Update: SIX Flagging

Dan Snyder’s can-you-spare-a-buck? theme park chain, Six Flags, is making huge strides toward its inevitable resting place in Chapter 11.

Early in Monday’s trading, a share of SIX was selling for $1.14. In a season of historic lows, this is but another.

When Snyder’s investment group, which included his Redskins staffers Vinny Cerrato and Karl Swanson, took over Six Flags in 2005, they claimed to control 10,921,300 shares of company stock.

By March 2006, Six Flags’ stock was trading for 11.93 per share.

That put the value of the co-workers’ investment at $130,291,109.

With today’s poopy price, the pool’s value had sunk to $12,450,282.

Damn, I’m tired of carrying the one for these guys, so let’s just say the Redskins Park traders are down about $118 million.

This keeps up, and Snyder and his staffers are going to lose some serious money.

And no matter what you read elsewhere: Six Flags stock was already in freefall last week, so the company can’t blame its dire straits on the decapitation of a visitor to its Six Flags Over Georgia park over the weekend.

That is unsettling, however.

Keep the dial right here for breaking news in Snyder’s Six Flags soap opera.

This entry was posted on Monday, June 30th, 2008 at 10:47 am and is filed under Dan Snyder, Sports, Washington Redskins. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.