Wild West World is now closed

[spaceace12]

Offers to buy the park expected soon. Ride Seizures declined, WWW owner has to get better insurance, and creditors ask for more rides (declined),

 

 

Two offers to buy Wild West World are expected soon, the big news to come out of today's hearing in U.S. Bankruptcy Court.

 

On a day when a Kansas City-area bank was rebuffed in its attempt to reclaim four rides, park owner Thomas Etheredge's bankruptcy lawyer said he expects two offers to buy the park -- the sooner the better.

 

"I'm pushing them both," said Wichita lawyer Ed Nazar, who is representing Etheredge in a Chapter 11 bankruptcy action filed July 9, the day the park closed. Nazar declined to identify the bidders, saying both have signed confidentiality agreements.

 

While U.S. Bankruptcy Court Judge Robert Nugent declined to clear the way for Bank of Blue Valley to seize four rides it leased the park in 2006, he did order Etheredge and his lead lender to secure better insurance for the rides.

 

Nugent ordered the park to secure insurance "as similar as can be obtained in the market" to the $5,000 deductible that covered the rides while the park operated. The park's original insurance policy expired July 25.

 

The replacement policy hastily obtained a week ago by Etheredge and the First National Bank of Southern Kansas carried a $50,000 per incident deductible.

 

http://www.kansas.com/business/updates/story/138162.html

 

Wild West World's bankruptcy attorneys responded this week in the battle over the park's rides, filing motions to hold the park together as the search for a buyer continues.

 

Five more rides, including the $637,000 England-built Condor that sat idle in pieces as the park failed, have been targeted for repossession by their sellers.

 

Four leased rides are already under repossession action by their owner, Overland Park-based Bank of Blue Valley.

 

The Blue Valley case will be heard at 9 a.m. today in U.S. Bankruptcy Court in Wichita.

 

But Ed Nazar, Wild West World owner Thomas Etheredge's bankruptcy attorney, contends park creditors could recover more if the park is sold as a whole.

 

Nazar said two potential buyers have expressed interest in the park, but three weeks isn't enough time to locate and close a sale.

 

Etheredge closed the park and filed for bankruptcy July 9. Industry observers think he has about 60 days from that closing to find a buyer before liquidation will begin.

 

The rides in this week's filings are:

 

• A flying scooter owned by Larson International Inc.

 

• The Condor, owned by London Leisure Services Ltd., Le Park SRL Soli Bumper Cars and James Godden.

 

• A C.P. Huntington Train, a Classic Carousel and a 32-seat wood design Wave Swing owned by SL Financial Services Corp.

 

Wichita attorney Mike Morris, who represents Larson and SL Financial Services, said his clients want their rides back because they lack adequate protection at the closed park -- the same complaint offered by Bank of Blue Valley.

 

Otherwise, he said, they could be included with park assets in the bankruptcy, with sale proceeds going to other creditors instead of each ride's actual seller.

 

The park's lead lender, First National Bank of Southern Kansas, put up $100,000 last week to buy insurance for the park and to provide security.

 

In response, Etheredge's attorneys claim the sellers haven't properly established liens on the rides.

 

Those claims differ, from a lien filing three months after delivery and a month before the bankruptcy with Larson's flying scooter to the failure of the Condor's owners to file a lien at all.

 

Those rides should remain in the park, Nazar said, and their owners could benefit if they do.

 

"The Wild West amusement theme is unique," he said. "We're told people don't want that.

 

"These rides have a specialized theme. They're worth more as part of the whole park to the owner than they are parted out. The cost of restoring these rides into something else than a Wild West theme is going to be expensive."

 

http://www.kansas.com/101/story/137761.html

[christianscoasters]

Is Magic Springs good? Cause I have mixed feelings about their interest in the park.

Thomas and Cheryl Etheredge, owners of Wild West World, met with creditors Friday morning in downtown Wichita. They announced there are two potential buyers for the bankrupt theme park, and an offer to purchase could come as early as Tuesday.

 

Etheredges' attorney, Thomas Gilman, would not say much more on the matter. "If we get an offer, you'll be the first to know," he said.

 

KAKE News first reported last week that Themeparks LLC, who owns Magic Springs Amusement Park in Arkansas, recently toured the Wild West World property. Themeparks president Dan Aylward says his company is still interested, but not yet ready to committ to an offer.

