Hard Rock / Freestyle Music Park Discussion Thread

P. 300: Former park land sold for $3.5 million
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Postby jedimaster1227 » Mon Jan 04, 2010 9:17 pm

http://www.thesunnews.com/news/breaking ... 44220.html

The owners of Freestyle Music Park, FPI MB Entertainment, have until Thursday to respond to a court motion that would compel the park to pay about $570,000 in outstanding debt belonging to the former owners of Hard Rock Park, according to court documents. Alfred Giuliana, a trustee for Hard Rock Park, filed the motion Dec. 11 with the United States Bankruptcy Court for the District of Delaware.
An amended notice of motion was filed with the courts on Dec. 29, which states that if FPI MB Entertainment wishes to respond to the motion, it must do so on or before Thursday at 4 p.m.

A hearing has been scheduled for Jan. 14 in the bankruptcy court in Wilmington, Del. The original motion states that in March of 2009, the court entered an order in which the purchaser of the park, FPI MB Entertainment, was obligated to pay $1,200,000 to Tetra Financial Group and $507,454.56 to Data Sales Co. Freestyle paid the $800,000 that was owed at the time of the lease for Tetra, but did not pay any of the $100,000 monthly payments that were owed from the period beginning July 1 and ending Oct. 1, according to court documents. The park also made the initial payment of $84,575.76 to Data Sales Co. and five monthly installments of the same amount, but has not made the final two payments, leaving a total of $169,151.52 unpaid.

Freestyle Music Park plans to sign a transaction agreement with new investors in mid- to late January, which will help dozens of businesses, entertainers and vendors who have been waiting on payment from the park's 2009 debut season.

FPI MBE bought the former Hard Rock Park out of bankruptcy last year for $25 million. It re-themed the 55-acre park, created a children's section and added new rides before it opened Memorial Day weekend.
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Postby Jew » Mon Jan 04, 2010 10:56 pm

Freestyle Music Park plans to sign a transaction agreement with new investors in mid- to late January, which will help dozens of businesses, entertainers and vendors who have been waiting on payment from the park's 2009 debut season.


Translation: "we're carefully preparing our bankruptcy to screw the vendors over while we still walk away with our money."

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Postby themeparkman25 » Tue Jan 05, 2010 1:30 am

As much as it hurts me to say this, cause I really do enjoy this park, I think the park is in its coffin and each one of these suits is a nail sealing its death. I'm pulling for this park to figure it out soon, but I don't think soon will come fast enough.

I'll say it for Robb too. "You can't run a successful park when you are selling tickets for 5 dollars"
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Postby CHILLERLC1 » Tue Jan 05, 2010 4:15 pm

We have to wait and see what investors come, can they get the pump in cash or not. The last people I'm looking at are the old owners. I'm pulling for the park.

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Postby jedimaster1227 » Fri Jan 08, 2010 5:19 pm

http://www.thesunnews.com/business/story/1250336.html

An attorney for FPI MB Entertainment, which owns Freestyle Music Park, has asked a Delaware judge to give the park more time to pay off the $570,000 in debt that belonged to the former owners of Hard Rock Park. The response, filed Thursday, came less than a month after Alfred Giuliano, a trustee for Hard Rock Park, filed a motion with the U.S. Bankruptcy Court for the District of Delaware, stating that the FPI MBE officials agreed to pay the amounts when they purchased the park in February. Thursday was the deadline for FPI MBE officials to respond before the motion is considered at a hearing scheduled for Jan. 14 in the bankruptcy court in Wilmington, Del.

In the response, FPI MBE attorney Tobey Daluz wrote that the company intends to comply with the payment provisions, but that "given the difficult operating conditions caused in part by our weak local, state and national economy, FPI has been unable to make the cure payments as planned," according to court documents. The response goes on to say that the park was open for less than four months in 2009 and that "until the park reopens or until such time that additional funds are made available, FPI has no funds or income source to satisfy the cure payments." Daluz states that FPI MBE is in negotiations with new investors and that "a reasonable possibility exists for the infusion of capital at some point in the future." Freestyle Music Park officials say that a transaction between the park owners and investors is scheduled to take place in mid- to late January. Once those investors are on board, the park will have enough money to pay the debt, Daluz said in the response.

The original motion states that in March, the court entered an order in which the purchaser of Hard Rock Park, FPI MBE, was obligated to pay $1.2 million to Tetra Financial Group and $507,454.56 to Data Sales Co. Freestyle paid the $800,000 that was owed at the time of the lease for Tetra, but did not pay any of the $100,000 monthly payments that were owed between July 1 and Oct. 1, according to court documents. The park also made the initial payment of $84,575.76 to Data Sales Co. and three monthly installments of the same amount, but has not made the final two payments, leaving a total of $169,151.52 unpaid. Many businesses, entertainers and vendors are still waiting on payment from the park's 2009 debut season. Nine lawsuits and more than a dozen mechanic's liens have been filed against the park owners for unpaid services and supplies since July.

FPI MBE bought the former Hard Rock Park out of bankruptcy last year for $25 million. It re-themed the 55-acre park, created a children's section and added new rides before it opened Memorial Day weekend.

Freestyle Music Park closed its debut season on Sept. 23 and is tentatively scheduled to open March 11.
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Postby CHILLERLC1 » Fri Jan 08, 2010 5:34 pm

The Park recently had an Elvis related merchandise sale.

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Postby Brandon4579 » Fri Jan 08, 2010 7:59 pm

Just when I thought things couldn't get any worse for this park.

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Postby Bolliger&Mabillard » Fri Jan 08, 2010 8:05 pm

^It got a second chance, I'd hardly say that's bad seeing as how it's supposed to be defunct right now. It's bad yes, but given the parks history, they could be doing much worse.
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Postby meanstreak1000 » Fri Jan 08, 2010 8:26 pm

This park has potential...its a good place to go for a couple of hours...It is really fun! Just could use more :/

I live in SC...I must admit there are not any good coasters in SC (Intimidator isn't open yet ;) ) But I feel bad for them..its seems every way they turn another tough money issue is thrown at them! But lets all hope they can find a great way to get through this crap and open back up for a great new season!

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Postby Jew » Fri Jan 08, 2010 9:05 pm

Jew wrote:
Freestyle Music Park plans to sign a transaction agreement with new investors in mid- to late January, which will help dozens of businesses, entertainers and vendors who have been waiting on payment from the park's 2009 debut season.


Translation: "we're carefully preparing our bankruptcy to screw the vendors over while we still walk away with our money."

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