New Orleans rejected Six Flags buyout in 2007

As was previously reported on Lifthill, the city government in New Orleans has expressed intent to sue Six Flags, Inc. for what officials claim to be abandonment of the Six Flags New Orleans park.

Six Flags' CEO Mark Shapiro has fired back, claiming the city rejected a $14 million buyout that would allow Six Flags, Inc. to walk away from the hurricane-ravaged park. Considering the company is currently paying $1.4 million a year in lease payments, that would have afforded the city 10 years worth of lease payments to do what is needed with the property.

The New Orleans government now says the city is ready to take the deal, but the company is currently in no financial position to pay that amount. The mayor's office has yet to respond to Associated Press' inquiries.

This drama just got much more interesting.