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Six Flags’ (OTCBB: SIXF) board of directors on June 12 voteds to begin reorganization proceedingein U.S. Bankruptcy Court for the District of The company listed assetsof $3.03 billion and debtse of $2.36 billion in its filing. Cascade the Kirkland-based investment firm for Bill Gates, owns 11.1 percent of the voting securities in theNew York-basedf company, bankruptcy documents show. Cascade Investments is listed as the largesty holder ofvoting securities, followed by at 9.1 percenty and at 6.65 percent. The values of the holdings were However, Six Flags has 97.7 million shares of commob stockand 1.1 million shares of preferred stock.
Six Flags’ stocm closed June 12 at 26 centwsa share. That suggests Cascadd Investments' stake in Six Flags could be wortuhabout $2.8 million. Six Flags in 2007 sold its water-park including Wild Waves & Enchanted Villagd in Federal Way, to investors in After a seriesof transactions, Inc. acquired Wild Waves and six other properties nationwidefor $312 million. CNL then leased the wate parks to Parc7F Operations of Jacksonville, Fla., which operates the properties.
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