included the park. Company executives were expecting to receive upwards of $150 million for the real estate but ended up receiving $77 million when the bare property (which cost $20 million to clear) was sold to a development corporation in 2006. On November 22, Red Zone announced it had gained control of the board. Kieran Burke was removed on December 14 and replaced by Mark Shapiro, former executive vice president of programming at ESPN. Six Flags then named former Representative Jack Kemp, entertainment mogul Harvey Weinstein and Michael Kassan, the former president of the Interpublic Group of Companies Incorporated, to their newly revamped board of directors. Even with the new management team, the sell-off would continue into 2006. On January 27, Six Flags announced the sale of Frontier City and White Water Bay after the 2006 operating season. At the same time, Six Flags announced it would close corporate offices in Oklahoma City, moving its headquarters to New York City. Six Flags CEO Mark Shapiro said he expected the parks to continue operation after the sale, a lesson the company learned after its public relations debacle with the closure of AstroWorld. In June, Six Flags announced it was considering closing or selling up to six of its parks, including Elitch Gardens, Darien Lake, WaterWorld in Concord, California, Wild Waves and Enchanted Village in Federal Way, Washington, Splashtown in Houston, Texas and, most notably, Six Flags Magic Mountain. In addition, Six Flags announced the sale of Wyandot Lake in Powell, Ohio to the neighboring Columbus Zoo and Aquarium. Ultimately, Six Flags Magic Mountain was spared, with the remaining six parks sold on January 11, 2007, to CNL Lifestyle Properties for $312 million: $275 million cash and a note for $37 million. Bankruptcy The company's cash flow had decreased by over $120 million annually during the Shapiro years. In October 2008, Six Flags was warned its stock value had fallen below the required minimums to remain listed on the New York Stock Exchange. With the financial crisis of 2007–2008 weighing both on consumer spending and the ability to access credit facilities, Six Flags was believed to be unable to make a payment to preferred stockholders due in August 2009. Management saw the business as a sound one, noting that attendance across the company's parks increased slightly in 2008 compared to 2007. Six Flags CEO Mark Shapiro said that the company's problem was