City Paper is not for tourists
Dan Snyder’s beggarly theme park chain, Six Flags, broke another record yesterday.
Not a good record, alas.
During Thursday’s trading on Wall Street, a share of stock in Six Flags (SIX) was going for $1.42.
That’s the lowest price in the stock’s history.
And this after Six Flags management has thrown all sorts of tricks at potential customers and investors this season — discounted admissions, debt reorganizations, etc… — trying to convince The Street that Captain Dan ain’t steering this ship into an iceberg.
Snyder took over the Six Flags board of directors in late 2005, after writing a letter to stockholders blasting the then-current management of Six Flags. Among other things, Snyder wrote that that investors would be “better off hiding their money under a mattress” than they would buying stock in the company without him leading it.
Stockholders bought Snyder’s pitch and voted out the old regime. Snyder installed himself as chairman of the board.
Snyder filed papers with the SEC in 2005 saying that his investment group, known as Red Zone LLC and made up of Redskins officials, including “Vincent Cerrato” and Karl Swanson, controlled 10,921,300 shares of Six Flags stock.
Shortly after the coup, stock in the company hit $11.93 a share, according to the database of MSN Money.
That would mean that Snyder and his Redskins Park posse had a kitty worth $130,291,109.
As of yesterday afternoon, assuming everybody held onto their shares, the office pool’s value was down to $15,508,246.
So during Snyder’s reign, the co-workers had lost $114,782,863.
I’m no Gordon Gekko, but from crunching these numbers, I think that means folks at Redskins Park would have been better off hiding their money under a mattress than investing with the boss.
Keep the dial right here for all the breaking news in Snyder’s Six Flags soap opera.