Shareholder Wants Six Flags' Management Replaced

[rjholla2003]

http://www.reuters.com/article/idUSN1116730420100212

Some choice grabs:

WILMINGTON, Del., Feb 11 (Reuters) - A holder of Six Flags preferred shares asked a federal judge to appoint a trustee to run the bankrupt theme park operator because current management has breached its fiduciary duty and suffers conflicts of interest.

According to a court document filed on Thursday by Resilient Capital Management, Six Flags' (SIXFQ.OB) management did not explore opportunities to pay off preferred securities which could have avoided bankruptcy.

Resilient's request said a trustee was needed because of conflicts among members of the board.

It cited Six Flags' purchase of a minority stake in Dick Clark Productions prior to filing for bankruptcy.

Red Zone, a company controlled by Six Flags Chairman Dan Snyder, owns the majority of Dick Clark Productions, and Resilient said Six Flags struck a number of licensing deals with Red Zone for the benefit of Snyder

[WadeJ]

Losing Mark Shapiro would be a huge blow to this company.  This guy really gets it and I think were starting to see the improvements now because of him and the great teams at many of these parks.

[GADVwow]

I could see a possibility of Mr. Shapiro being retained whilst Mr. Snyder was shown the door....

[rjholla2003]

If there was any management shakeup, that one is the only one that I could tolerate...not that I matter. My favorite thing about Snyder is that he's letting Shapiro do his thing. At least he didn't have to learn that this job was beyond his capabilities like he did with the Redskins.

[coastermom]

I have to say I hope that Shapiro gets to stick around . I like what I see at the parks and I do see more families returning to our park  the fireworks , glow in the dark parade all excellent additions . Which is a great thing . We need someone who has been to the parks rides the rides and sees what is going on and I think Shapiro is that person. Not that anyone wants to hear my 2 cents .. LOL

[PcMan]

It seems like SIX had some bad timing/luck in its turnaround
with the economy going bad when they try to make a turnaround and the SFKK accident.
I think if the economy was stronger the last few years SIX would be better off at this time.

It will just take a few years longer.

But a season pass is a great bargain for any family with all you get and all the locations included.

[jimmybjammin]

i loved great adventure once i returned after Shapiro, prior to 2005 the several times I went between 99 and 05 seemed packed, dirty, unsafe, and unfamily-friendly (I don't have a family of my own, but it's something I quickly observe). Around 2008 i loved the place's atmosphere, friendly staff and how clean the park looked. Of course a bunch of the stuff I remember has changed, but I'd hope the good under Shapiro I noticed under Great Adventure also occured under the other parks I never had the opportunity to visit. I'd hope SF keeps Shapiro regardless of what happens, he did the best he could with what he had and I think the decisions were the right ones as a guest who decided to visit constantly as a result.

[coastermom]

For a family of 5 .. there is no other greater bargin then a season pass .. we use it so much our friends joke that Six Flags should pay us not to come LOL

[B-mac]

so, you've been subject to that statement, too.

[peterpjr]

Losing Mark Shapiro would be a huge blow for the company.  He has such a pasion for the company.  I have seen Mark in action atthe park, picking up trash, engaging employees and talking with Guests. His heart is into the company and I for one want him to stay around for a long time.

[nitrorox1414]

Ya I agree. i wouldnt want him leaving