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  1. #1

    • Darkbeer
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    Major Investor to say 'no' to Knott's, Cedar Fair sale - OC Register, 1/22/10

    Major investor to say ‘no’ to Knott’s, Cedar Fair sale - Around Disney : The Orange County Register


    Representatives of a Fort Worth, Texas, company that holds millions in Cedar Fair stock say they will vote against a proposed sale that would transfer Cedar Fair’s theme parks — including Knott’s Berry Farm — to asset manager Apollo Global Management.

    The move by Q Funding III is significant because the terms of the proposed sale dictate that two-thirds of those who control ’s Cedar Fair Entertainment Co.'s 55 million units must approve the buyout.
    Full story at the link above.
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  2. #2

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    Re: Major Investor to say 'no' to Knott's, Cedar Fair sale - OC Register, 1/22/10

    That's stupid. If the sale doesn't go through, it is likely that most of the former Cedar Fair parks will fail.

    Cedar Fair is running most all of their parks into the ground. They have all but destroyed Knotts.

    I wonder what the real motive of this big investor is? Do they WANT the parks to fail for some reason? Are they a shill for Disney or some other company who would rather see all the Cedar Fair properties in bankruptcy?
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  3. #3

    • Rock Star Minion
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    Re: Major Investor to say 'no' to Knott's, Cedar Fair sale - OC Register, 1/22/10

    Probably just holding out for more money. A form of greenmail.

    Interesting how the stock price shot up after this announcement.

    Yesterday, a puny shareholder filed suit.
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  4. #4

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    Re: Major Investor to say 'no' to Knott's, Cedar Fair sale - OC Register, 1/22/10

    They're about 1 decade too late. Knott's has already been ripped apart and I doubt they'll be antsy to tear out all the thrill rides to put back the classic entertainment. I wouldn't mind seeing Ghostrider getting torn down to be replaced by the California Marketplace and gold pan area. But Silver Bullet, Pony Express and Sierra Sidewinder... well, they are just too damned fun to put back the old atmosphere, as much as I hate the eyesore they represent and the beautiful areas they destroyed, the genie is out of the bottle and there's no going back. I wish none of it had been changed in the first place, not only so that it would be there today, but because I wouldn't have realized what I would be missing (e.g. Silver Bullet, Pony Express and Sierra Sidewinder)

    It's a shame that Cedar Fair actually started putting in the *fun* rides starting from 2004 onwards. They were just getting going since then.

  5. #5

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    Re: Major Investor to say 'no' to Knott's, Cedar Fair sale - OC Register, 1/22/10

    Quote Originally Posted by sediment View Post
    Probably just holding out for more money. A form of greenmail.

    Interesting how the stock price shot up after this announcement.

    Yesterday, a puny shareholder filed suit.

    One of the main owners of Hardrock Park held up the sell of that failed park in an attempt to profit off of trademarked properties. These Cedar fair. The park was sold to new owners, and the names of the rides changed.

    I hope Cedar Fair is sold for a fair price, and that the small investors receive a fair percentage of the price. That said, the sale must go thru, and I hope some of the investors are not attempting to profiteer off of the unfortunate circumstances. A set of wonderful parks, a sizable number of jobs, and the memories of loyal park goers are at stake..
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  6. #6

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    Re: Major Investor to say 'no' to Knott's, Cedar Fair sale - OC Register, 1/22/10

    Quote Originally Posted by Dustysage View Post
    That's stupid. If the sale doesn't go through, it is likely that most of the former Cedar Fair parks will fail.
    Why is it likely? All that's needed is a restructuring of the debt they took on when they bought Premier Parks chain.

    Cedar Fair is running most all of their parks into the ground. They have all but destroyed Knotts.
    I respect your opinion but I quite like Knotts. There are some things I'd rather have back, but much of the building has rotted and not stood the test of time, either physically or legally.

    I wonder what the real motive of this big investor is? Do they WANT the parks to fail for some reason? Are they a shill for Disney or some other company who would rather see all the Cedar Fair properties in bankruptcy?
    I'd say they'd rather get a fair price. The price offered was about 80 cents a share less than what the stock was selling for at the end of the year. From what I've read, only two CF properties are not making a profit.

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