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U.S. markets recover from steep losses
LARGO, Md., May 1 (UPI) -- Washington Redskins owner Daniel Snyder is leaving the board of Six Flags, which he had headed for five years, a spokesman said.
Snyder, who has been chairman of the board since winning a proxy fight, is leaving along with friend and Redskins partner Dwight C. Schar, The Washington Post reported Saturday.
Snyder will lose the equity he has in Six Flags, which has struggled during the past several years as its stock has nose-dived.
When Six Flags filed for Chapter 11 bankruptcy protection in June, Snyder held 5 percent to 6 percent equity, the Post said.
As part of its reorganization plan, nine people, including Mark Shapiro, the chief executive Snyder chose, became directors.
Snyder spokesman Karl Swanson said he would not seek reappointment.
Six Flags couldn't pay interest on $2.4 billion in debt the previous Six Flags owners had left Snyder, the Post said.
Snyder and Shapiro aimed to make Six Flags, which owns about 20 parks in North America, more family-friendly by adding rides and attractions.
Six Flags attracted 25 million visitors in 2008
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