City Paper is not for tourists
Six Flags has gone from a class field trip destination to class action lawsuit defendant. Dan Snyder’s already ailing theme park chain has just been served with a trio of class actions related to a massive viral outbreak at Six Flags Great Escape Lodge and Indoor Waterpark in Queensbury, N.Y.
According to New York health officials, at least 496 people have reported getting sick after visiting Snyder’s fun factory. The lawsuits say those who fell ill had symptoms including headaches, fever and bouts of vomiting and diarrhea (meaning a helluva lotta park visitors spent their vacations on a different sort of Dream Seat).
The loose stool litigation comes amid still another blast of bad news for Snyder’s chain, which has been in the toidy since shortly after he launched a stockholder revolt and took over as chairman of the board in late 2005.
USA Today reported last month that Standard & Poor put Six Flags on its “weakest link” list, reserved for companies that could go bankrupt.
And CNN recently reported that Moody’s Investors Service downgraded Six Flags ‘s outlook to “negative,” with analysts concluding “the company could default on several upcoming obligations if performance doesn’t improve.”
Six Flags stock (SIX) was trading for just $1.60 a share as of early this afternoon. The same stock sold for $11.80 a share about two years ago, just as Snyder’s management team was first taking over.
At the time of the takeover, Snyder’s Red Zone LLC, which is made up mostly of Redskins officials, claimed ownership of 10.9 million shares of Six Flags stock.
If they’ve held onto ’em, the boss and his underlings in Ashburn have collectively flushed away $111.18 million dollars.
Keep the dial right here for all the breaking news in Snyder’s Six Flags soap opera.