Investors in Six Flags Inc. have discovered that two entrepreneurs have plans for turning around the amusement park company, whose stock price has plunged as fast as its roller coasters.Gates now has about 11.5% of the company, and Snyder has almost 9%. According to the article, both are buying shares through their respective LLC investment companies. However, they are not doing it together. They have independently decided that Six Flags management needed a shakeup.
Daniel Snyder, the principal owner of the Washington Redskins, and Bill Gates, the founder and chairman of Microsoft Corp., have bought up big chunks of the 40-year-old purveyor of water parks, drive-through safaris and corndogs.
In a filing yesterday with the Securities and Exchange Commission, Gates said he may seek a spot on the company's board. Snyder made a similar filing Monday. In the documents, both men sharply criticized Six Flags' management.
Readers should know, of course, that Six Flags refers to Texas, because of the "Six Flags Over Texas."