Chroniq Posted February 10, 2010 Posted February 10, 2010 Assuming FMP owns all their rides outright, I'll research fair market value for each ride if this is something that would be of interest to the board. If anyone cares then please post and let me know. It's going to take a number of hours to get all that together.
Goliath513 Posted February 10, 2010 Posted February 10, 2010 ^Hmm. I was always under the impression that FMP leased the ride from B&M, and given the situation and the lack of money, I doubt they own the ride. I feel like B&M could simply call the ride back and sell it to HW that way, since that specific asset, and all the other rides, are simply leased and not owned. I've never in my life heard of a major roller coaster being leased to a park. I seem to recall Vekoma leased their prototype flyer "Stealth" to CGA for its short life there before being purchased for Carowinds.
Chroniq Posted February 10, 2010 Posted February 10, 2010 I seem to recall Vekoma leased their prototype flyer "Stealth" to CGA for its short life there before being purchased for Carowinds. What you are about to read might be completely false so feel free to correct. From what I've been able to learn, Vekoma became aware that B&M was working on flying or flying dutchmen coaster. Vekoma was able to obtain patents before B&M on their ride system but was unable or unwilling to construct a working prototype at their factory along the line of what S&S/Arrow does. They reached an agreement with CGA to build the ride on property with build and test & adjust taking much longer than typical coaster construction. Project stealth was plagued with problems since it was a prototype coaster and Vekoma maintained ownership rights as well liability responsibility while it was located at CGA. Eventually the ride was sold outright to Carrowinds with a binding agreement guaranteeing uptime and upkeep. As far as I can tell this is a very unique situation and is something not normally seen in the industry.
jjune4991 Posted February 10, 2010 Posted February 10, 2010 What you are about to read might be completely false so feel free to correct. From what I've been able to learn, Vekoma became aware that B&M was working on flying or flying dutchmen coaster. Vekoma was able to obtain patents before B&M on their ride system but was unable or unwilling to construct a working prototype at their factory along the line of what S&S/Arrow does. They reached an agreement with CGA to build the ride on property with build and test & adjust taking much longer than typical coaster construction. Project stealth was plagued with problems since it was a prototype coaster and Vekoma maintained ownership rights as well liability responsibility while it was located at CGA. Eventually the ride was sold outright to Carrowinds with a binding agreement guaranteeing uptime and upkeep. As far as I can tell this is a very unique situation and is something not normally seen in the industry. Actually you are correct about the part with Stealth being a prototype built on the property of CGA, without it being built in a factory before hand.
ArizonaGuy Posted February 10, 2010 Posted February 10, 2010 Wow...this sucks. I never got to visit but oh well. I'm sure there's some park out there desperate for a used B&M sit down coaster although it probably looks like weakest B&M design to date based off of videos I've seen.
Pirouettes907 Posted February 10, 2010 Posted February 10, 2010 Time Machine may seem weak to the coaster enthusiast crowd, but I'm sure there are plenty of other people out there who would enjoy it. Granted, I've never ridden it, but in terms of delivering an overall fun ride, every B&M I've encountered delivers consistently. It's just a matter of getting it to the right park. Like others have mentioned, I too like the idea of a smaller place getting it. I find it hard to believe that a B&M ride would just sit there rusting away. Still, it does seem as though things are over for this place, although things never really took off for it to begin with. It's a shame, since it was based on a neat concept. ~Megan
cfc Posted February 10, 2010 Posted February 10, 2010 ^It's not a bad ride, just strangely rough for a B&M. It had the old "B&M rattle" when it opened.
Hockeydad Posted February 10, 2010 Posted February 10, 2010 With the future of Family Kingdom iffy beyond 2010, (apparently the kids of the original owner have stated no real interest in keeping the park), I'd think keeping FMP even as a "boardwalk-style" pay-per-ride park would be interesting to the area. I'm of course speaking beyond all the legalities that are stinking up the whole situation right now.
Guy T. Koepp Posted February 10, 2010 Posted February 10, 2010 I'm just glad I got there before it closed permanently.
