City Paper is not for tourists
Dan Snyder’s long-suffering theme park chain, Six Flags, should be moved from ICU to hospice.
Stock in the company sunk to 16 cents a share (SIX) on Thursday, another crappy milestone in a year of crappy milestones.
He took over Six Flags in late 2005 by convincing stockholders that their shares were undervalued. As has everybody who bought into those claims, Snyder has taken a huge personal hit for his mismanagement style.
Red Zone LLC, the investment group Snyder formed with underlings at Redskins Park—-including DJ Vinny Cerrato—-owned 10,921,300 shares at the time he launched his coup, according to the SEC filings.
Six Flags stock hit $11.93 per share shortly after the takeover.
So Snyder/Cerrato’s holdings were worth $130,291,109 before his innovations took hold.
As of last week, almost three years into his reign, that pile of paper was worth just $1,747,408.
Snyder has cost himself and his boys $128,543,701.
And let us now check the big board to see how Bill Gates has fared under Snyder.
According to vintage SEC filings, Gates’ holding company, Cascade Investment, L.L.C., owned 10,210,600 shares when Snyder muscled out the old Six Flags regime.
So Gates’ investment was once worth $121,812,458.
Last week, the big board showed Gates was still in for only $1,633,696.
Bottom line on Gates’ bottom line: He’s taken a hit of $120,178,762 by letting Snyder play with his green.
How much does a guy have to muck things up before America bails ’em out? Hasn’t Snyder’s reign been at least as debaclish as any AIG or GM exec’s?
Throw Six Flags a bone, Mr. Paulson!*
Keep the dial right here for all the breaking news in Snyder’s Six Flags soap opera.
* Full disclosure: On the mucked up scale, City Paper’s current owners are also deserving of a call from the Feds.