The Six Flags bankruptcy is another sign of the current economic breakdown. Today Six Flags declared Chapter 11 bankruptcy.
Six Flags Inc., the owner of 20 theme parks, sought bankruptcy protection 3 1/2 years after Washington Redskins owner Daniel Snyder become chairman and hired new managers in an attempt to return it to profitability.
The Chapter 11 petition filed in U.S. Bankruptcy Court in Wilmington, Delaware, listed assets of $3 billion and debt of $2.4 billion as of Dec. 31. Thirty-six affiliates also sought protection.
Snyder began a shakeup of Six Flags in late 2005 after winning three seats on the board. The 48-year-old company hasn’t posted an annual profit since 1998 and had losses of $558.8 million in the two years after Snyder became chairman.
Six Flags shares have fallen 86 percent in the past 12 months as investors have grown skeptical about the company’s ability to refinance preferred income equity redeemable shares, or PIERS, before their August redemption date. On Aug. 15, $287.5 million in preferred stock matures and $131 million of 8.875 percent senior notes come due next year.
The company said in today’s statement it’s seeking court approval of a prearranged reorganization plan that will cut its debt by about $1.8 billion and eliminate more than $300 million worth of preferred stock obligations. The reorganization plan has yet to be filed with the court.
$1.3 Billion
The 20 largest creditors without collateral backing their claims are owed about $1.3 billion, according to court papers. HSBC Bank USA, National Association as Trustee for holders of the company’s 12.25 percent notes due 2016, is listed as the largest unsecured creditor. The principal amount due under the bonds is $400 million.
Any debt-for-equity exchange offers by the company have ended due to the bankruptcy filing, Six Flags said in the statement.
Six Flags, which has theme parks in the U.S., Canada and Mexico, had $79.4 million in cash and $2.31 billion in long-term debt as of March 31, according to its first-quarter financial statement.
Spokeswoman Sandra Daniels didn’t respond to a voice mail left by Bloomberg News seeking comment.
The lead case is: Premier International Holdings Inc., 09- 12019, U.S. Bankruptcy Court, District of Delaware (Wilmington).
Saturday, June 13, 2009
Thursday, June 11, 2009
Letterman Palin Joke
We have the video of the Letterman joke that has caused so much controversary with Sarah Palin. I can't believe now comedians can't tell certain jokes. Give me a break.
Wednesday, June 10, 2009
Mountain Dew Fuel Games
Attention all World of Warcraft fans Mountain Dew Fuel Games with is back and now on the market with two World of Warcraft themed flavors. View the game at http://www.mountaindewgamefuel.com/
The Three Dews
In the blue corner is Mountain Dew Game Fuel: Wild Fruit for the Alliance of humans, elves, blood elves and assorted nerds of Azeroth. It has a wild fruit flavor and is a shade of electric blue that is quite rare to find in nature. This is an all new Mountain Dew flavor.
Lurking in the red corner representing all the badness of the Horde is Mountain Dew Game Fuel: Citrus Cherry. It the same sweetened beverage that was in the Halo 3 themed Game Fuel that I did so enjoy. Normally I don't get into HFCS flavored sodas any more but it was a kick and I had to respect the gustiness of the brew. It didn't care that it was a color rarely found in nature it was a energy flava kick cause Heaven only know we video gamers could use a little more stimulation in our lives.
Despite the fact that World of Warcraft runs natively on my beloved Mac OSX I have been actively resisting trying it out be cause I have seen what it does to nerds of stronger stature than I. If you thought I updated this site infrequently before I shudder what it would be like if I played WoW.
They are having a contest pitting the Alliance sweetened beverage drinkers against the Horde sweetened beverage drinkers to see who can drink and register more bottle caps and win prizes and such. Wow how meta-internet nerdy is this? I mean it is a soda for gamers based on the nerdiest PC games since Zork and there is an internet contest to see who can consume and register the most soda to defeat a video game foe. Woe is all nerd kind for they just turned drinking soda into a competitive online game.
This is a limited release and is not going to be on the market forever. I have not seen it in my local stores yet but I will let you know if I slay and drink a bottle.
The Three Dews
In the blue corner is Mountain Dew Game Fuel: Wild Fruit for the Alliance of humans, elves, blood elves and assorted nerds of Azeroth. It has a wild fruit flavor and is a shade of electric blue that is quite rare to find in nature. This is an all new Mountain Dew flavor.
Lurking in the red corner representing all the badness of the Horde is Mountain Dew Game Fuel: Citrus Cherry. It the same sweetened beverage that was in the Halo 3 themed Game Fuel that I did so enjoy. Normally I don't get into HFCS flavored sodas any more but it was a kick and I had to respect the gustiness of the brew. It didn't care that it was a color rarely found in nature it was a energy flava kick cause Heaven only know we video gamers could use a little more stimulation in our lives.
Despite the fact that World of Warcraft runs natively on my beloved Mac OSX I have been actively resisting trying it out be cause I have seen what it does to nerds of stronger stature than I. If you thought I updated this site infrequently before I shudder what it would be like if I played WoW.
