...This time, Texas investment group Q Investments, which controls 18.1 percent of the amusement chain's stock, got a bit more personal, calling it "foolish" for the board to leave Richard Kinzel as Cedar Fair's chairman and chief executive, based on a personal investment problem he has.
Q Investments has filed a document with the Securities and Exchange Commission to call a special meeting of Cedar Fair shareholders at which they could vote on whether to strip Mr. Kinzel of his chairmanship to allow an outsider, with new ideas, to have that role.
And the investment firm wants Cedar Fair to renegotiate with its lenders to allow it to pay a higher dividend, which Q Investments insists the firm is able to pay and still be able to pay off its loans.
The big shareholder filed a similar request three weeks ago, but revised it this week....
"Q Investments believes it is foolish to leave the financial leadership of a company that utilizes debt financing to someone who apparently did not fully realize that when you borrow money and your collateral goes down in value you may have a margin call," the filing states....
Also in the revised Q Investments filing, it states that Cedar Fair should be working to pay a "meaningful distribution" of $1 per share in its dividend payouts....
http://toledoblade.com/article/20101105/BUSINESS03/11040369(That last language quoted from the filing looks eerily familiar!
http://www.sec.gov/Archives/edgar/data/811532/000134323810000024/cedarfairproxyamendment.htm
Topic: Q Goes After Mr. Kinzel More Directly (Read 1287 times)