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News: Six Flags reimburses Dan Snyder for proxy fight |
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Posted at 8:54 PM EDT (0054 GMT)
 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. Visit The Washington Post to view the complete and original article.
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| Comments |
Katie
Joined: Oct 2005
Posts: 2099
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This a load of horse crap. He wanted the company and now he wants his money back for himself. Bad management in my opinion!
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| 4/13/2006 9:13 PM |
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siestakey
Joined: Jul 2005
Posts: 1668
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He's rich...
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| 4/13/2006 9:13 PM |
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DmnAdam14113
Joined: Jul 2005
Posts: 241
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What a great way to cut back costs.
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| 4/13/2006 9:51 PM |
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cannonballer
Joined: Jun 2004
Posts: 1373
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He spent a million on food and lodging? poor guy.
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| 4/13/2006 10:45 PM |
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siestakey
Joined: Jul 2005
Posts: 1668
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Burger King, McDonald's, Applebee's, Shop Rite, Wal*Mart, Target, Wendy's, KFC, Six Flags, Corsi's, Papa John's, Starbucks, Cold Stone, Pizza Hut, Domino's, Jonny Carino's, Chick Filet, Cumberland Farms, Friday's, Ruby Tuesday's, Sam Seltzer's, Captain Curt's, ACME, Drug Fair, and Longhorn Steakhouse owe me about $1 million combined, I eat there when I live.
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| 4/13/2006 11:45 PM |
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cannonballer
Joined: Jun 2004
Posts: 1373
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^ haha can it count as a business expense? Because you can really deduct that from your taxes if so, FORREAL!
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| 4/14/2006 12:27 AM |
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Wes
Joined: Sep 2001
Posts: 11063
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I don't see how two guys could have spent $1,000,000 on food and lodging for 3 months!
He should try living off minimum wage and see how far he can stretch $1MM!!!
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| 4/14/2006 4:14 AM |
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CHILLERLC1
Joined: May 2001
Posts: 7870
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Did he have some drive-up services too? 1 million Geeze
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| 4/14/2006 9:03 AM |
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5150
Joined: Jul 2004
Posts: 364
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"I don't see how two guys could have spent $1,000,000 on food and lodging for 3 months! "
I bet it would be fun trying! Moet et Chandon and Kobe Steak EVERY NIGHT! (and as a midnight snack!)
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| 4/14/2006 11:14 AM |
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BobFunland
Joined: Aug 2005
Posts: 1282
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$400/night hotels and private jets criss-crossing the nation add up quick ;-)
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| 4/14/2006 2:59 PM |
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Chris L
Joined: May 2001
Posts: 7362
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^ But remember, they didn't reimburse him for traveling via private jet air travel. So him and Shapiro pretty much ate at the nicest restaurants, stayed in the nicest hotels and suites and were compensated for doing so.
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| 4/16/2006 1:24 AM |
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Zingoman
Joined: Dec 2004
Posts: 1299
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It can add up when you are a corperate exec. running up tabs in expensive restaraunts I'm sure, and staying in the best suites in the best hotels. That crap costs a ton, and I bet these two hardly held back on the spending. I think it's dumb that they can get reimbursed for exesive expenses though. It should NOT have cost them that much at all. I think they just went on a spending spree knowing they could write it off as business. Bunch of corperate bologna IMO.
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| 4/17/2006 2:02 AM |
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