Great Adventure Outpost
Industry => Industry News => Topic started by: WadeJ on December 27, 2005, 11:14:14 AM
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I find it interesting that they decided to keep Hendrix...
http://today.reuters.com/stocks/QuoteCompanyNewsArticle.aspx?view=CN&symbol=PKS.N&storyID=103226+27-Dec-2005+RTRS;
Also, Screamscape reports that Burke walked away with over 9million. I'm sure he is just totally bummed over losing control of the company :roll:
From Screamscape
Six Flags - (12/27/05) Kieran Burke, Ex CEO of Six Flags, may be out of work, but it wont be looking for unemployment anytime soon. All things said and done, he apparently ?earned? a $9.3 million golden parachute when you add up all his severance pay and bonuses.
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I find it interesting that they decided to keep Hendrix...
http://today.reuters.com/stocks/QuoteCompanyNewsArticle.aspx?view=CN&symbol=PKS.N&storyID=103226+27-Dec-2005+RTRS;
Also, Screamscape reports that Burke walked away with over 9million. I'm sure he is just totally bummed over losing control of the company :roll:
From Screamscape
Six Flags - (12/27/05) Kieran Burke, Ex CEO of Six Flags, may be out of work, but it wont be looking for unemployment anytime soon. All things said and done, he apparently ?earned? a $9.3 million golden parachute when you add up all his severance pay and bonuses.
I took a quick glance at this a few days ago. That's quite a nice severance for someone who was slowly? destroying the chain. Not to say that what we're ending up with is going to definately be better. :?
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something about this whole deal is bothering me but i can't quite put my finger on it yet. I feel like i'm missing a piece of the puzzle here.
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I feel the same way, David. There is something about this whole ordeal that makes me very hesitant of accepting Snyder as SF's new owner.
Anyway, Burke sure did get a nice chunk of change for driving a major corperation into the dirt.
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Like there is some kind of underground Enron type of scandal going on where they are going to suck the company like leeches and have some fall guy to take the blame?
I agree David, something just isn't right.
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It's fear of the uncertain and who is really running the show! Dan had the pockets but does he really want to operate 29 parks or just collect the money. Welcome to the boards David and Alex.
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Keep in mind Snyder does not OWN Six Flags, he just runs it and owns a stake in it.
As for Burke's severance package, that is pretty much standard for any CEO to have a golden parachute like that. He took the company from being a collection of small regional parks, to being the world's largest regional theme park company when he made the deal to purchase Six Flags.
While he and his team didn't do everything right, they are responsible for some good things as well. Look at SFMW and SFNE as examples of the good things they did.
Hindsight is 20/20, and if everyone involved could have seen the downturn in the economy and 9/11 coming, I think they would have reigned in spending, and kept the debts under better control.
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Very good points.
But, was Burkes way of sticking up for company during the takeover attempt just a way to "Keep it clean" knowing full well that he'd be better off letting them have it for the severance package or was he "really" acting on behalf of the shareholders?
It just seems to me that it would have been a nobrainer from day 1 to let them take control with a package like that waiting for you at the door.
I'm not sure about all of this. Something still smells fishy.
On a positive note, I really don't think it will be any worse and if you go by many of the recent articles, Gadv was already heading in the direction they were looking to go so maybe they will leave NJ alone :)
-W
ps - thanks for being here GAcoaster :)
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He just wanted to get rid of the guy. When you get that high up in a company you have a contract.
Look when Katzenberg left Disney. He was there less than a year and got more than this guy.
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Keep in mind Snyder does not OWN Six Flags, he just runs it and owns a stake in it.
As for Burke's severance package, that is pretty much standard for any CEO to have a golden parachute like that. He took the company from being a collection of small regional parks, to being the world's largest regional theme park company when he made the deal to purchase Six Flags.
While he and his team didn't do everything right, they are responsible for some good things as well. Look at SFMW and SFNE as examples of the good things they did.
Hindsight is 20/20, and if everyone involved could have seen the downturn in the economy and 9/11 coming, I think they would have reigned in spending, and kept the debts under better control.
He is the majority owner, which makes him the main controller of the chain. As for Burke, I liked the direction he wanted SF to go to in the past 2 seasons, but it was too little too late.
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My thot is, Snyder is going through an awful lot of trouble just to increase the value of his stock. He could have easily sold his stake in the company and gone somewhere else. Remember earlier in the year when he said he was going to sell his shares at cut rate prices and go home? Instead he doesn't, he goes and wages a battle to get the CEO's seat. He's going through alot of trouble to do something that may not work and might actually backfire on him. I'm looking at the list of things he wants to change and i'm thinking this doesn't make sense.
Food concessions: does he really belive this is going to work, SFI might actually make less in this scenario than they did under the existing system. either that or prices are going to be jacked up big time.
Rides: I'll agree on this, but it should be looked at on a park by park basis.
Security: Other than the usuall FF bull$#!t, they were darn good this year.
MR Six: Alot of people i know love this guy. it sounds to me like Snyder and a few others are the only ones who don't
Bugs Bunny and Batman: Doesn't he realise if he dumps these 2, CF will pick them up so fast heads will spin. It sounds like Snyder want to change things for changes sake and not any real need to do so. When you mention B:TR everyone know your talking about a coaster at SFI, not CF. It's called name recognition. the only reason my sister kids don't know about Bugs is Laurie only lets them watch educational TV. I can't turn on Boomerang Channel when i'm at her house.
so long as gas prices stay where there that (or even increase heaven forbid) people are going to think twice about long distance vacations and stay closer to home. this could benefit SFI, if it hasn't already.
I'm going to say it again, something ain't right.