Article published June 17, 2004
2 ex-colleagues sue 3 senior Cedar Fair execs
SANDUSKY- Three executives of Cedar Point's parent company are being sued by two longtime colleagues who say they were not treated equitably under a recent plan to reorganize the company.
Charles Paul, vice president and corporate controller of Cedar Fair LP, and John Albino, who retired June 4 as Dorney Park's vice president and general manager, say they should receive a portion of the $3.45 million in Cedar Fair stock transferred as part of a plan to change the management structure of the parent of several amusement and water parks.
Targeted in the lawsuit, filed this week in Erie County Common Pleas Court, are Richard Kinzel, Cedar Fair's chairman, president, and chief executive officer; Daniel Keller, Cedar Point's vice president and general manager; and Richard Collingwood, corporate vice president of administration.
The three own the stock of Cedar Fair Management Co., the longtime general partner of Cedar Fair.
Mr. Albino had been granted 75 "share equivalents" in that entity and Mr. Paul was granted 50 share equivalents, allowing them to share in any incentive compensation payments.
When a new compensation system was adopted, the two consented to end their agreement, but they maintain in their lawsuit that the termination pertained only to compensation payments.However, the lawsuit contends, Mr. Albino and Mr. Paul were entitled to receive dividends and distributions upon the liquidation of Cedar Fair Management.
The general partner of Cedar Fair was liquidated, leading to the $3.45 million compensation to Mr. Kinzel, Mr. Keller, and Mr. Collingwood.
The suit said Mr. Albino is entitled to $470,000 and Mr. Paul to $314,000.
Richard Panza, attorney for the two men, declined comment yesterday, as did a Cedar Fair official.
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