They are having a contest pitting the Alliance sweetened beverage drinkers against the Horde sweetened beverage drinkers to see who can drink and register more bottle caps and win prizes and such. Wow how meta-internet nerdy is this? I mean it is a soda for gamers based on the nerdiest PC games since Zork and there is an internet contest to see who can consume and register the most soda to defeat a video game foe. Woe is all nerd kind for they just turned drinking soda into a competitive online game.
This is a limited release and is not going to be on the market forever. I have not seen it in my local stores yet but I will let you know if I slay and drink a bottle.
Megan Fox Black Dress
Tuesday, June 9, 2009
Brown Bailout.com
Check out this great marketing in the rival of FedEx vs. UPS.
f you want to run a multi-billion dollar international conglomerate these days, you had better have a few high-ranking friends in Washington. If not, this administration appears ready to do anything and everything it can to wipe you and your shareholders out.
www.brownbailout.com
f you want to run a multi-billion dollar international conglomerate these days, you had better have a few high-ranking friends in Washington. If not, this administration appears ready to do anything and everything it can to wipe you and your shareholders out.
The battle that is brewing between United Parcel Service (NYSE:UPS), FedEx (NYSE:FDX) and Capitol Hill is a perfect example.
While the two companies have business models that are very similar and are direct competitors with one another, their respective labor forces look quite different.
Because it started as an airline, FedEx and its nearly 100,000 hourly workers fall under the rules laid out by the Railroad Labor Act, a law designed to keep the nation’s skies and rails running smoothly despite labor disputes.
But UPS, on the other hand, must follow a different set of rules, the National Labor Relations Act (NLRA). Instead of forcing a synchronized nationwide vote to unionize, the NLRA allows workers to unionize one hub at a time, a much easier task.
Spreading unions like cancer
FedEx obviously knows the horrific damage that could be done to its bottom line if unions start calling the shots. That is why the company is preparing to spend millions of dollars promoting its “Brown Bailout” campaign designed to make current legislation, the FAA Reauthorization Act of 2009, appear to be designed solely to benefit, or bail out, FedEx’s chief rival, UPS.
In addition to the Web site, brownbailout.com, revealed today, get ready to see online ads, radio spots and television campaigns promoting the company’s lobbying initiative.
With few friends willing to fight for FedEx in a labor-friendly Washington, the company is hoping you and I will do some letter writing and phone calling. The company is hoping taxed-out taxpayers will buy the “bailout” message and join FedEx in a political battle.
As investors, FedEx is one to watch. While it is not in full-blown panic mode just yet, the company’s business model is likely about to change in a big way.
Already this year, the company is lagging Big Brown in share price performance. Over the past six months, shares of UPS are down by about 10%. Meanwhile, FedEx has lost over 20% of its value.
If union bosses start calling the shots and FedEx loses access to its cheap labor force, expect the divergence to grow even larger. There is a reason FedEx is spending billions and fighting so hard. It has a lot to lose.
As I told TFN Strategic Trader subscribers this morning, the market as a whole is a dangerous short position right now, but there are select stocks well worth selling now and buying later.
FedEx is a strong candidate.
A rough economy, surging fuel prices and political headwinds could stir big trouble.
www.brownbailout.com
Monday, June 8, 2009
Iphone Verizon Deal In The Works
Looks like Iphone and Verizon are working on a deal the will merge cell companies. This would great for Verizon subscribers to now be able to buy the Iphone without having to switch service to AT&T. Read below about more information.
If AT&T's purchase of Verizon Wireless' Alltel assets is approved later this year, as expected, South Dakota cell phone users will be able to acquire the much-coveted iPhone and a global calling network.
But questions remain as to how the potential switch will affect Alltel subscribers who are transitioned into AT&T service through their Alltel contracts.
AT&T announced in May that it intends to acquire wireless properties, including about 1.5 million subscribers in 79 service areas across 18 states, at a price of $2.35 billion.
Verizon now owns Alltel but was forced to sell some of its Alltel assets in certain states to create fair competition. South Dakota, North Dakota, Iowa and Minnesota are among the affected states.
The move is subject to approval by the Federal Communications Commission and the Justice Department.
AT&T spokesman Tom Hopkins said the company expects the deal to close late this fall, pending the proper approvals.
If the deal goes through, Alltel customers , whose contracts will be transitioned over to AT&T, will see no changes for roughly 12 months as AT&T upgrades Alltel's CDMA technology to GSM, a network that is used all over the world and one that allows calls to be made from different countries. New phones needed
Once that upgrade is complete, former Alltel customers who have been transitioned to AT&T will no longer be able to use their Alltel cell phones on the new network .
"Once the network is upgraded to GSM, they will need to get a new device," Hopkins said. But Hopkins said it is premature to predict whether contract-bound customers would be provided with compatible GSM devices at a discount or free of charge, or whether they would have to buy a new phone themselves.
"It's a little bit early to get into those kinds of specifics," he said.
