Psst. Wanna Buy a Bunch of Roller Coasters?

One week after a disgruntled shareholder made some overtures to assume control of Six Flags, the company today announced that it is inviting bidders to participate in an auction for the chain of regional amusement parks. According to Reuters, the surprise move may be an attempt to call Daniel Snyder's bluff. The owner of the Washington Redskins and a major shareholder of Six Flags stock, Snyder has been a vocal critic of the company and its management for some time. Despite recent improved performance, he ratcheted up the rhetoric, attempted to acquire more shares, and announced his intention to assume the position of chairman. Instead, the preemptive move by Six Flags will force Snyder and his Red Zone investment company to join other would-be suitors in an auction process. What will this mean for roller coaster fans? It's difficult to say. Six Flags is saddled with $2.3 billion of debt, making it a challenging sell. Major industry players, such as Disney or Cedar Fair (owner of Cedar Point and other parks), probably won't be interested in the company. Still, Six Flags is enormously popular and does appear to be on the rebound. It's likely Bugs Bunny and the thrill rides will be back next season, but different owners--maybe Snyder, maybe a private investment company--will be hoisting the flags.
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