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Hard Rock / Freestyle Music Park Discussion Thread


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http://www.thesunnews.com/2010/06/01/1507659/company-pushes-court-for-ruling.html

 

A financial firm and automaker are pressing for rulings against Freestyle Music Park, after the park failed to answer lawsuits filed against it. Tetra Financial Group and BMW filed separate requests in federal court, calling for a default ruling to be issued against Freestyle for the park's failure to respond. A default ruling would find Freestyle at fault and require it to pay the damages.

 

Tetra originally filed suit against Freestyle in September for failure to pay a $400,000 debt, but the park has not reacted by pleading or defending itself, according to court documents filed last week. FPI MB Entertainment, Freestyle's owner, inherited the debt owed to Tetra Financial Group when it bought the former Hard Rock Park out of bankruptcy in 2009.

 

On Jan. 12, BMW sued FPI MB because representatives from the company said cars of Freestyle Music Park's Round About ride look similar to the BMW Mini and that the park hadn't signed a contract with the company to use the likeness in a ride. The automaker filed its request for a default ruling in March.

 

Freestyle closed last year after a disappointing summer season and the park will not reopen unless it finds new investors, according to park officials. The park continues to actively pursue new investment.

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^Yes, thank you...I know that. That one made more sense as it was a ride based off of a movie that had Mini's in it.

 

Freestyle Fail Hard Rock Park just had a generic ride that it themed a little too much!

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^ I am sure there was some kind of indemnification clause in the contract between Premiere and Hard Rock Park that would clear them (Premiere) of any licensing issues for the rides purchased by HRP.

 

I just assumed they had the rights to use the likeness, like Paramount did with the original Italian Job cars.

 

--Robb

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I don't feel bad for the park at all. The park got what it deserved. Who I feel bad for are the people who put time and effort into helping and working for the park only to not get paid for their efforts, while the owners walked away with lots of cash.

 

If the park deserved success, it would still be open today.

 

--Robb

Edited by robbalvey
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^LOL!!!

 

I had not heard about the BMW lawsuit, that's hilarious!

 

I wish them luck with trying to draw water from an empty well.

 

Yeah that is really something. Even if a decision is made in their favor they aren't going to get anything of monetary value. Maybe they just want to have the satisfaction of actually winning something. They are in it for the pride.

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Yeah that is really something. Even if a decision is made in their favor they aren't going to get anything of monetary value. Maybe they just want to have the satisfaction of actually winning something. They are in it for the pride.

 

You make it sound like BMW suffers from low self-esteem. Maybe they just want a court-ordered hug?

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Yeah that is really something. Even if a decision is made in their favor they aren't going to get anything of monetary value. Maybe they just want to have the satisfaction of actually winning something. They are in it for the pride.

 

IP law is strange stuff. Though maybe BMW is just trying to send a message to any other would-be freeloaders that want to cash in on their design without paying for it. The message: Don't #@$% with us.

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  • 2 weeks later...

http://www.thesunnews.com/2010/06/09/1522898/creditors-one-step-closer-to-seizing.html

 

A federal bankruptcy court issued a judgment against the owners of Freestyle Music Park on June 4, inching creditors closer to reclaiming debts owed by the park.

 

A judge ruled against FPI MB Entertainment, Freestyle's owner, for failure to pay a roughly $570,000 debt the park inherited when it bought Hard Rock Park out of bankruptcy. Hard Rock's court-appointed trustee, Alfred Giuliano, requested the judgment after Freestyle failed to meet an April 1 deadline to pay the debt. Although Freestyle must pay Giuliano, he would distribute the money to the parties previously owed by Hard Rock - $400,000 to Utah-based Tetra Financial Group and about $170,000 to Minnesota-based Data Services Co. The judgment can now be registered in South Carolina, in attempt to seize the park's assets, said Joe Wachter, a bankruptcy attorney not affiliated with either party.

 

"The trustee was able to get a judgment against them, and it's evidence of a debt and they could bring it to South Carolina and register it…and try to collect it," Wachter said. "It doesn’t guarantee they’ll pay it."

 

After the judgment is registered, a lien could be placed on the park's land, requiring that FPI MB address the debt before buying or selling land in the area, Wachter said. Giuliano or his attorney could also file the judgment with the county sheriff, who could seize and sell property other than real estate, in attempt to reclaim part of the debt.

 

The park closed in the fall after a weak first season and failed to reopen in mid-March as originally planned. Freestyle has no plans to reopen, unless it signs on new investors, according to Freestyle attorneys. The park's owners continue to seek investors.

