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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