Investor sues Cedar Fair
Dec 8, 2010 at 11:53 PM
(WITH PDF OF LAWSUIT) Cedar Fair has set the date for a showdown on its company policies. Facing off: The company’s board of directors and Cedar Fair’s biggest investor, Geoffrey Raynor.
The special meeting for the company’s unitholders has been scheduled for 9 a.m. Jan. 11 at the Cedar Point Center at BGSU Firelands in Huron.
Unitholders at the meeting will decide if Cedar Fair should focus on paying cash dividends to investors, rather than focusing on paying down debt.
The group will also decide if Cedar Fair should separate the CEO’s post from the chairman of the board spot. Dick Kinzel currently holds both positions.
Cedar Fair announced the meeting Wednesday, just hours after Texas investment banker Raynor and his companies filed a lawsuit accusing Cedar Fair of stalling in setting the meeting date.
Raynor accused Cedar Fair of trying to manipulate the special meeting’s outcome.
The lawsuit seeks an injunction ordering Cedar Fair to hold the meeting no earlier than “the second week of January,” so both sides have time to make their case.
Stacy Frole, Cedar Fair’s director of investor relations, said the company planned to announce the meeting date this week anyway. It actually issued the press release a day earlier than planned.
“We issued it this afternoon based off of their request,” Frole said Wednesday. “We had always planned to provide the information this week.”