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  • 3 weeks later...

http://www.thesunnews.com/2010/07/01/1563573/court-rules-against-park.html

 

A federal judge has awarded a Utah company nearly $14 million after the owners of Freestyle Music Park failed to respond to a lawsuit, according to court documents. The ruling is the latest in a series of setbacks for the shuttered park, whose owners say they are still searching for new backers.

 

Tetra Financial Group filed a lawsuit in September seeking money for outstanding leasing payments, taxes and fees owed by the park. Creditors took the next step in court to claim a $570,000 debt owed by Freestyle Music Park, according to court documents filed Tuesday, after the park missed its April 1 deadline to pay.

 

John Carroll, attorney for Freestyle's predecessor Hard Rock Park, filed a certification in Delaware's federal bankruptcy court confirming that Freestyle's owner, FPI MB Entertainment, has not paid the debt. FPI MB inherited the debt when it purchased the park out of bankruptcy in 2009. The court will now issue a ruling in Hard Rock's favor, the documents said, creating a lien on the property and paving the way for further litigation.

 

Freestyle Music Park missed its deadline Thursday to pay off a $570,000 debt, according to a park attorney, bringing creditors one step closer to possibly foreclosing on the park. "Currently, the park has no ability to make the payment," said David Slough, a lawyer with Nexsen Pruet who represents the park. "They're working on this like they're working on all their payment obligation." Freestyle inherited the debt when it bought Hard Rock Park out of bankruptcy last year. Fred Giuliano, the trustee appointed by a Delaware bankruptcy court to oversee Hard Rock's case, confirmed that he had not received the payment.

 

A financial firm and automaker are pressing for rulings against Freestyle Music Park, after the park failed to answer lawsuits filed against it. Tetra Financial Group and BMW filed separate requests in federal court, calling for a default ruling to be issued against Freestyle for the park's failure to respond. A default ruling would find Freestyle at fault and require it to pay the damages. Tetra originally filed suit against Freestyle in September for failure to pay a $400,000 debt, but the park has not reacted by pleading or defending itself, according to court documents filed last week. FPI MB Entertainment, Freestyle's owner, inherited the debt owed to Tetra Financial Group when it bought the former Hard Rock Park out of bankruptcy in 2009.

 

A federal judge awarded a Utah company about $14 million on Tuesday after Freestyle Music Park failed to respond to a lawsuit, according to court documents. Tetra Financial Group filed a suit in September seeking money for outstanding leasing payments, taxes and fees owed by the park. Freestyle failed to answer the suit, leading to a default judgment to be issued in Tetra's favor. The $14 million also carries 18 percent interest until it is paid in full, the judgment said.

 

Freestyle closed last year after a disappointing summer season and the park will not reopen unless it finds new investors, according to park officials. The park continues to pursue new investment, said Nate Fata, an attorney for the park. Freestyle failed to answer the lawsuit, leading to the default judgment issued Tuesday in Tetra's favor. The $14 million also carries 18 percent interest until it is paid in full, the judgment said.

 

The park continues to "aggressively" pursue new investors, Steven Baker, president of FPI MB Entertainment, Freestyle's owner, said Wednesday.

 

Tetra and its attorneys did not respond to calls Wednesday.

 

The suit follows a June 4 ruling that ordered FPI MB to pay a $570,000 debt it inherited when it bought Hard Rock Park out of bankruptcy. Although Freestyle must pay the bankruptcy trustee for the case, that money would then be distributed to the parties previously owed by Hard Rock - $400,000 of which is also owed to Tetra Financial Group with around $170,000 also owed to Minnesota-based Data Services Co.

 

The new judgment does little to change circumstances for Freestyle or any of its creditors, said Allen Jeffcoat, a lawyer not affiliated with either company. "You've got a judgment, now what?" Jeffcoat said. "You've got to collect it. It's not an easy process."

 

If Freestyle does not pay, Tetra would need to file the judgment in Horry County to place a lien on the park's non-real estate property. It would then be up to the local Sheriff's Office to repossess and sell off the non-real estate assets and distribute any proceeds to the creditors. Tetra would not be repaid until any mortgage lenders and prior judgments against Freestyle are paid out, as long as the park stays out of bankruptcy, Jeffcoat said. Should the park go into bankruptcy, creditors would likely each receive a portion of the remaining assets, he said.

 

Baker and Freestyle attorney Nate Fata said they did not know how the park plans to react to default judgments. "Lots of companies might have judgments against them, but they might not have any cash," Fata said. The company is in talks with multiple potential investors, but Baker said he could not comment because of confidentiality agreements with interested parties.

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I do not believe there are any "interested parties" in this park.

 

In the off chance there really is any interested parties," I am sure they are far more interested in the place for what they can sell. No one is going to invest in the park to continue operating.

 

There's got to be at least $50 million worth of rides/equipment/scrap to be sold in the park right now.

Edited by Jew
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