Red Zone's Consent Solicitation is Successful; Stockholders

[Coaster Alex0805]

November 22, 2005 02:46 PM US Eastern Timezone

Red Zone's Consent Solicitation is Successful; Stockholders Representing in Excess of 57% of Six Flags' Shares Outstanding Support Red Zone's Proposals

ASHBURN, Va.--(BUSINESS WIRE)--Nov. 22, 2005--Red Zone LLC announced today that it has received and delivered to the registered agent of Six Flags, Inc. (NYSE:PKS) written consents representing more than 57% of Six Flags' outstanding common stock.

Following certification of the consents, Kieran Burke (CEO), James Dannhauser (CFO) and Stanley Shuman will be removed as directors and Daniel M. Snyder, Mark Shapiro and Dwight Schar will be appointed to the board.

"I want to thank Six Flags' stockholders for their confidence in Red Zone and my fellow nominees," Mr. Snyder said. "With the holders of more than 57% of the outstanding common stock consenting to our proposals, stockholders have sent a clear message that it is time for change at Six Flags."

Mr. Shapiro added, "We look forward to working hard and bringing new life to Six Flags while increasing shareholder value."

Although Red Zone has delivered sufficient consents for its proposals to be adopted, shareholders may continue to submit their WHITE consent cards until the consent solicitation period expires on or about December 24, 2005.

Red Zone LLC is a Virginia-based private investment group. Daniel M. Snyder, owner of the Washington Redskins NFL franchise, is managing member of the organization.

Contacts


Red Zone LLC
Karl Swanson, 703-726-7135
swansonk@redskins.com

[FRD714]

Just read this over at coaster fanatics.

[SFGAm Shock Wave]

This is not good at all. I agree Six Flags needs to change, but Snyder is NOT the answer. Snyder sounds like he will greatly increase the amount of in-park advertisements, and that will detract from the atmosphere.

[[jonrev]]

Other than advertisments, what else does he plan to do?

[ihauntu2]

Current Plans are reduction in capital spending, increase in advertising or "corporate synergies", contracting more concessions, and "actualization of potential real estate value" or basically turning some parks into more Astroworlds.

Great for stock, doesn't look good for enthusiasts.

[[jonrev]]

[Jamesb58]

Well, I have to say that I support Snyder's takeover. You must realize
that one of the BIG reasons why Six Flags is so in debt is, they were
purchasing new parks left and right.

If Six Flags would have kept with just Great America, Great Adventure,
Over Georgia, Over Texas and Magic Mountain, they'd be running great.
Why is Cedar Fair doing such a good job? Cause they don't own a ton
of parks!

Snyder should take over and I support him 100%. The liquidation of
small parks needs to happen, the company needs to spend less money,
yes that means, no new stuff every year. Come on people, we don't
have to have a new ride every year! Be happy with what we have.

I am a SNYDER SUPPORTER

[Ragingbullmaniac]

But watch hes gonna go crazy with the park eliminations and hes gonna get rid of a big park like great america. Then what. Six Flags looses alot of its cash and goes down again. Thats just my opinion and thats all. (no need to get pissy about my comment.) (just saying before it(bad comments) happens) (not saying anyones gonna get pissed bout me saying this, i just dont want anyone to. its just an opinion)

[coastercrazy111]

I mean what are the odds of him closing Great America? I don't think he would close a premier park. Snyder better not change a whole lot as far as the atmosphere. If Six Flags and their events, and way of running things changes, I am going to be very dissapointed.

[Trailblazer Tony]

^Hey, you never know, he might look at the fact that our park doesn't have a lot of land to expand and get rid of it. He seems to be taking things to the extreme. However, that is just my opinion.

[w00dland]

^WTF?

We are near to the most profitable park in the chain, we brought in over a half million people more this year than last, and our closest competition is near 3½ hours away.

[Trailblazer Tony]

^I had a dream that he sold our park because there wasn't a lot of room to expand so I kind of told myself it could happen.

