Bukowski Posted June 12, 2010 Posted June 12, 2010 I heard that Jack Falfas resigned today. Any truth to that? Quote
coaster_junky Posted June 12, 2010 Posted June 12, 2010 i just googled it and there weren't any news storys up, but other than that i have no idea. paging dr. terpy. Quote
The Interpreter Posted June 12, 2010 Posted June 12, 2010 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... Quote
The Interpreter Posted June 12, 2010 Posted June 12, 2010 http://coasterbuzz.com/news/11807/breaking-news-sources-tell-coasterbuzz-that-jack-falfas-has-resigned-as-coo-of-cedar-fair.aspx Still nothing official... Quote
Beast1979 Posted June 12, 2010 Posted June 12, 2010 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! Quote
The Interpreter Posted June 12, 2010 Posted June 12, 2010 And how it would affect one Richard Kinzel...among many other questions. Why? Quote
The Interpreter Posted June 12, 2010 Posted June 12, 2010 But investigate. Some are true, most are not. This one may be...it may not be. Time will tell...and Newsweek may offer analysis. Quote
coasternut10 Posted June 13, 2010 Posted June 13, 2010 You're right. Some rumors are true. Just never a good idea to spread them. They can come back to bite you. LOL! Quote
The Interpreter Posted June 13, 2010 Posted June 13, 2010 Note that a company that numbers its flags is currently conducting a search for a permanent CEO... Quote
Monroe Posted June 13, 2010 Posted June 13, 2010 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. Quote
IBEW_Sparky Posted June 13, 2010 Posted June 13, 2010 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. Quote
RingMaster Posted June 13, 2010 Posted June 13, 2010 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... Quote
The Interpreter Posted June 13, 2010 Posted June 13, 2010 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. 1 Quote
Beast1979 Posted June 13, 2010 Posted June 13, 2010 And here I thought I'd heard the last of Q when Cedar Fair made hostile takeovers impossible. These things never end..... Quote
The Interpreter Posted June 13, 2010 Posted June 13, 2010 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... Quote
Purplehaze Posted June 13, 2010 Posted June 13, 2010 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. Quote
The Interpreter Posted June 13, 2010 Posted June 13, 2010 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... Quote
Purplehaze Posted June 13, 2010 Posted June 13, 2010 I was thinking more along the lines of the 1965 movie :ten little Indians" One of my all time favorite movies! Quote
windshawne Posted June 13, 2010 Posted June 13, 2010 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?? Quote
jzarley Posted June 14, 2010 Posted June 14, 2010 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... Quote
Purplehaze Posted June 14, 2010 Posted June 14, 2010 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? Quote
BoddaH1994 Posted June 15, 2010 Posted June 15, 2010 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. Quote
BoddaH1994 Posted June 15, 2010 Posted June 15, 2010 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? Quote
The Interpreter Posted June 15, 2010 Posted June 15, 2010 Theme Park Adventure magazine claims to have confirmed Mr. Falfas' resignation with an unnamed Cedar Fair source: Quote
RingMaster Posted June 15, 2010 Posted June 15, 2010 I really hope my hypothetical postulation of Falfas becoming the Six Flags CEO doesn't come true, if what TPA says is true. Quote
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