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Hard Rock / Freestyle Music Park Discussion Thread


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Remember folks, two of the guys responsible for Hard Rock Freestyle Music Disaster are now going to be in key positions at two major Six Flags parks!

 

Sounds like SF's problem, not ours!

 

it is if SF's goes down the crap shoot again, then it becomes our problem in the sense of not being able to enjoy a clean, healthy, thriving park.

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If it does, then all the hardware inside the park is just going to devalue even more. The "owners" need to step up and auction off what still has value, and recoup as much as they can while they still can.

 

If this last companies actions set a precedents, don't you think many other companies will try to do the same? If any of them are owed any money at all, they would try to swoop in and get their assets back before they are lost to unforseen circumstances.

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I wonder why they haven't sold off all the equipment after the park closed for the second time.

Why should another investor come in just to go down the same road like the others did before?

 

I guessing that all of the assets/equipment are tied up in litagation. There are a lot of creditors owed money, so the courts won't allow the previous owners to sell assets, for fear that money will never be seen again when it should go to creditors.

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Wow....I hadn't been following this, but it really does not surprise me. There are a lot of people/companies out there who will do anything to make a quick buck or million.

 

Just goes to show you that the people who bought this part were not really interested in the park, but in the money that could be made off the park, and what would appear to be the parks ultimate demise.

 

What I don't understand is that they put money into re-theming rides, re-branding, and marketing. Wouldn't it just been easier to not re-open the park and sell the rides? I would have to think that selling off all the equipment would have gotten them quite a return on their $25 million....

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RCDB doesn't have cost info on the coasters, but guessing they could have been sold easily for 25 million total. The rest of the rides and equipment would have been pure profit. Then, sell the land to a developer who could then through up a towne center around the lake, and bam, one just made themselves a few million.

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RCDB doesn't have cost info on the coasters, but guessing they could have been sold easily for 25 million total. The rest of the rides and equipment would have been pure profit. Then, sell the land to a developer who could then through up a towne center around the lake, and bam, one just made themselves a few million.

 

Wasnt there already a Walking Mall around the lake?? That plot of land is just in a bad area, no where near the beach, and it wasnt easy to get to from the main roads.

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RCDB doesn't have cost info on the coasters, but guessing they could have been sold easily for 25 million total. The rest of the rides and equipment would have been pure profit. Then, sell the land to a developer who could then through up a towne center around the lake, and bam, one just made themselves a few million.

 

That's the whole point of their scam. They got $400 million bucks initially for Hard Rock Park, went bankrupt, bought it back for $25 million, and now are trying to walk away with the property debt free again...so they call sell everything off for more than $25 million.

 

These people are just desperate property owners trying to save their life savings (the people behind HRP/FMP were the ones who failed at developing that shopping/entertainment area). I hope everyone wins judgements to take their equipment out of there, so they are left with nothing to sell.

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If it does, then all the hardware inside the park is just going to devalue even more. The "owners" need to step up and auction off what still has value, and recoup as much as they can while they still can.

 

If this last companies actions set a precedents, don't you think many other companies will try to do the same? If any of them are owed any money at all, they would try to swoop in and get their assets back before they are lost to unforseen circumstances.

 

The 'owners' don't care what happens to the park. If the stuff sales for $1 or a $1,000,000 it all goes to the secured creditors first (In this case it might be the owners!) As for the others who are owed money, they can't just go in and take their stuff back, even if it is not paid for. Unless there is some writen agreement, title was passed once they took possision.

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@Joey .. Typically the bankruptcy court will also require the new owners to take a certain amount of the debt previously owed.. So it could be 25 million- minus 100 million owed to creditors. This is specifically to prevent the issues we are looking at today.

 

@Gisco-- There are exceptions to this as well, as we have just seen.. if the unsecured creditor can prove the item that is in dispute is in eminent danger of being destroyed, than they can lay claim to it.

 

 

Here is a wildcard for you... I'm willing to bet that B&M has been paid fully for creating Zeppelin. The company that is owed money for that ride is the financing/capital entity that loaned HRP LLC money

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^There isn't going to be new owners. That's the whole point of the scam. The one company they own (FPI US) holds a $25 million mortgage over the other company they own (FPI MB Entertainment). FPI US is trying to foreclose on FPI MB Entertainment so they can jump to the front of the creditors line. If that goes through, I am sure there will then be an auction to liquidate the assets...so they can make $25 million off of other peoples stuff, leaving those other creditors with only pennies on the dollar.

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^I understand that.. That's why I wrote "this is specifically to prevent what we are looking at today", which is essentially a "double bankruptcy" - the secured creditor and the debtor being the same (but different) entity.

 

I was also speaking about a new party becoming involved and why it likely won't happen and why we will see liquidation.... This whole HRP/FMP/Shopping Outlet debacle should be studied in business classes around the world.

 

 

Chris "Jealous that you made it down to HRP and I didn't" Connolly

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^But there isn't going to be "new owners to take a certain amount of the debt previously owed." That's the whole point of the lawsuit: the other creditors don't want the proceeds from the inevitable auction of everything individually going to FPI US before them.

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  • 2 months later...

With as much dignity as he could muster, the Old Man gathered up the sad remains of his shattered Major Award. Later that night, alone in the backyard, he buried it next to the garage. Now I could never be sure, but I thought that I heard the sound of "Taps" being played. Gently:

http://www.thesunnews.com/2010/12/26/1887376/freestyles-problems-wade-through.html

 

 

Lawsuits against Freestyle Music Park continue to grind their way through court, but regardless of their outcome, there is little chance the park will ever open again, according to a theme park consultant and area businesses.

 

The park opened as Hard Rock Park in 2009, but filed for bankruptcy protection after a slow first season. A group of investors bought it out of bankruptcy and reopened it as Freestyle Music Park in 2009. Although park representatives initially said the park would open in 2010, they failed to find new investors and it remained shut for the season.

 

About 12 lawsuits against Freestyle are pending in Horry County courts, most brought by vendors who provided goods and services to the park but were never paid.

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