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Posted: November/22/2005 at 3:24pm | IP Logged Quote administrator

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

By BusinessWire

Last Update: 11/22/2005 2:46:01 PM

Data provided by


ASHBURN, Va., Nov 22, 2005 (BUSINESS WIRE) -- Red Zone LLC announced today that it has received and delivered to the registered agent of Six Flags, Inc. (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.

SOURCE: Red Zone LLC



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Posted: November/22/2005 at 3:46pm | IP Logged Quote administrator

Six Flags Comments on Red Zone Announcement; Reiterates Commitment to Sale Process
Tue Nov 22, 2005 4:12 PM ET
NEW YORK--(Business Wire)--Nov. 22, 2005--
		Six Flags, Inc. (NYSE: PKS) responded today to Red
Zone's announcement that it had received and delivered to the
registered agent of Six Flags consents relating to Red Zone's
previously announced consent solicitation regarding the replacement of
three of the Company's seven directors and certain other proposals.
Six Flags emphasizes that the delivery by Red Zone of consents,
whether or not in sufficient amounts to approve Red Zone's proposals,
does not automatically give effect to any of Red Zone's proposals.
   The consents, as well as all revocations of consents received by
the Company, will be sent to IVS, the independent inspector of
elections, for a preliminary tabulation. Upon receipt of a preliminary
count from the independent inspector, Six Flags and Red Zone will each
have an opportunity to review and challenge the validity of the
consents and revocations received. Upon the completion of the review
and challenge period, the independent inspector will prepare and
certify a final tabulation of the results, which will then be publicly
announced by Six Flags. Each individual Red Zone proposal will be
deemed effective only if it has received unrevoked consents certified
by the inspectors totaling an amount greater than 50% of Six Flags'
outstanding shares. The Company does not anticipate commenting further
on the consents until the inspectors have completed their tabulation
and both parties have had the opportunity to review and challenge
consents and revocations.
   Six Flags reiterated its commitment to moving as expeditiously as
possible towards the completion of the previously announced sale
process.

   Six Flags, Inc. is the world's largest regional theme park
company.

   Forward Looking Statements:

   The information contained in this news release, other than
historical information, consists of forward-looking statements within
the meaning of Section 27A of the Securities Act and Section 21E of
the Securities Exchange Act. These statements may involve risks and
uncertainties that could cause actual results to differ materially
from those described in such statements. These risks and uncertainties
include, among others, the costs of reviewing and responding to the
unsolicited offer and consent solicitation, and other impacts of the
proposed offer on Six Flags' operations. Although Six Flags believes
that the expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will prove
to have been correct. Important factors, including factors impacting
attendance, such as local conditions, events, disturbances and
terrorist activities, risks of accidents occurring at Six Flags'
parks, adverse weather conditions, general economic conditions
(including consumer spending patterns), competition, pending,
threatened or future legal proceedings and other factors could cause
actual results to differ materially from Six Flags' expectations.
Reference is made to a more complete discussion of forward-looking
statements and applicable risks contained under the captions
"Cautionary Note Regarding Forward-Looking Statements" and "Business -
Risk Factors" in Six Flags' Annual Report on Form 10-K for the year
ended December 31, 2004, which is available free of charge on Six
Flags' website at www.sixflags.com

Six Flags, Inc.
James F. Dannhauser, 212-599-4693
or
Joele Frank, Wilkinson Brimmer Katcher
Dan Katcher / Jeremy Jacobs, 212-355-4449

Copyright Business Wire 2005


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Posted: November/22/2005 at 3:55pm | IP Logged Quote administrator

4:53pm 11/22/05
Six Flags says still committed to sale process (PKS) By Carla Mozee
SAN FRANCISCO (MarketWatch) -- Six Flags Inc. (PKS) said after Tuesday's closing bell that it's still committed to a previously announced process to sell the company, and that the consent solicitation from its largest shareholder, investment firm Red Zone LLC, doesn't automatically give effect to any of Red Zone's proposals. Earlier today, Red Zone said that shareholders representing more than 57% of Six Flags' outstanding shares have consented to its proposals aimed at increasing shareholder value, including one to remove three directors from Six Flags' board. The theme park operator said the consents, as well as all revocations, will be sent to an independent elections inspector for a preliminary tabulation. Six Flags said it and Red Zone will each have a chance to review and challenge the validity of the consents and revocations, and that each Red Zone proposal will be deemed effective only if it has received certified consents totally more than 50% of Six Flags' outstanding shares.


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Posted: November/22/2005 at 4:15pm | IP Logged Quote Lightnin' drop



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Posted: November/22/2005 at 6:43pm | IP Logged Quote administrator

Red Zone: Can take over Six Flags

By Jasmina Kelemen, MarketWatch
Last Update: 9:16 PM ET Nov. 22, 2005  

SAN FRANCISCO (MarketWatch) -- In his latest maneuver to complete a hostile takeover of heavily indebted Six Flags, Washington Redskins owner Dan Snyder said Tuesday that his investment firm, Red Zone LLC, has amassed enough shareholder votes to take control of the theme-park operator's board of directors.

