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A Texas hedge-fund has gotten at least half of what it wants when it comes to controlling the parent company of Cedar Point.Q-Funding has succeeded in a special shareholder vote to keep Richard Kinzel from remaining chairman of Cedar Fair. He already had announced he was retiring as CEO next year.
...Yes, investors haven't exactly forgiven Cedar Fair since it accepted a buyout proposal 13 months ago. It represented a 27% premium at the time, but the price is far lower than where Cedar Fair is today. Unit holders voted down the offer under activist prodding, and it turned out to be the right call. Winning back trust has been a challenge ever since.Making high quarterly disbursements a priority is nonsense, though. The thrill-park specialist recently reinitiated its distributions. Didn't these investors learn from Six Flags investors that were wiped out when its burdensome debt forced it into bankruptcy reorganization?Despite the seemingly good year for regional operators, the coast isn't exactly clear....