Misleading rumors have surfaced that PARC Management, LLC (“PARC”) would like to dispel. Six Flags has not brought legal action against PARC for the return of the parks purchased by PARC from Six Flags in April 2007. PARC and Six Flags have had an ongoing dispute regarding the language of one of the agreements made between them as part of the 2007 purchase. This dispute involves the interpretation of a promissory note in which Six Flags alleges the language provides for non-scheduled principal pre-payments. Early last year PARC filed suit against Six Flags asking the court to declare the language does not provide for non-scheduled principal pre-payments. This action was “stayed” when Six Flags filed Bankruptcy (meaning that PARC could not proceed in its legal action without Bankruptcy Court approval). Very recently, Six Flags filed in its Bankruptcy proceeding a claim based on this year-old dispute. You should know that Six Flags has not sought, has no right to recover and has no security interest in any of its former properties. Six Flags has not requested any relief other than financial recovery for the alleged non-scheduled principal prepayments. In fact, PARC has upheld its obligations under its agreements with Six Flags and will continue to do so. Most importantly, PARC is looking ahead to the 2010 season with many new events planned for its 25 theme parks and family entertainment centers across the United States and Canada.
