Update: SIX Flagging

Dan Snyder’s post-viable theme park chain, Six Flags, remains headed toward Chapter 11 at a pace that reminds me of my nephew the morning after he got Harry Potter and the Goblet of Fire.

A pace so fast, in fact, that there’s no time now to talk about all the dis-leggings, decapitations and other deaths and viruses that have plagued Snyder’s parks of late.

No, with Six Flags stock (SIX) hitting — stop me if you’ve heard this one lately! — ANOTHER RECORD LOW during today’s trading, at just 72 cents a share*, let’s go right to the big board!

To recap: Snyder controlled 10,921,300 shares of SIX, mostly owned by him and staffers of the Washington Redskins, when he took over Six Flags in 2005.

The stock at one point shortly after his ascension hit $11.93 per share. That means Snyder was atop a green mountain totaling $130,291,109.

Today, that cabbage patch is worth just $7,863,336.

Snyder and his followers have lost $122,427,773.

Snyder went into this venture hailed as a marketing genius. But, let’s be serious, the Six Flags numbers during Snyder’s reign couldn’t be worse if Charles Barkley was handling the books.

Six Flags is scheduled to release its financials for the second quarter of 2008 soon. And God only knows what this report will bring.

Oh, wait a sec! Make that: God AND Dwight Schar might know!

Schar is one of Snyder’s Redskins partners and a member of Snyder’s Six Flags board.

He just dumped two million shares of Six Flags stock.

Way to stay with the ship, Capt. Stubing!

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

*SIX dipped to 71 cents a share before I could hit “post.” Like I said: Snyder’s a quick one! I’m not re-crunching numbers.

This entry was posted on Tuesday, July 15th, 2008 at 10:53 am and is filed under Dan Snyder, Sports, Uncategorized, 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.