Cheap Seats Daily: Hey, Dan Snyder: How’d That Dick Clark Deal Work Out for Six Flags Stockholders?
It's not clear to me which is the bigger travesty: Vinny Cerrato keeping his job so long after running the Redskins into the ground, or Dan Snyder staying atop Six Flags despite making all the wrong moves since taking over the now-bankrupt theme park chain in 2005.
Six Flags' reorganization is nowhere near complete, and god only knows what's beneath the surface of this debacle. But from the sound of things, when all's said and done Snyder will still be chairman of Six Flags board of directors when that company comes out of bankruptcy.
How can this be? In Snyder's world, what do you have to do to lose your job?
One small aspect of the fiasco: Would somebody PLEASE explain to me how Snyder was allowed to pay a whopping $175 million for Dick Clark Productions using private equity money from Red Zone Capital, a fund he controls, then turn around and sell 40 percent of Dick Clark Productions to Six Flags, using public equity money, which he also controlled? And Snyder did this deal, remember, in 2007, while Six Flags was on the way to the bottom and he was already blaming the company's woes on its billions of dollars of debt.
Snyder made the Dick Clark Productions sale around the time he made a licensing deal between Johnny Rockets, another Red Zone-owned company and controlled by Snyder, and Six Flags. Again, would SOMEBODY please explain to me how that's allowed?
I mean, I make a lot of fun of Lindsay Czarniak and Dan Hellie working for Snyder's Redskins Broadcast Network and WRC News at the same time. And that really does bug me. But Czarniak and Hellie's conflict of interest ain't a hair off the ass of the conflict of interest Dan Snyder had in dealing with himself during Red Zone's sale of a huge chunk of Dick Clark Productions to Six Flags. Let alone the Johnny Rockets deals.
How hard a bargain do you think private-money Dan Snyder drove with public-money Dan Snyder in making these deals?
(AFTER THE JUMP: More on Dan Snyder, Red Zone and Dick Clark? DeMatha sends more jocks to college? Remember Harvey Grant? The DC Armor are gonna just disappear? Somebody's still kvetching about the El Al/FedExField comparison?)
And what bang have Six Flags investors gotten out of the tens of millions of stockholders' bucks Snyder threw at himself during the 40 percent sale of Dick Clark Productions? Who's looking out for who?
Who knows what the Dick Clark Productions ownership situation will be when this comes out of bankruptcy.
But, again, it looks like Snyder will still be in charge of both Red Zone and Six Flags at that time. Maybe he'll have a chance to buy Dick Clark Productions from himself during the bankruptcy, then sell Dick Clark Productions to himself all over again.
Seriously, in Snyder's world, what do you have to do to lose your job?
From our Hyattsville bureau: DeMatha's library will be packed tomorrow to unveil the latest batch of athletes that the sporting powerhouse will send up to the next level.
Among the more notables in the jock octet featured in the scholarship signing ceremony:
Jerian Grant, son of Washington Bullets 1988 first-round pick Harvey Grant, will announce he will attend Notre Dame. That'll make him the first DeMatha basketball player to commit to South Bend since Hall of Famer Adrian Dantley back in 1973.
And, Casey Thrush will be the first DeMatha student to accept an NCAA hockey scholarship while still in high school, representing the Stags' desire to dominate yet another prep sport.
This signing ceremony, which is surely bigger than any signing ceremony any other local high school will have this year, does not include DeMatha football players. DeMatha already sends more folks to the NFL than any school in the country. They're doing something right in Hyattsville.
The return of the DC Armor for a second season is looking bleaker and bleaker. This update from oursportcentral.com's Weekly Pro Sports League and Franchise Report:
American Indoor Football Association: The future of the D.C. Armor in the AIFA is in doubt. The team played before very small crowds in its inaugural 2009 AIFA season and it is unknown whether the franchise will attempt to play a 2010 season in another venue or simply be discontinued.
Somebody's gonna miss you, DC Armor.
JTA, which describes itself as the "Global News Service of the Jewish People," and a media organization I have long suspected is controlled by Jews, had some fun with Cheap Seats Daily's comparison of the security at FedExField during the Prague Spring for Redskins fans to the security of El Al Airways.
I had gotten a call from a friend before the Eagles game a few Mondays ago, who told me about getting the once over and then some from a guard at the FedEx gate. So I wrote:
The only first-person account I got was from a friend who called me from FedExField just after being searched at the gate like he was boarding an El Al flight.
He asked the frisker, “Are you looking for anti-Snyder paraphernalia?”
“As a matter of fact, I am,” the guard told him.
That caught the attention of El Al account manager Ron Glickman, who wrote us to say that "the checks that one would go through for an El Al flight are a lot less hands on" than what I wrote about FedEx. El Al, Glickman said, hasn't done done any [body checks] in the past year in the entire United States.”
And Glickman's quotes, in turn, inspired JTA blogger Eric Fingerhut to wonder what entering FedEx would be like like if in fact El Al did take over security:
You'd get to the gate and they'd ask: "So, did you write your sign yourself? Did anyone help you to write your sign? When did you write your sign? Has it been with you since you wrote it?...
That guy's funny!
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