I think selling the park is one thing, but selling it to someone who is just going to knock it down to build something non amusement park related is a horrible thought no matter how unsuccessful the park is. If Snyder's plan is to repeat the idea of knocking down the smaller parks to get money for the company, then I will not be supportive at all.

Also, I have yet to here a reasonable explanation for getting rid of the advertising we have now.

[CoastsToCoasters]

This is freakin' me out with all the stuff youre saying....all this negative stuff is really proving or showing me Snyder is a bad man

If he does anything selling related, Id rather see him sell it to Cedar Fair if wants wants to rid it, but I know if they were going to purchase a park they'd buy the entire chain. And now this a** is in charge(thats what he sounds like)....Im only hoping he improves the chain not turn it upside down.

[RBull4life]

Relax all, Great America is not going anywhere. Snyder is not going to close down one of the chains highest profit maker. If by some remote possiblity that Snyder wanted to dump GA, I am sure that Cedar Fair would jump at the chance to get their hands on the park.

[Chitown]

Great America will always be an amusement park in the future.

Some of you need to relax and just let the new board members get situated. They aren't going to start doing drastic things to the chain like selling off profitable parks.

[Trailblazer Tony]

^I hope your right, I guess I could give them a chance, but I am worried about the outcome.

[SF Critic]

A Few Things that Snyder wants to do.

Read: http://parktrips.com/snyder_sec-filing.htm

Yes I'm a SNYDER Supporter also!

[SFGA Bob]

you know, I can understand killing off Bugs if the liscense is too high, but when did Looney Tunes stop becoming "culturally relevant"? sure, they had some recent movie duds, but there's a lot of crappy kids flicks. when was the last time you saw Micky Mouse in a feature? yet Disney doesn't seem to have lost any cultural relevance with a character from the 20's. I'm not saying Looney Tunes is the end all be all that should ever be at Six Flags, but I just hope they don't choose something that's popular right now and have to re-brand again in a couple years.

the clothing issue is really weird to me. who goes to a part to buy clothes? no one. so the clothes that are there need to be something special if people are going to buy them. so it would be pointless to try to get a brand on clothes since you can find the same or similar branded clothing elsewhere. but there are only so many SF rollercoaster shirts people will buy.

overall, I'd say the current SF has done a good job with clothes. they have a nice mix of styles (not sizes, though) and target families and teens well with the Cartoon Network and Adult Swim brands respectively.

[w00dland]

o Rename rides and attractions using more modern media and get paid for doing it

Looks like SBC's V2 could be a possibilitiy after all...

- target direct mail utilizing statistical analysis and demographical data

I like this idea. For a lot of companies direct mail (junk mail) doesn't work very well and is usually about a 1% response too. But when you get stuff in the mail from a place you love like Six Flags I think more people will be apt to open it up and check out the stuff inside.

- fast-track service: presented by sponsor
energy provider: official energy provider, re-bidding evergy costs at all parks (re-bidding to get the lowest cost will help a lot with such massive amounts of energy being used)

And wow, this is just creative. Lower energy costs by partnering with energy companies. Hopefully no more rolling blackouts for Six Flags next year.

[Trailblazer Tony]

o Rename rides and attractions using more modern media and get paid for doing it

Looks like SBC's V2 could be a possibilitiy after all...

- target direct mail utilizing statistical analysis and demographical data

I like this idea. For a lot of companies direct mail (junk mail) doesn't work very well and is usually about a 1% response too. But when you get stuff in the mail from a place you love like Six Flags I think more people will be apt to open it up and check out the stuff inside.

- fast-track service: presented by sponsor
energy provider: official energy provider, re-bidding evergy costs at all parks (re-bidding to get the lowest cost will help a lot with such massive amounts of energy being used)

And wow, this is just creative. Lower energy costs by partnering with energy companies. Hopefully no more rolling blackouts for Six Flags next year.

I would love to receive mail from Six Flags. Now that is junk mail I WON'T toss.

[Shockwavegirl]

I am NOT NOT NOT NOT NOT for the raising of season pass prices. I like them the way they are. I for one would not buy a season pass if they doubled in price.

[SFGAm Shock Wave]

^ Then you better buy your Season Pass now.