More bad news for SF and SFKK

[Bob O]

http://www.kentucky.com/471/story/375167.html

http://www.abc2news.com/news/local/stor ... 75b7087483

With park employee's saying they didn follow manufactuer's procedures on maintence it will be very hard for SF to defend themselves in the suit and means they will likely be opening up the companies coffer's for a major money settlement to the family in this case, which the company cant afford as they are already DEEPLY in debt.

[rasslin]

Hi All,

I just read that too. Besides, there are opinions in the financial world that Six Flags can for the first time actually finish a year in positive cash flow territory! If (and it's a big IF) they can increase revenue by 3%

With the economy the way it is, the best way to do that would be to significantly lower ticket prices. Not good for us season pass holders or the wear and tear it would cause but it might instill enough confidence to get their share prices back to $6.00 instead of $1.46 thus making it a more stable place.
I would be very upset if the doors closed on that place because of a bankruptcy or a buyout. (Which lets face it, Lake County being so poorly managed and so over regulated and taxed, a new owner would save money by selling the equipment to one party and the land to another. )

What do you think?

[rb1]

Everything will be OK. SF has been through a lot of stuff and they still survived and the economy always rebound it just takes a while.

[rasslin]

I sincerely hope you are correct! Illinois doesn't have a great track record when it comes to keeping amusement parks in business; Old Chicago, Santa's Village, Adventureland, Riverview........
In the case of that poor girl who was severely injured, the company must have enough liability insurance to cover the settlement? It will mean much higher premiums, but it's better than forking over millions in cash.
Plus now Illinois is really getting expensive and more scrutinizing with amusement operators. I am in the business (I work with an entertainment company) and this is the first year I can remember that the Illinois Dept. Of Labor (The regulating agency for mechanical rides--Don't ask me why?) Is jacking up the prices and slamming down the hammer on amusement operators. Including a mandatory drug/background screening process for all employee's. There go all the real Carny's!
I hope all of this doesn't become an insurmountable issue for Great America's situation already exacerbated by the current economic downturn.

[w00dland]

^See, the cool part of Illinois theme parks is that Marriott's/Six Flags Great America put most of those parks out of business. I obviously have no idea what Great America's cash flow is, but I do know that Great America is sitting in between two of America's largest cities with virtually no competition. Even if Lake County's taxes are through the roof it clearly hasn't stopped developers from continually leasing Gurnee Mills.

Great America has so much going for it right now, I would bet that if Six Flags went under Great America would survive as a theme park until the economy cannot support things like theme parks anymore.

[Bob O]

Im no expert when it comes to insurance and what SFKK's policy says, but im sure the insurance company will do what ever they can to say that SFKK voided the policy by failing to follow instructions on training employee's and failing to properly maintain the rides. If they can show the park failed to do its own due diligence they can use that to make SFKK pay the settlement and not the policy. Inusrance companies will do whatever they can to avoid paying out big settlements.

[FParker185]

yep, insurance is always dependent on following the manufacturers instructions. If that's in fact true and admitted into court, SF is in a whole heap of trouble and the hole of debt is going to get quite a bit deeper.

That's not to mention a possible charge of criminal negligence. Someone could end up in jail over this if they can pin it on one or a small group of people.

[rasslin]

Hi All,

Should you ever want to learn more about Six Flags financials and plans, you can go to Yahoo, click on Finance and in the ticker symbol box type the word SIX

http://finance.yahoo.com/q?s=six

You will find the latest financial status, company announcements, theories, changes, purchases, agreements and other news articles about Six Flags.

[FParker185]

http://www.courier-journal.com/apps/pbc ... 008/NEWS01

new article there with some findings from the lab tests. That cable was in BAD, like REALLY BAD shape, rusted, cracked and lack of lubercation near the site of the break.

I cant believe the park actually put corn starch on the cables, a first year apprentice in any trade with any sort of formal training should know that wire rope needs lubercation.

[Jerrykoala2112]

I never visited that Six Flags, and I have heard that it is not the best. So I see in the future that it won't be a Six Flags just like the ones in Europe and Darien Lake and Elitch Gardens.