November 23, 2005
Six Flags Chapter Closes…
It looks like Washington Redskins owner Dan Snyder has prevailed in his attempt to wrest three board seats from Six Flags, giving him a mandate to take control of the company. Snyder claims that 57% of Six Flags’ shares supported the Snyder-led plan by written consent to remove three of the company’s seven board members, including its CEO and chairman. Barring dissent from the remaining board members, Snyder is expected to assume the chairman’s role, with former ESPN executive Mark Shapiro becoming the CEO.
The kicker for me is that I started blogging about Snyder’s inclination towards taking control over a year ago, when he first filed a Schedule 13D! I shoulda bought some Six Flags stock – but I just have no faith in my stock picking abilities. The curse of being a lawyer…