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Penn Zoil

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  1. I read the park grossed $266,354 in 2014 which was their lowest ever reported. And now they report they are $359,961 in the hole for 2015. That does not count the $300,000 they got in May in loans to open the park. It doesn't count any of the bankruptcy debt which hasn't been addressed. The park has delayed writing their bankrupcty report twice now. Then the EPACC has charged the park $224,000 over the last year to run the park. Looking more and more that the writing in on the wall.
  2. The overwhelming bulk of the actual amusement park area sits on the single tax parcel 5513-001 which is nothing but the amusement park area. 5513-001 is a lot approximately 55 acres that does not include, the hotel, most of Kiddie Land, the Pony Track, and the first hill of the Blue Streak. Everything else amusement park-related sits on lot 5513-001 which remains very delinquent in back property taxes. The tax parcels lots where Kiddie Land, Pony Track, and the first hill of the Blue Streak sit are likewise delinquent in back property taxes. The tax sale is nothing but all about the sale of the amusement park property. Park lessees certainly can file injunctions to protect their investments. Anybody can file an injunction at anytime for anything. Getting the injunction granted remains the challenge. Greg Sutterlin went to the Summit Township Supervisors’ Meeting last November with his factually non-existent plan to save the park. When they rejected his vague unrealistic presentation outright he was told in no uncertain terms by the township solicitor “If you want to protect your investment pay the $900,000”. Injunction wise Sutterlin failed to record his hotel and Beach Club leases with the county recorders office. That will have serious negative legal ramifications in court when filing any possible court actions to protect his investments. Sutterlin was fully aware of the delinquent tax issue and possible tax sale when he signed the lease. Unless Sutterlin has a clause in his lease specifically granting his corporation financial relief in the event of the sale tax Sutterlin will maintain his unbroken losing streak in his every court request to date. The hotel sits in Sadsbury Township and only 5 years of taxes are reported to have been paid on it. It remains seriously delinquent in back taxes. Sutterlin’s two options in protecting his investments are either pay the entire delinquent tax bill or win the bid at the tax sale. Suttlin has cash flow issues. Sutterlin stated in court when he tried to sue the board to sign new leases that he is having difficulty securing cash financing because his lease is not recorded at the court house. To be recorded, it needed to be notarized. Suttelin neglected to get the lease notarized. He failed in his suit against the trustees to get new leases signed and notarized. Adams on the other hand may have some relief if he chooses to file a case to garnish ownership of some of the mobile rides which are not subject to the tax sale. Unless the delinquent back taxes plus interest are paid in full prior, the tax sale occurs on September 26. At the close of business on the 26th there will be a new owner no matter what happens in the tax sale.
  3. The park will most likely be operating 3 more months during the 2014 summer season prior to the September tax sale.
  4. The Rebuild the Beach Club concert is an unofficial non-Conneaut Lake Park-approved fund raising benefit. There are many questions locally as to where the money collected at the concert will go.There is no definitive answer from any concert parties. The question got murkier yesterday when Gregg Suttlin attempted to file an injunction in court ordering the insurance money on the Beach Club be paid to him. County and township attorneys showed there are many parties in front of Sutterlin who are legally entitled to and will receive the insurance money.The judge denied the request.
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