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Industry => Industry News => Topic started by: rjholla2003 on January 11, 2011, 12:23:13 PM

Title: Dick Kinzel REMOVED as Chairman of Cedar Fair
Post by: rjholla2003 on January 11, 2011, 12:23:13 PM

Woah!

Quote

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.

For more on the story, click here (http://www.wksu.org/news/story/27150).

Title: Re: Dick Kinzel REMOVED as Chairman of Cedar Fair
Post by: Steve on January 11, 2011, 01:15:27 PM

Can he be the CEO of Six Flags?

Title: Re: Dick Kinzel REMOVED as Chairman of Cedar Fair
Post by: Edwardo on January 11, 2011, 02:47:57 PM

Let's hope not.

Title: Re: Dick Kinzel REMOVED as Chairman of Cedar Fair
Post by: B-mac on January 11, 2011, 03:41:18 PM

can chris christie be president?

Title: Re: Dick Kinzel REMOVED as Chairman of Cedar Fair
Post by: rjholla2003 on January 11, 2011, 06:23:02 PM

Gimmie Marshawn Lynch... for either job. BEAST MOOOOOOODE! Bully pulpit FTW!

Now that we have gone off-topic enough...

Yes. Only slightly surprised as Q really REALLY doesn't like the man. Since Kinzel is retiring next year, I wonder what kind of impact this move will have in the future.

Title: Re: Dick Kinzel REMOVED as Chairman of Cedar Fair
Post by: GADVwow on January 11, 2011, 06:24:14 PM

Mr. Kinzel is NOT removed.  This action is non-binding on the board.  They can remove him if they wish, ignore the unitholder action, or do something entirely different.  Cedar Fair LP is a limited partnership.  The unitholders do not own or control Cedar Fair's general partner.

Title: Re: Dick Kinzel REMOVED as Chairman of Cedar Fair
Post by: GADVwow on January 11, 2011, 06:34:36 PM

Cedar Fair has now issued a press release where they say they intend to separate the CEO/Chairman positions "in a prudent and appropriate manner."  Translated, this means when they get around to it.:

http://www.prnewswire.com/news-releases/cedar-fair-announces-preliminary-results-of-special-meeting-of-unitholders-113308069.html (http://www.prnewswire.com/news-releases/cedar-fair-announces-preliminary-results-of-special-meeting-of-unitholders-113308069.html)

Title: Re: Dick Kinzel REMOVED as Chairman of Cedar Fair
Post by: GADVwow on January 12, 2011, 06:28:34 AM

See especially the video (and comments) here:

http://www.sanduskyregister.com/news/2011/jan/11/cedar-fair-opts-new-ceo (http://www.sanduskyregister.com/news/2011/jan/11/cedar-fair-opts-new-ceo)

Title: Re: Dick Kinzel REMOVED as Chairman of Cedar Fair
Post by: rjholla2003 on January 12, 2011, 05:54:13 PM

Thanks for the additional info. The story, and other sites, made it sound as if he had to immediately vacate the position.

Title: Re: Dick Kinzel REMOVED as Chairman of Cedar Fair
Post by: GADVwow on January 12, 2011, 06:54:28 PM

The Motley Fool: The Amusement Park Ride Isn't Over:

Quote

...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....

Elsewhere, Rick makes it clear he has no understanding about LP's or the fact these resolutions are at least hypothetically not binding...(at the risk of the court of financial public opinion and/or unit holder suits)

http://www.fool.com/investing/general/2011/01/12/the-amusement-park-ride-isnt-over.aspx (http://www.fool.com/investing/general/2011/01/12/the-amusement-park-ride-isnt-over.aspx)