City Paper is not for tourists
Dan Snyder‘s contra-profitable theme park chain, Six Flags, hit another personal worst today.
At approximately 11:11 a.m. EST, Six Flags stock (SIX) traded at 15 cents a share. That’s a penny less than its previous record.
So while banks and other biggies rallied this week, Snyder et al kept on keepin’ on along the path to bankruptcy. The headline of the Wall Street Journal’s latest pre-obit for the company — “Six Flags Braces for a Dive” — was a little misleading.
Sure, the situation at Six Flags is getting a little more attention now than usual. But anybody who’s watched the company since Snyder took over has long been as braced for a dive as the 82nd Airborne on D-Day.
So let’s take another look at the Big Board:
When Snyder threw out the old regime and took over Six Flags, he and his investor buddies in Red Zone LLC, made up mostly of Redskins officials, claimed control of 10,921,300 shares of SIX. The stock pretty quickly went up to $11.93 per share.
That put Snyder in control of $130,291,109.
By this morning, that investment was worth only $1,638,195.
Snyder and the boys in the office have lost $128,652,914.
(And the day ain’t done: The ticker just told me SIX has fallen to 14 cents. Ruh roh!)
But, let’s end on some good news: Rollercoaster Cuts opens this weekend!
Keep the dial right here for all the breaking news in Snyder’s Six Flags soap opera.