COASTER FREAK 11 Posted February 10, 2010 Posted February 10, 2010 ^Yeah, me too Guy. It was a really nice park, too bad its going down...again. lol
rollercoaster2428 Posted February 10, 2010 Posted February 10, 2010 I just hope this park could stay open so I can have a chance to go there someday. At least if it does close for good someday, there will be some nice rides for some happy parks.
gisco Posted February 10, 2010 Posted February 10, 2010 I'm a little surprised that one of the major chains doesn't put in a bid for the park. Move the coasters and other rides to their other parks. Level the land and sell it to a developer.
Paul_Hollibone Posted February 10, 2010 Posted February 10, 2010 the ghost wrote:... but maybe even Time Machine. I just cant think of any parks that want a used B&M sitdown,. I would be one very happy person indeed if one of our Aussie Parks purchased the Time Machine coaster, unlikely in a way, but more likely to happen over the purchase of say a Newly Manufactured B&M over here... Sad indeed though, it honestly seemed like a decent park, and the park relaunch did seem somewhat decent, trying their best to get things correct, obviously didn't happen. I just hope the decent coasters there get picked up by parks in need of such rides.
jedimaster1227 Posted February 17, 2010 Posted February 17, 2010 http://www.wmbfnews.com/Global/story.asp?S=11994078 A Delaware bankruptcy court judge has granted the owners of Freestyle Music Park an extension to pay nearly $570,000 in outstanding debt. According to a federal court order filed Tuesday, FPI MB Entertainment LLC has until April 1 to pay back $569,151.52 in debt that was inherited with the purchase of the park. The agreement, according to court documents, was agreed on by FPI MB Entertainment and the park's court-appointed trustee, Alfred Giuliano. While the debt was inherited from the park's previous owners, a spokeswoman for Freestyle Music Park says the park's current owners have not followed through on leasing agreements to pay back any debt owed. The Associated Press reports Attorney Tobey Daluz says the park's owners are willing to sell the park, enter into a joint venture or any other deal that infuses capital into the company. In addition to the mass debt owed on the park, officials have announced Freestyle Music Park has come short of its projected March 2010 opening. While officials confirm the park will open sometime in the spring, it will take at least eight weeks for the amusement to open from the moment the date is selected. In January, owners of the Horry County attraction asked a Federal Court judge to allow for a 30-day extension to pay off leasing debts, following the filing of a lawsuit for payment. Freestyle Music Park says its owners will respond accordingly to the judge's rulings in regards to the payment of leases.
robbalvey Posted February 17, 2010 Posted February 17, 2010 Ok it's time to add a poll to this thread. Let's see how well TPR members can predict the future!
cfc Posted February 17, 2010 Posted February 17, 2010 I voted "no," but I do have one other suggested option for the poll: "Will open, but will not last the whole season." Maybe they should apply for "nonprofit status." Looks pretty bad if they couldn't even pay off the initial debt they assumed from the previous owners.
megamatt Posted February 17, 2010 Posted February 17, 2010 I voted No. It looks like a nice park, but it was just doomed from the start.
Guy T. Koepp Posted February 17, 2010 Posted February 17, 2010 I have a feeling it will re-open this year. If it remains so through the season, or into next year is doubtful. I think this place days are numbered.
alilstronger Posted February 17, 2010 Posted February 17, 2010 Sadly, I voted no. I hate when I see an amusement park close. They are just trying to build this huge park where there clearly is not a want for it. If there was a want I feel more people would go. From pictures it does look like a nice park though.
Hockeydad Posted February 17, 2010 Posted February 17, 2010 I voted yes for the same reason Chuck said. They'll open, but will close before the end of the season.
KDcoasterMAN Posted February 17, 2010 Posted February 17, 2010 It's not going to open. Nobody is really looking to place a significant investment into this.
coasterenema Posted February 17, 2010 Posted February 17, 2010 I do hope that they open this year !! Mostly because I have not yet visited the park, but I am going to the Carolinas this June, and I really would like to take the Led Zeppelin / Time Machine coaster before it is no more. So I voted Yes.
SharkTums Posted February 17, 2010 Posted February 17, 2010 ^Don't worry too much, I'm sure the B&M will find a good new home somewhere.
ginzo Posted February 17, 2010 Posted February 17, 2010 I voted yes, just because I think they might find one more party interested in getting a theme park for pennies on the dollar.
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