Red Zone said it received and delivered written consents representing more than 57% of the Oklahoma City-based Six Flags (PKS:

six flags inc com, which is enough to remove CEO Kieran Burke, CFO James Dunnhauser and Stanley Shuman from the board of directors.

Dan Snyder, ESPN programmer Mark Shapiro and Dwight Schar would replace the three ousted members.

"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," said Snyder in a release.

In response, the theme park operator reiterated its commitment to moving the sale process along and said the consents, as well as all revocations, will be sent to an independent elections inspector for a preliminary tabulation.

Six Flags said it and Red Zone will each have a chance to review and challenge the validity of the consents and revocations, and that each Red Zone proposal will be deemed effective only if it has received certified consents totally more than 50% of Six Flags' outstanding shares

Earlier this year, Six Flags put itself up for sale in August in hopes of thwarting an unsolicited bid from Red Zone that it believes undervalues the company.

In a letter to shareholders filed with the Securities and Exchange Commission in August, Red Zone said it intends to commence a tender offer valued at $6.50 a share that would bring it to a 35% ownership position in Six Flags -- the most possible without setting off a "poison debt" provision that could allow the company's creditors to accelerate terms on $2.6 billion in outstanding paper.



Edited by administrator on November/22/2005 at 6:46pm


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Posted: November/23/2005 at 3:06pm | IP Logged Quote administrator

Six Flags, Seven Press Releases

By Rick Aristotle Munarriz (TMFBreakerRick)
November 23, 2005

No mas, Six Flags (NYSE: PKS)! We get it. You don't want minority shareholder and Washington Redskins owner Dan Snyder meddling with your plans to sell the company. That was the gist of last night's press release. It has been the same theme resonating through seven different press releases that the company has issued over the past two weeks.

The war of the words began over the summer when Snyder proposed replacing three of the seven members of the Six Flags board with his own choices from the real estate and entertainment industries.

Six Flags went on to put the company up for sale and announce the closure of at least one of its parks. It insists that it is still collecting buyout proposals and will have something to present its investors next month.

Six Flags has been a colossal disappointment for investors over the past several years. It wasn't until Snyder's storm culminated in the company officially putting itself on the block that the shares finally showed signs of life.

The irony in all this is that Six Flags was starting to take baby steps forward before it became buyout fodder. The company is posting revenue gains at nearly all of its regional amusement parks. Earnings before interest, taxes, depreciation, and amortization (EBITDA) is expected to grow by at least 16% this year and another 13% come 2006.

Then again, that's also the problem. Talking about a company in EBITDA terms is a lot like describing a blind date as having a great personality. Six Flags is a "Butterdebt" kind of gal. She's fun and all, but her debt? The company has $2.1 billion in debt, or roughly three times the company's market cap.

That's how folks like Snyder and Microsoft's (Nasdaq: MSFT) Bill Gates have been able accumulate meaty chunks of the actual shares despite accounting for a much smaller piece of the company's enterprise value.

The urgency of Six Flags' rat-a-tat-tat press release spouting is intriguing. If you're going to kill a tree, Six Flags, do so in the name of building a world class wood coaster. Perpetually calling out the enemy makes it seem as if the company is truly afraid that the board will come undone by shareholder mandate before a worthy acquisition offer is received.

I'm curious as to what Six Flags will present to investors in the coming weeks. Is a company really in talks to swallow Six Flags whole? I can't see other companies with theme park interests like Cedar Fair (NYSE: FUN), Disney (NYSE: DIS), Viacom (NYSE: VIA) and Anheuser-Busch (NYSE: BUD) making an offer for all of Six Flags. However, I can see at least three of those companies interested in at least some of the Six Flags properties. That may open up the possibility of a private equity firm coming in with a reasonable buyout offer in order to carve out the company piecemeal.

Either way, CEO Kieran Burke and his board of cronies are unlikely to be running Six Flags for too much longer. With so much potential left on the wrong end of the turnstiles, good riddance, I say.

Don't like it, Six Flags? Go ahead. Hit me with a press release. 

Cedar Fair was recommended to Income Investor subscribers earlier this year because of the company's operating efficiency and perpetually growing dividends.

Longtime Fool contributor Rick Munarriz loves to take his family to new amusement parks every summer. He practices what he preaches; he owns shares in Disney and Cedar Fair. The Fool has a disclosure policy. He is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early.



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Posted: November/28/2005 at 2:08pm | IP Logged Quote administrator

4:31pm 11/28/05
Red Zone: Glass Lewis recommends support for Six Flags bid (PKS) By Gabriel Madway
SAN FRANCISCO (MarketWatch) -- Red Zone LLC said after Monday's closing bell that proxy adviser Glass Lewis & Co. has recommended that Six Flags Inc.'s (PKS) shareholders vote to support Red Zone's proposals to remove three members of the theme park operator's board and elect Red Zone's nominees. On Nov. 22, Red Zone said it had already received and delivered written consents representing more than 57% of Oklahoma City-based Six Flags' shareholders, which is enough to remove Chief Executive Kieran Burke, Chief Financial Officer James Dunnhauser and Stanley Shuman from the board. In August, Six Flags put itself up for sale in hopes of thwarting an unsolicited bid from Red Zone that it believes undervalues the company.


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