Top investor sues again for Cedar Fair meeting
6/16/2011SANDUSKY — For the seventh time in a year, Cedar Fair LP’s largest shareholder is suing the Sandusky-based amusement park company.
A pair of Texas hedge funds known collectively as Q Investments filed suit this week in a state court in Delaware to force Cedar Fair to call another special meeting of shareholders, what would be the third such meeting if the request is granted.
Q Investments sent a letter last week to the company requesting the meeting to vote to replace its general partner — the executive body that oversees Cedar Fair’s limited partnership agreement — with one that would grant board member nominating rights to shareholders. A proposal to grant that right didn’t receive enough votes from shareholders June 2 at a special meeting.
But Cedar Fair balked at calling another special meeting, arguing Q Investments request lacked specifics on what the proposal to shareholders would be.