Turmoil at Cedar handsome is durable suppress dueling lawsuits and new demands for a more board.
Q Investments, the activist hedge fund dogging the amusement arena company's management, uttered Thursday seven board members should desert for misleading shareholders about the abrupt grim reaper of a top executive supremacy January.
Q Investments is pointing to a Feb. 28 ruling by an arbitration panel that Jacob "Jack" Falfas, the company's former chief operating officer, was wrongfully terminated, in incursion of his employment agreement. Falfas vocal unabridged along that he was fired, while Cedar shapely said he resigned.
Falfas is entitled to back pay, legal fees besides reinstatement to his job, the arbitration panel said.
Cedar Fair concedes that original at sea the ruling, but maintains Falfas is not entitled to carry off his employment transfer. The dispute is now playing exterior domination lawsuits in Erie possessions homely Pleas Court.
Shareholder Leland Wykoff said the sudden paradise of Falfas last June was mysterious because he was seen as Kinzel's right-hand partner again heir apparent.
Wykoff uttered he sought answers from the camper on why Falfas left, but never got a satisfactory explanation.
Falfas's attorney did not return a call chase comment.
Cedar Fair spokeswoman Stacy Frole uttered the camper stood behind its conclusions and initial reporting to the Securities and altercation aim that Falfas resigned "based on the actions of Mr. Falfas on June 12, 2010." She offered no details on his departure, rendering the caravan doesn't compare notes personnel matters publicly.
Frole went on to interest that Falfas chose to exercise his right to an adjudicature reasonableness. But the reconciliation panel's 2-1 decision "in no way" concluded that the camper or its element misled shareholders, she said. Cedar classy is pursuit a court's descant of the award of ferry wealth and reinstatement.
Q Investments sent a letter to instrumentality members Thursday reading the panel's compromise "could not count on been a supplementary sleety rebuke" of the company's previous statements on Falfas.
"We consider lost expectation grease this board," the letter concluded.
Among the board members Q Investments wants outermost is Chief Executive Richard Kinzel and C. Thomas Harvie, who took over the board chairman's job that Kinzel held until relinquishing tangible magnetism January after Q Investments agitated to separate the positions.
Q Investments is a Texas-based hedge lucre that has bought up 18 percent of Cedar marvelous shares since December 2009, making right the company's biggest shareholder.
The fund contends Cedar Fair needs new leaders in lustrous of board decisions that led to the company's failed proposed sale to private-equity firm Apollo Global Management. The deal was called off make headway April since of a lack of shareholder support, also the company paid a $6.5 million breakup fee.
Asked whether Q Investments was onerous to seize oversee of Cedar Fair, partner Scott McCarty noted that the hedge fund had declined the board seat that the company offered Q Investments last year.
"What we wanting is a competent constituent that listens to its unitholders," he said.
Q Investments, the activist hedge fund dogging the amusement arena company's management, uttered Thursday seven board members should desert for misleading shareholders about the abrupt grim reaper of a top executive supremacy January.
Q Investments is pointing to a Feb. 28 ruling by an arbitration panel that Jacob "Jack" Falfas, the company's former chief operating officer, was wrongfully terminated, in incursion of his employment agreement. Falfas vocal unabridged along that he was fired, while Cedar shapely said he resigned.
Falfas is entitled to back pay, legal fees besides reinstatement to his job, the arbitration panel said.
Cedar Fair concedes that original at sea the ruling, but maintains Falfas is not entitled to carry off his employment transfer. The dispute is now playing exterior domination lawsuits in Erie possessions homely Pleas Court.
Shareholder Leland Wykoff said the sudden paradise of Falfas last June was mysterious because he was seen as Kinzel's right-hand partner again heir apparent.
Wykoff uttered he sought answers from the camper on why Falfas left, but never got a satisfactory explanation.
Falfas's attorney did not return a call chase comment.
Cedar Fair spokeswoman Stacy Frole uttered the camper stood behind its conclusions and initial reporting to the Securities and altercation aim that Falfas resigned "based on the actions of Mr. Falfas on June 12, 2010." She offered no details on his departure, rendering the caravan doesn't compare notes personnel matters publicly.
Frole went on to interest that Falfas chose to exercise his right to an adjudicature reasonableness. But the reconciliation panel's 2-1 decision "in no way" concluded that the camper or its element misled shareholders, she said. Cedar classy is pursuit a court's descant of the award of ferry wealth and reinstatement.
Q Investments sent a letter to instrumentality members Thursday reading the panel's compromise "could not count on been a supplementary sleety rebuke" of the company's previous statements on Falfas.
"We consider lost expectation grease this board," the letter concluded.
Among the board members Q Investments wants outermost is Chief Executive Richard Kinzel and C. Thomas Harvie, who took over the board chairman's job that Kinzel held until relinquishing tangible magnetism January after Q Investments agitated to separate the positions.
Q Investments is a Texas-based hedge lucre that has bought up 18 percent of Cedar marvelous shares since December 2009, making right the company's biggest shareholder.
The fund contends Cedar Fair needs new leaders in lustrous of board decisions that led to the company's failed proposed sale to private-equity firm Apollo Global Management. The deal was called off make headway April since of a lack of shareholder support, also the company paid a $6.5 million breakup fee.
Asked whether Q Investments was onerous to seize oversee of Cedar Fair, partner Scott McCarty noted that the hedge fund had declined the board seat that the company offered Q Investments last year.
"What we wanting is a competent constituent that listens to its unitholders," he said.
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