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National and Global, United States

Wednesday, June 23, 2010

Another BIG Corporate RIP-OFF=Six Flags

Look at the millions of pay out to people who have no business even being there!!!

Six Flags cuts workforce, 3 top executives

By The Associated Press (AP)

Six Flags Entertainment Corp., the theme park operator that emerged from bankruptcy protection last month, said Monday that three park executives are leaving the company as part of recent layoffs that the company estimates will save it $16 million a year.

The company did not disclose how many jobs were affected in the June 16 reductions, but said the move mainly targeted its New York City and Dallas corporate offices. Six Flags also is moving its CEO to the company's Dallas corporate headquarters. The estimated savings excludes severance and other costs, Six Flags said in a filing with the Securities and Exchange Commission.

"The effect of these reductions should bring the company's general and administrative costs more in line, on a percentage of revenue basis, with other companies in the regional theme park industry," the company said in the filing.

Leaving the company are Michael Antinoro, executive vice president of entertainment and marketing, Andrew Schleimer, executive vice president of strategic development and in-park services, and Mark Quenzel, executive vice president of park strategy and management.

The three executives had nearly three years left on their contracts and stand to receive their base salaries throughout that term. Antinoro receives $400,000 a year in salary while Quenzel and Schleimer each are paid $500,000 annually.

Their employment agreements also call for them to receive their target bonus for the past year, which totals $500,000 a year for Antinoro and Quenzel and $400,000 for Schleimer. The three also will receive severance and 12 months of health care and life insurance.

The company, which runs 19 theme parks in North America, filed for bankruptcy protection in June 2009, burdened by high levels of debt and declining park attendance. Its restructuring plan reduced its debt and redeemable preferred stock to about $1 billion from about $2.7 billion.

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