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No New Owner For Hard Rock Park


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No, the new owner does not assume the debt, but any sale must be approved by the judge, who looks out for the best interests of the creditors. In other words, if the amount is not believed to be the best obtainable, other alternatives will be explored...such as selling the rides, equipment and the park land and buildings separately.

 

If the new owner had to assume the debt, they could have (and presumably would have) bought from the bankrupt owner. The fact of the matter is that there is not enough assets to satisfy the debt, and the creditors will end up with cents on the dollar. Stockholders will almost certainly end up with nothing. And the park may or may not operate as a park ever again....if I were a betting man, I'd say it is almost certain not to.

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No, the new owner does not assume the debt, but any sale must be approved by the judge, who looks out for the best interests of the creditors. In other words, if the amount is not believed to be the best obtainable, other alternatives will be explored...such as selling the rides, equipment and the park land and buildings separately.

 

If the new owner had to assume the debt, they could have (and presumably would have) bought from the bankrupt owner. The fact of the matter is that there is not enough assets to satisfy the debt, and the creditors will end up with cents on the dollar. Stockholders will almost certainly end up with nothing. And the park may or may not operate as a park ever again....if I were a betting man, I'd say it is almost certain not to.

 

Thanks for clearing that up for me. That is what I assumed, but was not sure. Since this is the case, unless they just do not have the money, I still think it would be a great investment for the city to buy the park at that price. Since the rely on tourism dollars for tax revenue anyway. Why not have another attraction that is a revenue stream itself and also brings in more tourists?

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The only government run amusement park in the USA of which I am aware is Playland in Rye, New York. It hasn't exactly been a smashing success. Libertyland in Memphis was run by a fair board. Last I heard, it's closed. And most taxpayers are adamantly opposed to the government being in the amusement park business...particularly if there is so much as a single pothole in the town, a street that isn't paved or a garbage truck that needs replacing. If the owners of Hard Rock Park couldn't make it a success, why would a city/county be able to?

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The only government run amusement park in the USA of which I am aware is Playland in Rye, New York. It hasn't exactly been a smashing success. Libertyland in Memphis was run by a fair board. Last I heard, it's closed. And most taxpayers are adamantly opposed to the government being in the amusement park business...particularly if there is so much as a single pothole in the town, a street that isn't paved or a garbage truck that needs replacing. If the owners of Hard Rock Park couldn't make it a success, why would a city/county be able to?

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I see your point about the tax payers, but the owners were strapped with much more debt from building the park that the city would not have and they could always hire some one that knows what they are doing to run the place. It just seems like for the price it would be hard to lose, but then again I will never have that kind of money so I really don't know.

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