Cedar Fair's unitholders have voted overwhelmingly to appoint a new chairman of the board with no previous ties to the company, current chairman Dick Kinzel announced at today's special meeting of Cedar Fair unitholders.
Cedar Fair's board of directors says that two proposals from Q Investments will hurt the amusement park company's long-term prospects and disrupt the company's search for a replacement for CEO Dick Kinzel, who is retiring.
Cedar Fair's biggest investor wants big changes at the amusement park giant.
Q Funding, a Texas investment firm controlled by Dallas-area banker Geoffrey Raynor, is demanding a special meeting of unitholders to consider two proposals Q Funding is offering.
Cedar Fair CEO Dick Kinzel and his wife, Judy Kinzel, have filed a $30 million federal lawsuit against Merrill Lynch and the brokerage company's new owner, Bank of America, accusing the companies of ripping them off.