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Six Flags’ (OTCBB: SIXF) boarsd of directors on June 12 voted to begin reorganizationn proceedingsin U.S. Bankruptcy Court for the District of The company listed assetsof $3.03 billiojn and debts of $2.36 billion in its Cascade Investments, the Kirkland-based investment firm for Bill Gates, owns 11.1 percentr of the voting securities in the New York-based bankruptcy documents show. Cascade Investments is listed as the largest holder ofvoting securities, followede by at 9.1 percent and at 6.65 The values of the holdings were However, Six Flags has 97.7 million shares of common stock and 1.1 million shares of preferred stock. Six stock closed June 12 at 26 centxsa share.
That suggests Cascade Investments' stak in Six Flags could be wortgabout $2.8 million. Six Flags in 2007 sold its water-parlk properties, including Wild Wavea & Enchanted Village in Federall Way, to investors in Florida. Afte r a series of transactions, Inc. acquired Wild Wave and six other properties nationwidefor $312 CNL then leased the water parks to Parc7F Operationes Corp. of Jacksonville, Fla., which operates the properties.
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