City Paper is not for tourists
Dan Snyder’s cashed-in-its-chipsesque theme park chain, Six Flags, might hold the answer to the most perplexing question in local media: What makes Vinny talk?
Earlier this year, Snyder gave Vinny Cerrato the title executive vice president-football operations for the Redskins, making him Snyder’s brain and go-fer and everything in-between at Redskins Park.
That’s a lotta hats.
So, when Vinny added another gig a month ago —- sportstalk host, with a twice-weekly show on WTEM, Snyder’s flagship radio station —- folks wondered why.
Looking at what’s happened at Six Flags this week, we’re reminded of one good reason: HE NEEDS THE MONEY!
Let’s review! Snyder engineered a hostile takeover of the company’s board of directors in late 2005 by using the clout of his investment group, Red Zone LLC, which billed itself as the largest stockholder of Six Flags stock (SIX).
In paperwork filed with the Securities and Exchange Commission during the coup, Snyder listed the members of his group.
Among them: “Vincent Cerrato.“
SIX sold for $11.93 per share shortly after the takeover. Red Zone owned 10,921,300 shares, according to the SEC filings.
That put the Snyder/Cerrato group’s holdings at $130,291,109 as of early 2006.
For the last two days, Six Flags stock has tied its historic low, trading at $.25 per share.
Twenty-five cents. A quarter.
Squat plus two bits.
A quick numbers crunch leaves the Red Zone nut at $2,730,325.
That means: the Snyder/Cerrato group is down $127,560,784.
For the numerically challenged: they’ve lost ONE-HUNDRED-TWENTY-SEVEN-MILLION, FIVE-HUNDRED-SIXTY-THOUSAND, SEVEN-HUNDRED-EIGHTY-FOUR-DOLLARS.
So, let Vinny have his talk show. So long as he stays away from doling out investment advice to anybody but his boss. (Full disclosure: Things are tough all over.)
Keep the dial right here for all the breaking news in Snyder’s Six Flags soap opera.