Hard Rock / Freestyle Music Park Discussion Thread

P. 300: Former park land sold for $3.5 million
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Postby xcastn0shad0wx » Mon Feb 16, 2009 3:41 pm

Or they could just build a water park in the park that seems to be the answer to low attendance at some other parks lately.

I would think that with the low asking price that would be feasible? And would really add value to the park.

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Postby themeparkman25 » Mon Feb 16, 2009 5:12 pm

I think realistically an addition is not going to happen, I don't even think its feasible, not in this market. I mean at the first auction companies couldn't buy the park because they couldnt get financing, so now that one could pull off financing to buy a park that is liquidating assets, what makes you think they could even find the money? HRP went belly up in a matter of months, a realistic bank would not finance an addition to a park that can't even bring in money anyways. At least that is what I think.

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Postby spaceace12 » Mon Feb 16, 2009 5:28 pm

http://twitter.com/itpsnews

More objections filed in bidding process for Hard Rock Park Third bidder is in play. Hard Rock wants to ensure no one can use their name

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Postby CHILLERLC1 » Mon Feb 16, 2009 6:58 pm

That name agreement was made before the Seminole Tribe picked up the company wasn't it?

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Postby coasterdude5 » Mon Feb 16, 2009 8:52 pm

I hope the name is not what does this deal in.
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Postby Capitalize » Mon Feb 16, 2009 11:09 pm

DerekRx wrote:^While Pay-Per-Ride would be nice to draw people into the park, I don't think there are enough rides there that you'd want to ride over and over again (especially if you have to deal with Led Zep's preshow every time!) I would think it would be more beneficial to either have a cheap admission rate of like $5-10, plus parking, and then either pay per ride or $25 for a wristband, or just flat out make it $34.99 to get into the park for everyone to get in and enjoy all the rides and shows they want.

I feel like with all the bars that the place has I could see people wanting to swing by there late night just like Broadway on the Beach. To me it seems like a great idea, combining two great attractions from the area - late night restaurant bar scene of Broadway, and the amusement park fun of Family Kingdom. I think it could do reasonably ok.

I really hope the name doesn't end up being a deal breaker as well. Obviously the Hard Rock name isn't a huge deal here, or they wouldn't be in this mess to begin with. :?r

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Postby spaceace12 » Tue Feb 17, 2009 2:05 pm

Sold


Wilmington, Del. | A judge has approved the sale of Hard Rock Park to FPI MB Entertainment for $25 million. The sale is scheduled to close no later than 5 p.m. Thursday, but could happen as early as Wednesday.

Delaware bankruptcy court Judge Kevin Carey called the price adequate and the process rigorous. "Anyone who wanted the opportunity to bid had it," he said. FPI wants to keep the Hard Rock brand but has agreed to destroy any Hard Rock-branded merchandise before the park opens if there is no agreement on extending the license agreement, lawyers for the companies said in court.

The judge overruled the objection of Coastal Entertainment, a company out of Finland that said it wanted to bid $25.5 million. Officials with legal and accounting firms involved in the case it would take at least 10 to 14 days for the company's funding to come through to the United States, and they could not confirm a claim by the company that it had wired in a down payment of $2.5 million.
New owners of Hard Rock Park Hard Rock Park trustee
David Wesson (second from right) leaves Bankruptcy Court with lawyer Bennet Young (far right) and the other principles of FPI MB Entertainment after a judge approved sale of the park to FPI.
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Carey said Coastal Entertainment came "to the court too little and too late." A lawyer for Coastal Entertainment, Karen Bifferato, said she believed her client's bid, given time, would have been the better offer.

FPI has said it wants to reopen the park by Memorial Day. It would take about three months to get it ready, including adding rides, arranging merchandising and designing new attractions and shows, the company has said in court documents.

"We're absolutely thrilled with the bankruptcy court's decision today, and we look forward to opening the park in the May timeframe," said David Wasson, a principal with FPI MB Entertainment. He would not say what was in store for season ticket holders and referred all other questions to Brandon Advertising, a Myrtle Beach company working with FPI.

Hard Rock International has already removed some memorabilia from the park - but not all the memorabilia it expected to find, said Richard Robinson, a lawyer for the cafe company. Robinson said he didn't know whether it was because the company's list of memorabilia was wrong or whether some of it had been stolen.

FPI had wrestled Coastal Entertainment in court over their competing bids. FPI said Coastal's offer was only better on the surface - and that it would not cover $2 million in taxes, administrative expenses and other contracts that were included in FPI's bid.

Most of the money - more than $20 million - will go toward covering several debts to Deutsche Bank, with some money left over for lawyers and administrators. Between $300,000 and $400,000 will be left to be divided among bondholders, who are owed about $255 million, said John Carroll, the trustee's attorney.

Anyone else who had been interested in buying the park is out of luck, trustee Fred Giuliano said. A local water park owner and former Horry County Councilman, Mark Lazarus, had said he was interested in purchasing the 55-acre amusement that sits on 140 acres of land.

During the hearing, the judge took Coastal Entertainment to task for the timing of its bid.

"I want to find out, where have you been?" Carey asked Bifferato. "This has been a sale case since last fall, maybe earlier than that. ... Are you telling me your clients just found out this park was for sale?"

He also asked what the people behind Coastal Entertainment do for a living, but Bifferato said she was not sure what she was at liberty to disclose.

Hard Rock Park, which licensed the brand name from the cafe and casino company, opened in April and closed and filed for bankruptcy in September. It said it employed 2,000 people at its peak.

Employees were sent W-2 forms in the mail two weeks ago, Giuliano said.


http://www.myrtlebeachonline.com/679/story/787109.html

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Postby coasterdude5 » Tue Feb 17, 2009 4:15 pm

Good news for once! This is good, I think this park deserves a second chance.
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Postby sugart » Tue Feb 17, 2009 4:36 pm

Glad to see someone bought it rather than piece it out. Got to think 25 million is a steal. The infastructure alone must have cost a fortune, not to mention a good sized B&M.

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Postby themeparkman25 » Tue Feb 17, 2009 4:39 pm

I have a question regarding the bondholder debts that are owed. The article mentioned that the bondholders were ower $255 million, but what does that mean to FPI? Will FPI have to cover the debt or will they not have to because the park went into chapter 7?

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