even made a profit.
Copernicus
-------------
BUSINESS BRIEFING
STOCKS
"Six Flags Shares Hit New Low"
Shares of Six Flags touched a new all-time low after the theme park
operator said this week it could not meet a looming financing
obligation and may have to file for Chapter 11 bankruptcy protection.
As the shares dropped, Moody's Investors Service cut the company's
corporate family rating and probability-of-default rating by two
notches to "Ca" -- the second lowest -- saying an out-of-court
restructuring or a bankruptcy filing "is likely in the near term."
Six Flags shares, which have traded under $1 since September, dropped
5 cents, or 26 percent, to 14 cents in afternoon trading, closing
eventually at 16 cents. The stock has traded between 14 cents and
$2.50 during the past 52 weeks.
http://www.washingtonpost.com/ac2/wp-dyn/NewsSearch?sb=-1&st=BUSINESS%20BRIEFING&
[Compiled from reports by Washington Post staff writers, the
Associated Press and Bloomberg News.]
----------------
Editor's Note: Unless they're closed under bankruptcy rulings, each
Six Flags park this season will feature a new thrill ride, "War
Criminal Execution." According to Six Flags officials, the ride
consists of a platform atop a 75-foot tower that is tricked out like a
gallows, positioned in front of a scale model White House. Riders
will be strapped into a helmeted straight jacket and suddenly dropped
through a trap door in a 70-foot free-fall which concludes with a
cushioned landing. Six Flags spokeswomen Laura Cheney said the ride
was inpired by accounts of ex-president George W. Bush's crimes
against humanity.
MarvAlbert'sPanties
lapMAHheinie
Snyder lovers take yet another hit ...
-------------
LOCAL BRIEFING
Thursday, March 19, 2009; D04
ENTERTAINMENT
"Six Flags' Ratings Cut Again"
Standard & Poor's Ratings Services has lowered its corporate credit
rating on Six Flags one notch deeper into junk status after the theme
parks operator said it might be forced into Chapter 11 bankruptcy
protection.
S&P cut Six Flags' rating from "CCC+" to "CCC," just three notches
above default. The rating outlook is negative.
"The ratings downgrade reflects our concerns that the company could
seek a pre-packaged or prearranged Chapter 11 reorganization to reduce
its high debt leverage and significant maturities over the near term,"
said Standard & Poor's credit analyst Andy Liu. "An out-of-court
restructuring is also a possibility."
http://www.washingtonpost.com/wp-dyn/content/article/2009/03/18/AR2009031803856.html
sainthelens
Next we'll hear that Sean Taylor has died ... ! [sob ...]
----------------
Local Briefing
Friday, April 10, 2009; A14
WALL STREET
"NYSE to Suspend Trading of Six Flags"
Troubled theme park operator Six Flags said its common stock and
Preferred Income Equity Redeemable Shares, or PIERS, are being
suspended from trading on the New York Stock Exchange.
The New York-based company said trading of its shares would be
suspended before the market opens on April 20. Six Flags said it does
not plan to appeal the decision. The company's shares have traded
below $1 since September. Yesterday they closed at 27 cents.
Last month, Six Flags said it may have to file for Chapter 11
bankruptcy protection if it could not complete an out-of-court
restructuring of its debt and PIERS. It has said it does not expect to
have enough cash -- more than $300 million -- to redeem the PIERS by
the Aug. 15 deadline.
-- Associated Press
http://www.washingtonpost.com/wp-dyn/content/article/2009/04/09/AR2009040904281.html