LA Times: Dan Snyder in the Hunt to Buy Miramax Films
What baffles me is that Mr. Snyder is the chairman of Six Flags, which filed for bankruptcy. So, you still have the credit to buy another major corporation? Ain't America great?
The connection to the Redskins owner is Miramax co-founder Harvey Weinstein sits on the board of Six Flags.
4 months ago
Kevin Ewoldt
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Snyder Finances
Six Flags is only one small part of Dan’s empire, is still operating ,and (I think) he has limited liability in it. Complicated high finance, and a definite mistake (which I sort of doubted from the start) but just an annoyance to Dan. Donald Trump’s Atlantic City Casinos all went bankrupt and it didn’t slow him down at all. By the way, AOL has an article about how MBA’s don’t do well as CEOs, and it cites Dan as an example of an unsuccessful businessman, and Harvard’s MBA program uses him as an example of a failed CEO, most of this based on his allegedly unwise spending. I say baloney! For one thing, Snyder is not a failed businessman. The Redskins are a fabulously successful business, worth more than any other team except the Cowboys, and Snyder is a very successful entrepreneur and businessman, and a billionaire. Most of that is not an accident. The writer seems to equate the Skins disappointing football record with business success. For one thing, the Skins haven’t done that bad – better than a lot of teams, and good enough to keep fans interested and hopeful. And Dan didn’t run the team, he was the owner. He and his troops certainly made some mistakes, but all teams do – it’s not an exact science. The alleged overspending was mostly a myth – they always stayed under the cap. Some mistakes, like Archuleta, were staff failures (how could Gregg have let them pay so much?), but the biggest mistake was hiring Jim Zorn – and that was all Snyder. Terrible blunder. In any case, Dan would have “failed” at running a football team, not as running a football business. Naturally, I am more interested in the team, and sure wish they’d start winning!
America
Has far and away the kindest bankruptcy, both personal and corporate rules in the world.
Many people credit these kind bankruptcy rules with the Innovation shown in America, as it gives you the opportunity to try and fail, then try again, whereas in many other country’s once you have been Bankrupt once, thats it for you, you are finished as far as lenders are concerned.
Pommylee
Bankruptcy
Interesting. Hadn’t really thought of that. But I know that Snyder did not bet the farm on Six Flags. Thanks for the info.
Come on
its not like Snyder put up his own credit to buy Six Flags. His investment firm had like an 11% stake in it. He wasn’t liable for the company going under.
Snyder fired the entire board of directors and brought in his own
"I am excited about starting 2009. We are looking forward to an outstanding year. We're on our way. We have a lot of healthy players this year." - Vinny Cerrato
by Kevin Ewoldt on Mar 23, 2010 9:55 AM EDT up reply actions
When it looked like it was already going under
and it was a publicly-owned company, so his investment company didn’t need a huge stake in it for him to become chairman of the board. I’m no Snyder fan by any means, its just annoying to nit-pick and take pot shots at every little thing.
How'd that Tom Cruise production company go, anyway?
"By far the worst performers on the team are in the front office." – Sally Jenkins
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