Boring at the time…

August 18, 2005

A few weeks ago, I caught an exhibit in a filing by Six Flags (PKS), though I didn’t blog about it at the time, mostly because I wasn’t convinced that it was interesting enough. In a nutshell, the exhibit expanded the number of executives who were covered by the company’s change in control severance agreements. But now that Six Flags’ largest shareholder, Washington Redskins owner Dan Snyder, has launched a proxy fight, the exhibit is starting to make a lot more sense.

Snyder, in his letter to fellow Six Flags investors all but calls the current management greedy pigs, noting that over 80% of all options granted in fiscal 2004 went to the company’s top two executives. The letter also notes that the company has amended the company’s poison pill and bylaws and expanded both indemnity agreements and severance agreements with directors and executives and goes on to say that Snyder and his group have been raising questions about the company’s performance over the past year.

Still think the July 22 filing was purely coincidental? Guess again.

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