 

"I think it's an interesting project that presents a whole lot of

challenges," said Aylward. "The structure of the deal is really the most

important element of the whole thing... We are not yet at a point where we would make a decision on it one way or the other."

 

Even if Wild West World does sell, officials do not believe it will cover

all of the Etheredges' debt. Thursday, the Etheredges also filed for

Chapter 11 on their Restoration Farms, the parent company for the Prairie Rose Chuckwagon. Prior to the bankruptcy filing, the Prairie Rose and its contents were up for auction. Their attorney says it's too early to know if Thursday's filing will definitely impact the auction.

[spaceace12]

Newly Formed company to offer 12 million.

 

http://www.kansas.com/news/story/148601.html

 

A newly formed California theme park company is preparing a $12 million offer to buy Wild West World, lawyers revealed during a hearing Tuesday in U.S. Bankruptcy Court in Wichita.

 

Parks America Inc. of Santa Monica, Calif. --a sister company of Great American Family Parks Inc. --submitted a letter of interest Monday to purchase the park, said Ed Nazar, the bankruptcy lawyer for Wild West World founder Thomas Etheredge.

 

The nonbinding letter, first reported Tuesday morning on Kansas.com, includes plans to reopen Wild West World in 2008.

 

The company is completing its due diligence and would like to firm up the purchase in the next 60 days, president Dale Van Voorhis said.

 

There's a hitch, however: The prospective purchase price falls $1.5 million short of covering the secured debt on the park, a potential obstacle to completing the sale.

 

Wild West World closed July 9 and filed for Chapter 11 bankruptcy protection, claiming more than $24 million in debt. That includes $10.5 million in debt to unsecured creditors.

 

Gary Slade, publisher of the trade publication Amusement Today and an industry analyst, said the offer for the park is a good one.

 

"I wouldn't have thought they'd get that much for the park," he said. "That seems like a pretty decent offer to me."

 

One other group has reviewed the park, but Nazar said Tuesday that he was uncertain whether an offer would be forthcoming.

 

The interest is welcome news to Park City officials, beset this summer by business failures in the area and the defeat of the casino initiative.

 

"We can use some good news," Park City administrator Jack Whitson said. "It's good news for everyone in Sedgwick County."

 

The big question Tuesday before bankruptcy Judge Robert Nugent was which comes first: the sale of the park or an agreement among secured creditors on how the $12 million would be divided.

 

The division of any proceeds would require negotiations among the secured creditors -- including who gets paid and how much -- and may require the consent of all of them before Nugent can approve the sale.

 

"Everybody may need to be on board with how this money is going to be divided at the time this notice of sale is filed (with the court)," Nugent said.

 

The weather also will impact any sale timeline, Nugent said. If a buyer can't be finalized before it gets cold, the park may have to be liquidated.

 

"It was never my intent for this property to remain whole long into the winter," Nugent said. "And I don't intend to have a bunch of hostages out there, either."

 

Karl Swartz is one of the lawyers representing First National Bank of Southern Kansas, the lead lender in a $6.5 million package that is the park's largest secured debt. He said his clients have made no decisions on how to handle a park sale.

 

Whitson, whose City Council is a $1 million secured park creditor, said he doubted the city would bend on collecting its bill.

 

"Now, if they're paying us property taxes, then maybe the council would work with them on the other end," he said.

 

"It's going to be hard for us to abate any taxes for them or anyone else, though, if we don't have our million."

 

Van Voorhis, with Parks America, said the company was formed specifically to buy Wild West World.

 

"We look at Wichita as a tremendous opportunity," he said.

 

"I was out there a month ago to walk the park, and I was pleasantly surprised. Wichita is a community that is really growing. Every major chain in the country is there, and that tells you it's a community on the move."

 

Great American Family Parks, also based in Santa Monica, is a relative newcomer to the theme park business. It purchased Pine Mountain Wild Animal Safari near Atlanta two years ago and has an interest in Wise-Kids Play Parks, an interactive educational park in Hong Kong.

 

"We've been looking for other opportunities when this one arose through a trade e-mail," Van Voorhis said.

 

If Parks America completes the Wild West World purchase, it plans to move a "nationally recognized" management team into Park City and begin preparations for the 2008 season, Van Voorhis said.

