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Dan Snyder’s toxiferous theme park chain, Six Flags, appears to have Mapquested directions to oblivion.
Stock in Snyder’s company (SIX) hit a tragic number – $1 a share – during Tuesday’s trading.
I’m no Suze Orman, but I believe the proper term to describe what this development means for Six Flags backers is: Ouchie wouchie.
As if investors didn’t already have incentive to jump ship– Snyder’s chain is more than $2 billion in debt and buries itself deeper with every non-earnings statement – the last week has brought them scads of reasons to give up hope.
Just as news was spreading about the decapitation of a teenage visitor to Six Flags Over Georgia, management was filing paperwork with the SEC confessing that Redskins administrator and Snyder’s Six Flags partner Dwight Schar had jettisoned two million shares of stock.
When the big boys with all the inside info are running away from the company, it’s time for the recreational traders and everybody else to, as they said on Wall Street in the 1980s, “Bust a move!”*
Schar was a big cog in the original investment machine, made up of mostly Redskins officials including Vinny Cerrato and Karl Swanson, that Snyder used to power his way to the top of Six Flags in 2005.
At the time, Snyder’s clique controlled 10,921,300 shares of SIX.
Not long after Snyder put himself in charge of the Six Flags board of directors, the stock was trading at $11.93 per share, meaning the Redskins Park clique was sitting on $130,291,109.
Boy, has Snyder scrambled that nest egg.
With today’s dollar store pricing, I don’t even need a calculator to figure out how shallow things have gotten in Snyder’s original office pool: $10,921,300.
Snyder et al’s nut had shriveled off about $120 million.
Yet again: Ouchie wouchie.
Keep the dial right here for breaking news in Snyder’s Six Flags soap opera.
*The phrase “Bust a move!” was probably not really part of the Wall Street lexicon in the 1980s. Or ever.