City Paper is not for tourists
Dan Snyder‘s magna cum hurtin’ theme park chain, Six Flags, has hit the small time: After being bum-rushed out of the New York Stock Exchange, Six Flags and its $2.4 billion in debt showed up yesterday on the OTC Bulletin Board, a minor league trading venue for so-called penny stocks.
Snyder got some nice sendoffs during his last days on NYSE.
On Thursday, bond rater Standard and Poor’s lowered Six Flags corporate credit rating from CCC, or “junk,” to default status.
And a day later, during Six Flags’ final stand on the big board, investors were trading its stock (SIX) for just 13 cents a share.
That’s a new record low.
Snyder took over Six Flags by leading a shareholders coup in 2005. In SEC filings, Snyder claimed to control 10,921,300 shares of SIX through Red Zone LLC, an investment group he’d formed with Redskins officials, including Vinny Cerrato.
Not long after the takeover, the stock traded for $11.93 per share, putting the value of Snyder, Cerrato, et al’s investment at $130,291,109.
As of Friday, the grubstake was worth just $1,419 769.
Snyder and his boys had lost $128,871,340.
Maybe they can borrow some change from Albert Haynesworth.
Keep the dial right here for all the breaking news in Snyder’s Six Flags soap opera.