SANDUSKY, Ohio, Dec. 30 (UPI) -- Investors in Ohio's Cedar Fair, an amusement park company, filed six lawsuits to stop sale of the company to Apollo Global Management, court papers say.
One lawsuit claims Cedar Fair Chairman Richard Kinzel would profit handsomely from the deal, gaining $987,976 from the sale of "phantom" units, which amount to shares with deferred payment set for March 2011, the Dayton (Ohio) Daily News reported Wednesday.
The suit also claims Chief Financial Officer Peter Crage would realize $312.857 in deferred payments.
Shareholders in the $2.4 billion deal announced Dec. 16, would receive a $11.50 per unit price for their shares, while Apollo assumed $1.6 billion of Cedar Fair's debt.
"This is a strong company and even given the economy, it looks to be very promising," said attorney Jack Landskroner, who is representing investors in a class action suit.
Cedar Fair would not comment on pending litigation, the newspaper said.