Cedar Fair today disclosed that CEO Dick Kinzel sold 167,900
of his limited partner units of Cedar Fair in order to meet a
margin loan call. Additional units are pledged as security and
future margin calls are possible.
"I am very disappointed to have been required to sell these
units from my more than 1.3 million units of direct ownership in
Cedar Fair," Kinzel said in a company statement. "This sale does
not reflect my view of the company's financial position or its
future performance potential.
"The margin debt is a result of an April 2008 option exercise
and the related payment of federal and state income taxes," he
added. "That option exercise, where I purchased and held the
units, reflects my complete confidence in the value of the
Company's strategy and assets over the long run. My confidence
in Cedar Fair remains unchanged."
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