 

Less certain is the park's theme, he said, although any changes would require a major park overhaul.

 

"There are a lot of good things in that park," Van Voorhis said. "It's a unique theme park, and it's a tremendous opportunity."

[Airtime&Gravity]

Well, the new potential owners sound like they are capable or running the park a lot better than the former owners. While I was excited to hear that the same people who own Magic Springs could by the park, an entirely new company is just as good. I just think they should have purchased/built a park(s) like a FEC or Timber Falls instead of buying a bankrupt park.

[christianscoasters]

Is this company good?

A newly formed California theme park company is preparing a $12 million offer to buy Wild West World, lawyers revealed during a hearing Tuesday in U.S. Bankruptcy Court in Wichita.

 

Parks America Inc. of Santa Monica, Calif. --a sister company of Great American Family Parks Inc. --submitted a letter of interest Monday to purchase the park, said Ed Nazar, the bankruptcy lawyer for Wild West World founder Thomas Etheredge.

 

The nonbinding letter, first reported Tuesday morning on Kansas.com, includes plans to reopen Wild West World in 2008.

 

The company is completing its due diligence and would like to firm up the purchase in the next 60 days, president Dale Van Voorhis said.

 

There's a hitch, however: The prospective purchase price falls $1.5 million short of covering the secured debt on the park, a potential obstacle to completing the sale.

 

Wild West World closed July 9 and filed for Chapter 11 bankruptcy protection, claiming more than $24 million in debt. That includes $10.5 million in debt to unsecured creditors.

 

Gary Slade, publisher of the trade publication Amusement Today and an industry analyst, said the offer for the park is a good one.

 

"I wouldn't have thought they'd get that much for the park," he said. "That seems like a pretty decent offer to me."

 

One other group has reviewed the park, but Nazar said Tuesday that he was uncertain whether an offer would be forthcoming.

 

The interest is welcome news to Park City officials, beset this summer by business failures in the area and the defeat of the casino initiative.

 

"We can use some good news," Park City administrator Jack Whitson said. "It's good news for everyone in Sedgwick County."

 

The big question Tuesday before bankruptcy Judge Robert Nugent was which comes first: the sale of the park or an agreement among secured creditors on how the $12 million would be divided.

 

The division of any proceeds would require negotiations among the secured creditors -- including who gets paid and how much -- and may require the consent of all of them before Nugent can approve the sale.

 

"Everybody may need to be on board with how this money is going to be divided at the time this notice of sale is filed (with the court)," Nugent said.

 

The weather also will impact any sale timeline, Nugent said. If a buyer can't be finalized before it gets cold, the park may have to be liquidated.

 

"It was never my intent for this property to remain whole long into the winter," Nugent said. "And I don't intend to have a bunch of hostages out there, either."

 

Karl Swartz is one of the lawyers representing First National Bank of Southern Kansas, the lead lender in a $6.5 million package that is the park's largest secured debt. He said his clients have made no decisions on how to handle a park sale.

 

Whitson, whose City Council is a $1 million secured park creditor, said he doubted the city would bend on collecting its bill.

 

"Now, if they're paying us property taxes, then maybe the council would work with them on the other end," he said.

 

"It's going to be hard for us to abate any taxes for them or anyone else, though, if we don't have our million."

 

Van Voorhis, with Parks America, said the company was formed specifically to buy Wild West World.

 

"We look at Wichita as a tremendous opportunity," he said.

 

"I was out there a month ago to walk the park, and I was pleasantly surprised. Wichita is a community that is really growing. Every major chain in the country is there, and that tells you it's a community on the move."

 

Great American Family Parks, also based in Santa Monica, is a relative newcomer to the theme park business. It purchased Pine Mountain Wild Animal Safari near Atlanta two years ago and has an interest in Wise-Kids Play Parks, an interactive educational park in Hong Kong.

 

"We've been looking for other opportunities when this one arose through a trade e-mail," Van Voorhis said.

 

If Parks America completes the Wild West World purchase, it plans to move a "nationally recognized" management team into Park City and begin preparations for the 2008 season, Van Voorhis said.

 

Less certain is the park's theme, he said, although any changes would require a major park overhaul.

 

"There are a lot of good things in that park," Van Voorhis said. "It's a unique theme park, and it's a tremendous opportunity."

[kidcoaster]

I hope they can save the park.

