Six Flags, Inc. (NYSE:SIX) are down 25% in the past 5 days and 65% in the last 6 months.  The Masters believe things are going to get worse before they get better and we expect shares to get even cheaper.  Next stop -- $1 a share.

The Wanna-be Disney theme park just reported disappointing Q3 results and after the 'ride-related accident' in late June at the Company's park in Louisville, Kentucky it was clear shares were going to take a dive. Total revenue for the quarter decreased 2% to $465.2 million from $474.2 million in the prior-year quarter. Attendance decreased 0.3 million, or 3%, to 12.0 million from 12.3 million in the prior year. The attendance decrease stems from a difficult July during which attendance dropped 9% compared to the prior year.  That 'accident' was more than just a mishap, it almost cost Six Flags its reputation as a 'fun place.'

A teenage girl had lost both her feet below her ankles on a Superman Tower of Power last summer. The ride lifts passengers 177 feet straight up, then drops 154 feet, reaching a speed of 54 miles per hour according to the park's Web site. It opened in 1995 and was known then as "the Hellevator," reports the Louisville Courier-Journal. 

Six Flags liabilities compared with the stockholder equity is a 'Hellevator', and they are way to dependant on the banks to cover their debt and expenses. Besides the constant losses during the last few years 2007 is shaping up to be another down year for SIX. The profits of Q3 07 cannot offset the losses of  Q1 through Q2 07, their profit fell 46% for crying out loud. Add to it that Q4 is a slow period for their business so the hope of a turnaround story is getting even further away.

 It's getting ugly for Six Flags and if you think the day traders are going to come to the rescue, you better keep your shoes on.  Next stop on this Hellevator is $1 per share.