ThrillNetwork.com :: Six Flags reimburses Dan Snyder for proxy fight

News: Six Flags reimburses Dan Snyder for proxy fight

By Chris L

Apr. 13th, 2006 -- Of the $10.4 million in reimbursements, $2.4 million is for investment banking fees spent by Snyder as well as nearly $1 million spent for food, airfare, and lodging over the course of three months as Snyder and Shapiro flew back and forth across the country to meet with shareholders. Another $2 million of the total went to cover a variety of other expenses, such as signing bonuses for new senior executives, legal bills and filing fees.

The company's new Chief Executive Officer, Mark Shapiro, receives a $5 million signing bonus as part of the reimbursement deal.

Snyder will not be compensated for the cost of traveling via private aircraft, which totaled $265,236.

Red Zone LLC, the investment vehicle for Snyder's 11.7 percent stake in Six Flags, spent $11.6 million to persuade shareholders to turn the theme park operator over to Snyder and his team last fall. Snyder asked for a $11.4 million imbursement.

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