The company may offer certain "marketing enticements," when the transition occurs, he said, but those details have not been worked out. Hopkins said AT&T would keep customers informed as the deal goes forward. Better service ahead?
He said that if and when the switch occurs, customers who are transitioned from Alltel to AT&T will have better service .
"That network will provide greater cell coverage, call quality," he said. "It will be an upgrade over the current network."
AT&T customers will also have the ability to purchase an iPhone, a music playing, WI-FI capable phone produced by Apple that has been incredibly popular across the country for its many different functions. Customers will be able to choose from a large variety of AT&T phones featuring the latest technology, Hopkins said.
However, Public Utilities Commissioner Gary Hanson is concerned with some potentially negative effects of the switch. Compatibility issues
AT&T's new GSM network may not be as compatible with the existing towers used by Verizon Wireless as Alltel has been, he said. The two companies have used roaming agreements to provide service in as many areas as possible.
"I don't know that the two technologies between Verizon and AT&T are going to mesh as well as Alltel and Verizon did," he said. "That's my biggest concern, because it means that there will be a lower quality of service if they don't have good roaming ." PUC concerned
Hanson said the PUC is also concerned about the possibility of Alltel customers having to purchase new phones when the network changes. "We are quite concerned about the phone issue, as to whether or not all of the Alltel customers will have to purchase new phones," he said.
The PUC may or may not have the authority to regulate AT&T on that aspect, if it indeed becomes an issue, Hanson said.
Hanson also wants to ensure that AT&T will have a commitment to building out its infrastructure in South Dakota as the other two companies have done.
He and the other commissioners have had discussions with AT&T and plan to meet with the company sometime in the future to hammer out some concerns.
"At this point the best we can do is meet with AT&T and ask a lot of questions and make a lot of suggestions and see what their plans are," he said.
If AT&T's purchase of Verizon Wireless' Alltel assets is approved later this year, as expected, South Dakota cell phone users will be able to acquire the much-coveted iPhone and a global calling network.
But questions remain as to how the potential switch will affect Alltel subscribers who are transitioned into AT&T service through their Alltel contracts.
AT&T announced in May that it intends to acquire wireless properties, including about 1.5 million subscribers in 79 service areas across 18 states, at a price of $2.35 billion.
Verizon now owns Alltel but was forced to sell some of its Alltel assets in certain states to create fair competition. South Dakota, North Dakota, Iowa and Minnesota are among the affected states.
The move is subject to approval by the Federal Communications Commission and the Justice Department.
AT&T spokesman Tom Hopkins said the company expects the deal to close late this fall, pending the proper approvals.
If the deal goes through, Alltel customers , whose contracts will be transitioned over to AT&T, will see no changes for roughly 12 months as AT&T upgrades Alltel's CDMA technology to GSM, a network that is used all over the world and one that allows calls to be made from different countries. New phones needed
Once that upgrade is complete, former Alltel customers who have been transitioned to AT&T will no longer be able to use their Alltel cell phones on the new network .
"Once the network is upgraded to GSM, they will need to get a new device," Hopkins said. But Hopkins said it is premature to predict whether contract-bound customers would be provided with compatible GSM devices at a discount or free of charge, or whether they would have to buy a new phone themselves.
"It's a little bit early to get into those kinds of specifics," he said.
The company may offer certain "marketing enticements," when the transition occurs, he said, but those details have not been worked out. Hopkins said AT&T would keep customers informed as the deal goes forward. Better service ahead?
He said that if and when the switch occurs, customers who are transitioned from Alltel to AT&T will have better service .
"That network will provide greater cell coverage, call quality," he said. "It will be an upgrade over the current network."
AT&T customers will also have the ability to purchase an iPhone, a music playing, WI-FI capable phone produced by Apple that has been incredibly popular across the country for its many different functions. Customers will be able to choose from a large variety of AT&T phones featuring the latest technology, Hopkins said.
However, Public Utilities Commissioner Gary Hanson is concerned with some potentially negative effects of the switch. Compatibility issues
AT&T's new GSM network may not be as compatible with the existing towers used by Verizon Wireless as Alltel has been, he said. The two companies have used roaming agreements to provide service in as many areas as possible.
"I don't know that the two technologies between Verizon and AT&T are going to mesh as well as Alltel and Verizon did," he said. "That's my biggest concern, because it means that there will be a lower quality of service if they don't have good roaming ." PUC concerned
Hanson said the PUC is also concerned about the possibility of Alltel customers having to purchase new phones when the network changes. "We are quite concerned about the phone issue, as to whether or not all of the Alltel customers will have to purchase new phones," he said.
The PUC may or may not have the authority to regulate AT&T on that aspect, if it indeed becomes an issue, Hanson said.
Hanson also wants to ensure that AT&T will have a commitment to building out its infrastructure in South Dakota as the other two companies have done.
He and the other commissioners have had discussions with AT&T and plan to meet with the company sometime in the future to hammer out some concerns.
"At this point the best we can do is meet with AT&T and ask a lot of questions and make a lot of suggestions and see what their plans are," he said.
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