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Fox 19: Plaintiffs land key victory in suit against Kings Island owner over 2020 season passes


BoddaH1994
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I think that once they said they would extend the passes into 2021, those that had not visited the park with their pass should have been able to get a refund.  With the condition that they would have to buy a new pass if they wanted one in 2021. 

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The problem is that this would be like the classic bank run situation like what was prominent in "It's a Wonderful Life".  Your money in a bank isn't just sitting there - it is used to give people loans, invest, that sort of thing.  And if everyone tries to cash out their account at the same time, a bank will default as that cash isn't there for every account.  Bank runs usually start when depositors worry the bank might fail. Depositors rush to withdraw money before the bank shuts down; the bank exhausts its cash reserves; and the bank then liquidates assets and calls in loans to find more money. If the bank can't sell enough assets to cover the withdrawals, it may have to close. Banks that do cover the run often end up financially crippled from selling assets cheap to raise money.

CF had already allocated and spent the money and likely wouldn't have had the cash reserve to give back a lot of refunds.  And we can just look at the stock market how it can go up or down just based on one tweet, so I am sure CF predicted that a large percentage of people would have requested a refund and that would have put them in even more financial dire straights.  Like the stock market, people get emotional and make rash decisions that may or may not be in their best interest. 

I know a lot of us in March and April 2020 didn't think the parks would re-open that year.  And yet they did and we got an extra year out of our pass.  Then you would have all the people complaining they got a refund at their October 2019 price in March 2020 and now have to pay July 2020 prices to buy a pass again because they want to go to the park but assumed in March that the park wouldn't open and wanted their money back.

Offering the next year free was their mechanism to weather the storm so that they could stand half a chance of not going bankrupt.

I know people that got refunds despite the no refund policy.  If someone could make a great case why they requested the refund it happened.  Of course they are not going to advertise that.

Probably most of the people wishing they could have got a refund ended up going to the park in 20 and 21.  The few that didn't could then make the case for a refund.

Hindset is always 20/20, and I bet looking back on it, they think they made the best decision in offering the next year free based on how well the parks have performed since.  I think we would be looking at a seriously different park had they offered refunds in March 2020 - I think too many people would have asked for the refund concerned that the park would either not open or would go bankrupt.

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18 hours ago, standbyme said:

I am sure autocorrect is responsible for this sentence…what did you mean to say? (I couldn’t decipher it.)

Lol.  I’m bad about proofreading.  
 

It could have went away quietly.  

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On 4/24/2022 at 12:43 PM, disco2000 said:

The problem is that this would be like the classic bank run situation like what was prominent in "It's a Wonderful Life".  Your money in a bank isn't just sitting there - it is used to give people loans, invest, that sort of thing.  And if everyone tries to cash out their account at the same time, a bank will default as that cash isn't there for every account.  Bank runs usually start when depositors worry the bank might fail. Depositors rush to withdraw money before the bank shuts down; the bank exhausts its cash reserves; and the bank then liquidates assets and calls in loans to find more money. If the bank can't sell enough assets to cover the withdrawals, it may have to close. Banks that do cover the run often end up financially crippled from selling assets cheap to raise money.

CF had already allocated and spent the money and likely wouldn't have had the cash reserve to give back a lot of refunds.  And we can just look at the stock market how it can go up or down just based on one tweet, so I am sure CF predicted that a large percentage of people would have requested a refund and that would have put them in even more financial dire straights.  Like the stock market, people get emotional and make rash decisions that may or may not be in their best interest. 

I know a lot of us in March and April 2020 didn't think the parks would re-open that year.  And yet they did and we got an extra year out of our pass.  Then you would have all the people complaining they got a refund at their October 2019 price in March 2020 and now have to pay July 2020 prices to buy a pass again because they want to go to the park but assumed in March that the park wouldn't open and wanted their money back.

Offering the next year free was their mechanism to weather the storm so that they could stand half a chance of not going bankrupt.

I know people that got refunds despite the no refund policy.  If someone could make a great case why they requested the refund it happened.  Of course they are not going to advertise that.

Probably most of the people wishing they could have got a refund ended up going to the park in 20 and 21.  The few that didn't could then make the case for a refund.

Hindset is always 20/20, and I bet looking back on it, they think they made the best decision in offering the next year free based on how well the parks have performed since.  I think we would be looking at a seriously different park had they offered refunds in March 2020 - I think too many people would have asked for the refund concerned that the park would either not open or would go bankrupt.

You are right.   Many people would have wanted refunds in March/April.   That’s the same reason the stock market crashed during those moths.  Uncertainty. 
 

But some parks did open in July and the situation was looking better by then.   Refunds beginning then would have been appropriate. 
 

If a business is failing though it doesn’t give them the ethical right to keep prepayments  IMO.    

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In a bankruptcy proceeding, season pass holders would legally be the last ones to get any money back as all others owed money get first dibs at the money. I still believe CF and the majority of season pass holders came out better than wholesale refunds.

Purchasing something not valid until the next year always carries an inherent risk.

As we saw with the season pass offering this past fall, people purchased in record numbers, so obviously enough people have trust in that that park would open this year and if not then they trusted CF would make them whole.

Those demanding a refund are in the minority.  If they were the majority, then they wouldn't have taken advantage of the fall sale and would have waited until now when the park opened...

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6 minutes ago, coaster sally said:

We need no give Cedar Fair the benefit of the doubt.  They can do no wrong.  SEAS however did give our family a 2000$ plus refund in 2020 however.

We had booked discovery cove and a Florida parks ticket package.  They were still opened but with limited capacity like all other parks.  Emailed them since Iron Gwazi wasn't going to open and they happily refunded us no questions asked.  First of June we are picking up out platinum passes from sea world San Diego and have already booked discovery cove for when we go down for ice breaker and iron gwazi.  I am thankful they took care of us.

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1 minute ago, disco2000 said:

A refund on a package is different than season passes - or did you have passes they refunded too?

2 platinum passes since my daughter and I were going to bgw for that new coaster that was supposed to open there(which I cannot state the name nor manufacturer)

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  • 4 weeks later...
On 4/21/2022 at 10:24 PM, BoddaH1994 said:

A little unreasonable considering we got 2021 for free. 

You do have to consider that the Delta variant dominated 2021. Those with suppressed immune systems for example would have had theoretically to risk their well being just to take advantage of the opportunity. It's a complex issue.

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This is one case I stand behind CF 100%.

All businesses suffered during the pandemic & had to make difficult decisions to try and keep customers and investors both happy and stay in business while not slitting their throats by giving too much away.  It was a tremendously slippery slope.

For CF to extend season passes for an entire year is really going above & beyond what should be expected and any passholder should know that true value.

 

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