[christianscoasters]

I hope they can make it a park. The place was a damn carnival!

[hemmy]

When you look back at how much in debt they were (had to take a loan out to pay employees in FEBRUARY) it is amazing they were still touting new rides (drop tower, "big" coaster)

[christianscoasters]

^Agreed. But, do keep in mind, almost any park would try to expand if they could. WWW needed to expand.

[Shavethewhales]

^^^Once again, have you been to many carnivals?

 

^Meh, the park didn't need to be touting expansion, it needed to touting about how good it already was. It needed something more to draw people from the beginning, and Etheridge should have seen that. The 'let's open the park without thrill rides to attract families' gimmicked backfired miserably.

[Swoosh]

Shoot add trees and people will come. Seeing trees is a "unique" thing in kansass.

[CommanderLock]

Sigh...bad string of events. At least they stayed true till the end. Hopefully they can get someone to help financially.

[FlyingScooter]

This park has to hold the record for the 'Briefest operating run' ever in amusement park history.

[christianscoasters]

Two things:

 

The owner (Thomas Etherege) has left town and no one knows where he's at.

 

The park's website (wildwestworld.net) is now down. It says it's for maintenance, but obviously not.

[christianscoasters]

A California amusement park operator still is pledging to beat the Sept. 28 deadline to complete a deal to buy Wild West World.

 

That deadline is hard and fast, bankruptcy lawyers said Wednesday in U.S. Bankruptcy Court as they outlined a plan to liquidate Thomas Etheredge's failed theme park if the sale falls through next week.

 

Jim Robinson, a Wichita attorney with Hite, Fanning and Honeyman, said his client, Parks America, "still believes that we can reach an agreement and deposit earnest money in this case before Sept. 28."

 

But if Parks America falls short, Sept. 28 will be the beginning of the end of Wild West World, said Ed Nazar, the park's bankruptcy attorney.

 

Nazar outlined a plan Wednesday to swiftly begin liquidating the park's assets -- rides first, under the auspices of Rides 4 U, a national liquidator; followed by the metal buildings that make up Wild West World; and then the real estate under it.

 

It's a plan supported by the park's creditors, who offered no objections on Wednesday.

 

"A sale would certainly be best," said Wichita bankruptcy lawyer Bill Zimmerman of Case, Moses, Zimmerman and Wilson, who represents the unsecured park creditors.

 

"But we certainly want to move forward, and we would encourage Parks America that if they are interested, this is the time. We can't wait forever."

 

U.S. Bankruptcy Court Judge Robert Nugent entered the order Wednesday establishing the Sept. 28 sale deadline, mutually agreed upon between Nazar and Overland Park-based Bank of Blue Valley.

 

On Oct. 1, the bank will be given permission to seize four rides it leased to the park if no sale occurs, effectively kicking off the park's liquidation.

 

As of Wednesday, Parks America has made no formal offer for the park, Nazar said. The company offered $12 million in an August letter of interest.

 

"The debtor and the banking groups remain concerned about that," he told Nugent.

 

"As a result, we've engaged Rides 4 U to coordinate any sell-off of the rides."

 

In addition, the park's buildings -- described by Nazar as "metal buildings with wood facades" -- have been appraised for removal and liquidation value.

 

One exception is the Johnny Western Theatre, whose contents are collateral for a $200,000 loan made to Etheredge by the South Central Kansas Economic Development District.

 

Real estate agents will be contacted to sell the park's land as development property.

 

"If a sale doesn't occur by Sept. 28," Nazar said, "the banks and the debtor will move ahead quickly with the liquidation of rides and the other fixtures in the park."

 

Nazar reiterated Wednesday that there are no other prospective buyers for the park.

 

"We have taken other inquiries," he told the judge, "but those have been more of a liquidation nature.

 

"At the point we're at right now, the Parks America people are the sole... party expressing definite interest in the park. But we have not borne fruit with this proposal."

 

After the hearing, Nazar said that Robinson's proposal to the court -- a definitive agreement to buy the park and an offer of earnest money -- would be enough to forestall liquidation. Neither side indicated how much earnest money would be required.

 

Robinson said after the hearing that he could not comment further on his statements in court. Parks America president Dale Van Voorhis couldn't be reached for comment.

[gr8LAboy]

Parks America president Dale Van Voorhis couldn't be reached for comment.

