Guy Deposed During Dan Snyder’s Six Flags Coup Returns to Amusement Industry—Atop Parks Snyder Once Ran!
Burke's the guy Dan Snyder waged war against beginning in 2004 on the way to taking over Six Flags.
Frontier City and White Water Bay were Six Flags properties during Snyder's fiscally disastrous but otherwise amusing run in the amusement industry.
Snyder's takeover of Six Flags was highlighted by an Oct. 24, 2005 letter to the company's shareholders begging them to put him in charge and kick out Burke, the reigning chairman of the board.
Investors, Snyder's letter said, were being so shortchanged by Six Flags management that they would be better off "hiding their money under a mattress" than investing in the company with Burke running the show.
The pitch worked. Snyder was named on 58 percent of the ballots in a proxy vote and was installed as chairman by the end of 2005. That put Burke out of work.
As history shows, other than that letter, not much worked out for Snyder during his time with Six Flags. The world's largest amusement park chain began heading toward insolvency soon after Snyder took over. When Six Flags emerged from Chapter 11 bankruptcy last year, Snyder was no longer a part of the bright future he had argued for.
But before hitting bottom, Snyder had sold Frontier City and White Water Bay from the the Six Flags stable. Burke's current company, Premier Attractions Management, just won the right to operate the two parks.
Now Burke's going to have a crack at showing up Snyder for that nasty mattress crack.
Speaking of: Wonder if Burke will get an "official mattress" for his properties...