I heard that Jack Falfas resigned today. Any truth to that?

i just googled it and there weren't any news storys up, but other than that i have no idea.

paging dr. terpy.

Where did you hear this?

I haven't heard anything yet. For those who wonder who Mr. Falfas is:

http://pointbuzz.com/NewsStory.aspx?id=572

IF this rumor is true, there is probably something behind it...perhaps something big...

http://coasterbuzz.com/news/11807/breaking-news-sources-tell-coasterbuzz-that-jack-falfas-has-resigned-as-coo-of-cedar-fair.aspx

Still nothing official...

If this ends up being true, one can only wonder about that age old question, "Why?" As terpy said, there's probably something behind it. Bankruptcy? Buyout? There's lots of Q's here!

And how it would affect one Richard Kinzel...among many other questions.

Why?

Don't believe rumors.

But investigate. Some are true, most are not. This one may be...it may not be.

Time will tell...and Newsweek may offer analysis.

You're right. Some rumors are true. Just never a good idea to spread them. They can come back to bite you. LOL!

Note that a company that numbers its flags is currently conducting a search for a permanent CEO...

Drama!

And how it would affect one Richard Kinzel...among many other questions.

Why?

A pessimist sees new flag poles and says "Why?" An optimist sees new flag poles and says "Why Not?" And then you have the ones who hold press conferences with a Q and A session and leave the A's out. As an old carnie friend used to yell: "Money Money Money" It will all make sense soon.

If it is true, all I can say is WOO HOO, one down, two to go. Well, three if you count the one in North Carolina.

Note that a company that numbers its flags is currently conducting a search for a permanent CEO...

Kinzel - Cedar Fair CEO

Falfas - Six Flags CEO

I see interesting things happening if this is potentially the case in the near future. Hypothetically, of course...

Note that a company that numbers its flags is currently conducting a search for a permanent CEO...

Kinzel - Cedar Fair CEO

Falfas - Six Flags CEO

I see interesting things happening if this is potentially the case in the near future. Hypothetically, of course...

IF that happens and Mr. Falfas's contract did not have a non-compete clause in it, Mr. Kinzel should IMMEDIATELY be FIRED by the rest of the board for gross incompetence. Especially given Mr. Kinzel's more than $4 million compensation last year and Mr. Falfas's more than $1.8 million. Figures like that make it quite clear that both these gentlemen were viewed as key employees whose working for a competitor immediately could do substantial damage to the company...in the view of partnership management, at least...

Perhaps even more curiously, look what Q is up to:

...On June 9, 2010, the Reporting Persons filed suit in Delaware requesting certain of the Issuer's books and records relating to the Issuer's financing. A copy of such suit is attached as an Exhibit and is incorporated herein by reference.

Except as set forth in this Item 4, the Reporting Persons have no present plans or proposals that relate to or that would result in any of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D of the Act....

http://www.sec.gov/A...edarfaira12.htm

The lawsuit can be viewed here:

http://www.sec.gov/A.../exhibit992.htm

In short, Q is DEMANDING to view the financial aspects of the company, most particularly attempts to refinance after April 1, 2010. Apparently, Mr. Kinzel's statement about the refi being put on hold was not found to be amusing.

This is of particular interest:

...The Credit Agreement is, in essence, the principal debt obligation of the Partnership and represents an amount of approximately $1.5 billion. It was incurred in connection with the Partnership's acquisition in 2006 of the Paramount Parks, a North American seasonal theme-park operator. The Partnership has limited flexibility under the distribution suspension and leverage covenants in the Credit Agreement....

IF Mr. Falfas has resigned, this may or may not be a factor in such resignation....

That last part I quoted hints at what I said the morning of, and before, the annual meeting. FUN has VERY limited flexibility in the absence of a refi...such that soon its viability as a 'going concern,' absent a reorganization of some sort, including, but not limited to, a reorganization under the laws of the United States of America allowing it to avoid certain of its financial obligations, must be seriously questioned, given the short term near certainty of breaching certain covenants in the existing partnership financing.

It should noted that Q is not messing around. It has retained perhaps the best corporate counsel in the nation.

And here I thought I'd heard the last of Q when Cedar Fair made hostile takeovers impossible. These things never end.....

Cedar Fair didn't make hostile takeovers impossible...just a bit more difficult. Ask yourself why they added two members to the Board of Directors, just at Q's 'insistence.' This is far, far from over....and Q may have nothing at all to do with Mr. Falfas' leaving...nor may Flags, or he may not even be leaving. Even if he isn't, this Q news is the most intriguing thing I have read for fun since...oh....040810....and yes, for me, this stuff is fun...incredibly fun. But, we must remember, peoples' careers, jobs, parks and places of amusement are all drastically affected by these inner workings, most of which we never see...

All I have to say is:

One little, two little, three little IndiansFour little, five little, six little IndiansSeven little, eight little, nine little IndiansTen little Indian boys.Ten little, nine little, eight little IndiansSeven little, six little, five little IndiansFour little, three little, two little IndiansOne little Indian boy.

I have often wondered how Cedar Fair would be different if Jane Cooper ran it...

Dolly would, too...What type of puns would her send? Would you have to go to the web? Her? Enough with the cornball express, for now...

I was thinking more along the lines of the 1965 movie :ten little Indians" One of my all time favorite movies!

All I have to say is:

One little, two little, three little IndiansFour little, five little, six little IndiansSeven little, eight little, nine little IndiansTen little Indian boys.Ten little, nine little, eight little IndiansSeven little, six little, five little IndiansFour little, three little, two little IndiansOne little Indian boy.

Have you had your coffee yet??

Nope! thank god for copy and paste, ha!

So, apparently his bio has been removed from the Cedar Fair list of executives and officers, but still no official press release from the company:

http://www.cedarfair.com/ir/company/officers/

How can the departure of a public company's COO not warrant even a press release (not to mention the SEC required Form 8-K)??

Just when I think I can't be any more surprised by the decision making coming out of Sandusky...

Decided to edit out my post, sorry.

I am pretty sure jack resigned his post over the weekend, you can bet this is gonna snowball.

Why do I keep hearing the sound track to Jaws?

Maybe he was relieved of his responsibility at the time of resignation but isn't officially gone for a few days. That would give them time to figure out how to phrase the press release.

I agree. BoddahH for COO. ha!

I agree. BoddahH for COO. ha!

I'd do it for like a year and collect the million-plus dollar salary then quit.

Why not?

Theme Park Adventure magazine claims to have confirmed Mr. Falfas' resignation with an unnamed Cedar Fair source:

I really hope my hypothetical postulation of Falfas becoming the Six Flags CEO doesn't come true, if what TPA says is true.