 

 

Hmm..Dale Van Voorhis...Wasn't he involved in Funtime, Inc.? The name seems so familliar from when I worked at Geauga Lake in the Early 90's.

 

Wasn't he GL's President or something similar??

[Shavethewhales]

Surely PA will come through though. I mean, they wouldn't go through all this to not put a good bid on the park. I'm pretty confident WWW will live on, and I'm still hoping they change the name.

[christianscoasters]

^Yes me too. I remember my family called it 'Wild Wild West Land'. I got a good laugh outta that.

[Kevin Long]

Surely PA will come through though. I mean, they wouldn't go through all this to not put a good bid on the park. I'm pretty confident WWW will live on, and I'm still hoping they change the name.

 

Parks America obviously reviewed the business plan, did their homework and realized what the former owners did not, this park is not a viable option in this case. Rather than invest in what would become a financial black hole, they wisely backed out. good for their shareholders.

 

by next spring WWW should be nothing more than a large crater in the earth.

 

 

Kevin Long

Fat old guy

[Team Thriller]

I find this really sad. That could have been a great park to go to.

 

Well, maybe the park will reopen and all.

[raptorcrew2002]

I agree 100% money pit.

 

Sorry but I still can't believe they even tried it the way they did, and to choose the approach they did.

 

If only they could have raised the funds better, planed for a longer development, and well actually did a kick a$$ wild west theme, then this park might have drawn some numbers. They should have stepped back and not rushed.

 

Reality this park was bombed the day they brook ground.

 

My vote's for the first Umpa Lumpa themed park run by midgets. Now that would be different. But no B&M coaster's Who would test ride them in the opening procedures

[Shavethewhales]

Surely PA will come through though. I mean, they wouldn't go through all this to not put a good bid on the park. I'm pretty confident WWW will live on, and I'm still hoping they change the name.

 

Parks America obviously reviewed the business plan, did their homework and realized what the former owners did not, this park is not a viable option in this case. Rather than invest in what would become a financial black hole, they wisely backed out. good for their shareholders.

 

by next spring WWW should be nothing more than a large crater in the earth.

 

 

Kevin Long

Fat old guy

 

I don't see why though. I mean, the park obviously needs work and some extra investments to get it up to par, but there was obviously a huge amount of interest in it. Just look at how many people bought season passes. In fact, I'm pretty sure the park would have lived on for a while even with it's abhorid business plans if it hadn't have rained so much.

 

I don't remember hearing them ever say they were backing out on it either. Actually, they said they planned to have a hard bid in before the deadline.

[freestylenut]

I've been reading up on WWW's plan, opening & eventual demise and it seems like a sad story indeed (especially for those owners who now have to sell their restaurant and home to save face).

 

I found some pics online of the park...and I thought Cypress Gardens was bad. Putting myself in those opening day pics, I'm not a bit surprised the place didn't stay open a whole year. As many have said, $25.50 is a little steep for a couple of carnival rides. The fact that it was raining on media day made my heart go out to the owners...God didn't seem to want people to go WWW either.

 

I think it simply boiled down to BAD business decisions. Not necessarily 2 months of bad weather. U can't expect your park to have near sell-out crowds every day...I sometimes think that's what the owners expected.

[christianscoasters]

Here's an odd coincidence. One of my mom's workers is one of the people that bought the Etheredge's home!

[Kevin Long]

I don't see why though. I mean, the park obviously needs work and some extra investments to get it up to par, but there was obviously a huge amount of interest in it. Just look at how many people bought season passes. In fact, I'm pretty sure the park would have lived on for a while even with it's abhorred business plans if it hadn't have rained so much.

 

I don't remember hearing them ever say they were backing out on it either. Actually, they said they planned to have a hard bid in before the deadline.

 

There is a reason all the major theme Parks are located in climates where they can operate year round, ( I KNOW there are Exceptions).

 

If you have a a 25 week season and it rains for 5 of those weeks you can easily lose everything. The weather didn't suddenly change in Kansas - you may have had a very wet spring, but they should have taken that into account when planning.

 

I've said it before, It costs many hundreds if not thousands of dollars a day to keep a park open. You can't count on perfect weather and packed gates every day. They should have had a least a million in cash for operating expenses for the first year.

 

Kevin Long

Fat Old Guy