Cedar Fair shareholders want dividend restored
6/7/2010SANDUSKY — Angry and frustrated investors questioned executives of Sandusky-based Cedar Fair LP Monday morning during an hour-long shareholders meeting in a downtown Sandusky theater.
Longtime Cedar Fair Chief Executive Richard Kinzel was repeatedly asked by several of about 150 investors about the entertainment company's suspension of its dividend as well as executive compensation levels after a poor financial year for the firm.
"They have a right to be frustrated," Mr. Kinzel said after the meeting.
The amusement park firm, whose premier property is Cedar Point but owns amusement parks and water parks nationwide, is expected to name two new board members within days.
Its main shareholder, Q Funding Investments, reached a deal with the company management to add new board members. The shareholder has requested more input into Cedar Fair reorganizing its debt and in re-instating its dividend.