Six Flags to Reimburse Snyder For Expenses in Proxy Fight
(Washington Post) – Six Flags Inc. has agreed to pay Redskins owner Daniel M. Snyder $10.4 million to reimburse him for expenses he incurred in his bid to gain control of the company last fall, including a $5 million signing bonus for chief executive Mark Shapiro. Red Zone LLC, the investment vehicle for Snyder's 11.7 percent stake in Six Flags, spent $11.6 million to persuade shareholders to turn the theme park operator over to Snyder and his team, Six Flags said yesterday in a filing with the Securities and Exchange Commission. Snyder asked to be reimbursed for $11.4 million. The Six Flags board agreed to reimburse Snyder for $2.4 million he spent on investment banking fees and nearly $1 million for food, lodging and airfare over the course of three months as he and Shapiro crisscrossed the country to meet with shareholders. The Six Flags board also agreed to pay Snyder $2 million to cover a variety of other expenses, such as signing bonuses for new senior executives, legal bills and filing fees. Snyder will not be reimbursed for the cost of traveling by private aircraft, which totaled $265,236, the company said. The reimbursement is subject to a shareholder vote at the company's annual meeting in May.
Wow, I can totally see his master plan at work! Originally he said that he planned to put so much money back into the sad failing SF parks. He seems to just be cashing in for him and his friend's that he has appointed to the board. What next?
He has already taken the time to really shake things up at each of the parks....completely disregarding the people that have kept those individual parks afloat for 20+ years. Sorry, we don't have the funds to give you your 4% raise this year because we are in such debt....oh but did I mention that I am going to get millions for me and my friends to join this struggling company??
I thought his taking over the SF corp would be a blessing as the parks desperately need attention but all he seems to be doing is causing major upsets in every department at each theme park right as they are all about to open full time!
What a great idea! Enjoy your signing bonus. I will just keep my same meager salary that I had last year and work thousands of hours keeping my park afloat. Enjoy the ride in the personal jet! I don't mind.