Cedar Fair, L.P. (the Partnership) is a Delaware limited partnership that commenced operations in 1983 when it acquired Cedar Point, Inc., and became a publicly traded partnership in 1987. The Partnerships general partner is Cedar Fair Management, Inc., an Ohio corporation whose shares are held by an Ohio trust (the General Partner). The General Partner owns a 0.001% interest in the Partnerships income, losses and cash distributions, except in defined circumstances, and has full responsibility for management of the Partnership. At December 31, 2008 there were 55,076,206 outstanding limited partnership units registered on The New York Stock Exchange, net of 485,777 units held in treasury. At December 31, 2007, there were 54,248,285 outstanding limited partnership units registered, net of 113,698 units held in treasury.
The General Partner may, with the approval of a specified percentage of the limited partners, make additional capital contributions to the Partnership, but is only obligated to do so if the liabilities of the Partnership cannot otherwise be paid or there exists a negative balance in its capital account at the time of its withdrawal from the Partnership. The General Partner, in accordance with the terms of the Partnership Agreement, is required to make regular cash distributions on a quarterly basis of all the Partnerships available cash, as defined in the Partnership Agreement.
"Notes To Consolidated Financial Statements" elsewhere: