jcgoble3 Posted July 15, 2015 Share Posted July 15, 2015 BUT where is the labor, taxes, insurance, utilities, maintenance, cost of goods.... not to mention capital spending? Probably part of that $300,000. Unless I've missed something, I doubt that those new loans have to be fully paid back in a single year. More likely, they are multi-year loans. Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted July 15, 2015 Author Share Posted July 15, 2015 To a bankrupt? Really? That would be....different. The bankrupt has NOT been discharged. Quote Link to comment Share on other sites More sharing options...
darkrider68 Posted July 27, 2015 Share Posted July 27, 2015 Against my better judgement, but based on the urging of a friend I made the 2 hour drive CLP yesterday. The only other time I've been there was over 3 years ago. The Blue Streak was not running so I didn't get the credit. My buddy has been advising me to ride it ever since then. I was always apprehensive about going back, but decided to. So I get there and the Blue Streak is not running for the day, of course. So I do my best to gather my thoughts, and rode the Devil's Den 6 times and Tumble Bug once. The place is just pitiful. From the warped sounding carousel music, to being out of funnel cakes, rides not running, cigarette butts littering the ground, the gift shop not accepting credit cards and making customers walk out to the ticket booth to pay for their items, and then come back, as well as no soap in the women's restroom, the pitifully sparse looking midway games...etc...etc..etc. I'm surprised there was as many people as there was in attendance yesterday. Just needed to vent, no one to blame but myself for going back up there. 3 Quote Link to comment Share on other sites More sharing options...
WindingSon Posted July 27, 2015 Share Posted July 27, 2015 I know everyone sounds like a broken record when they say this but I find it very hard to believe this park will open in 2016. 2 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted July 27, 2015 Author Share Posted July 27, 2015 I will be shocked if the bankruptcy judge approves the debtor in possession's reorganization plan, already many months late. I presume the creditors will push for total liquidation, especially if, as I suspect, the park has lost more money this year. 2 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted July 28, 2015 Author Share Posted July 28, 2015 Ride Has Been 'Tumbling' Park Visitors for 90 Years: http://m.sharonherald.com/news/local_news/ride-has-been-tumbling-park-visitors-for-years/article_611525ae-3404-11e5-bf14-0fb4acbeb0d3.html?mode=jqm Two? What happened to Blackpool Pleasure Beach's? 4 Quote Link to comment Share on other sites More sharing options...
jcgoble3 Posted July 28, 2015 Share Posted July 28, 2015 What happened to Blackpool Pleasure Beach's? According to Wikipedia and the captions on a couple of YouTube videos, including one from TPR, Blackpool's Tumble Bug was closed and removed in 2006. 2 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted July 28, 2015 Author Share Posted July 28, 2015 Wow. Thanks.... (Maybe I knew that once....) 4 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted July 29, 2015 Author Share Posted July 29, 2015 http://m.meadvilletribune.com/news/breaking-trustees-of-conneaut-lake-park-to-file-formal-bankruptcy/article_3773335a-3583-11e5-b3d6-8bc1d8473bdc.html?mode=jqm A. Breaking News, my foot. B. There is NO news here, at least as of now. NONE. 1 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted July 29, 2015 Author Share Posted July 29, 2015 And now the "full" story is posted: http://m.meadvilletribune.com/news/local_news/full-story-conneaut-lake-park-bankruptcy-plan-expected-this-week/article_fa51ab2e-35a9-11e5-9ff1-2770c1b3ca5b.html?mode=jqm I love how the media keeps focusing on only the taxes due governing bodies. The fact is the debts to other creditors far exceed that amount. How this debtor is going to stay in possession and not have its assets liquidated is beyond me. 3 Quote Link to comment Share on other sites More sharing options...
Oldiesmann Posted July 29, 2015 Share Posted July 29, 2015 It really sounds like none of the people running the park now have any more clue what they're doing than the ones who were running it before. They seem to assume they'll just magically be able to get enough money together to keep things running, but they're not really trying that hard. 2 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted August 1, 2015 Author Share Posted August 1, 2015 So, the Trustees blustered to local media they'd file the reorganization plan by Friday (though it's DUE early next week). That either didn't happen (again) and lawyers are feverishly working all weekend to come up with a workable plan, or it did and the park boostering local media has chosen not to cover it, for whatever reason. Some enlightening history, more relevant now than ever: http://www.goerie.com/conneaut-lake-park-creditors-push-to-see-payment-plan What's the plan, Stan? 1 Quote Link to comment Share on other sites More sharing options...
WindingSon Posted August 1, 2015 Share Posted August 1, 2015 The plan is to somehow con more money into keeping the park open. Let's face it, that's all it is anymore. 3 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted August 1, 2015 Author Share Posted August 1, 2015 And they keep delaying filing a reorganization plan so as to defy the creditors from collecting. The jig appears to be about up. 2 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted August 4, 2015 Author Share Posted August 4, 2015 * Plan filed. * Secured non-tax debt to be paid off over 20 years at 5% interest. Non-secured? * Hearing set for September 1 at 1 PM. http://m.meadvilletribune.com/news/local_news/trustees-of-conneaut-lake-park-s-bankruptcy-hearing-coming-next/article_3d1300dc-3a5c-11e5-940a-87bf8f55c9ad.html?mode=jqm I can't see the non-tax creditors not objecting and proposing the property be liquidated. In other words, straight bankruptcy, not re-organization. 2 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted August 4, 2015 Author Share Posted August 4, 2015 A much clearer article: http://wkbn.com/2015/08/04/conneaut-lake-park-bankruptcy-plan-hearing-set-for-sept-1/ So, the Trustees intend to use an insurance settlement that almost certainly does not belong to them to reduce debt? And they intend to pay off the secured non-tax debt over 20 years with revenue from a park that has consistently lost money for years and years? Really? The creditors are going to love this! 2 Quote Link to comment Share on other sites More sharing options...
WindingSon Posted August 4, 2015 Share Posted August 4, 2015 The park inches closer and closer to the guillotine. Except the body doesn't realize it lost its head long ago. 1 Quote Link to comment Share on other sites More sharing options...
Oldiesmann Posted August 4, 2015 Share Posted August 4, 2015 So much for having a good plan to get the park out of bankruptcy. It's a shame the park likely won't get another opportunity to find competent people to run it. 1 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted August 4, 2015 Author Share Posted August 4, 2015 Updated AP version: http://triblive.com/mobile/8858770-96/park-bankruptcy-plan 1 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted August 5, 2015 Author Share Posted August 5, 2015 Updated story: Here Come The Creditors: http://triblive.com/mobile/8858770-96/park-bankruptcy-plan 2 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted August 5, 2015 Author Share Posted August 5, 2015 September 30: http://www.yourerie.com/news/news-article/d/story/conneut-lake-park-submits-bankruptcy-plan/26384/rlq9p_61u0asiY_B4j8IBg The last paragraph is rather ominous. (Note to those who think I'm too negative about parks...or always vague snd general--I've been saying EXACTLY this for months.) Quote Link to comment Share on other sites More sharing options...
Oldiesmann Posted August 5, 2015 Share Posted August 5, 2015 I'm sure most of the creditors aren't exactly thrilled at the idea that it could take 20 years for them to be fully paid back... 3 Quote Link to comment Share on other sites More sharing options...
WindingSon Posted August 5, 2015 Share Posted August 5, 2015 Not to worry, that article was about Conneut Lake Park. 3 Quote Link to comment Share on other sites More sharing options...
Hendrick Posted August 6, 2015 Share Posted August 6, 2015 Update: So far so good. May, June and July attendance and revenue at CLP have generally exceeded our expectations. We continue to make good progress regarding amusement ride maintenance and operations, and with improvements to the Amusement Park and Camperland. As of today, for the first time in many years, literally all rides are in operation (although keeping them so is an on-going challenge). According to Lenny Adams, previous amusement park operator, revenues in July alone were better than the entire 2014 season!Our formal disclosure statement and plan of reorganization have been submitted to the US Bankruptcy Court and we are hopeful that it will serve as a strong basis to achieve a consensus among creditors leading to plan certification by the court in the near future. A September 1, 2015 hearing has been scheduled to review the plan and reaction to it. The plan involves selling the former Flynn property; paying all back taxes immediately, and the remainder of all secured creditors over time, proposed to be 20 years. Paying creditors over time will require that operations at Conneaut Lake Park produce sufficient cash flow each year to meet this obligation. Our experience to date, while very short in duration, has produced enough information to indicate that this is a very practical possibility. However, to do so will require that we make investments like those evidenced at Camperland ahead of any anticipated new revenues. So, don’t expect that revenues will exceed expenses for a year or so. We’ve managed to borrow funds from the EPACC and the Northwest Commission that do not have to be repaid for a couple of years. These funds are being utilized to make physical improvements at the Park and to fund short term operating losses.Also in the near future, the US Bankruptcy Court will decide the matter of the rightful distribution of the insurance proceeds resulting from the Beach Club fire. If any portion of these proceeds is allocated to back taxes associated with the Beach Club or otherwise awarded to the Trustees of CLP, the outstanding debt burden will be reduced.The next couple of months will be critical to the future of Conneaut Lake Park. Your support so far this summer has and will continue to be hugely important as we demonstrate the viability of our plan. After so many years of deficit operations, we absolutely need to demonstrate that we can reach operational sustainability and meet our commitments in the future. With your continuing and growing support, we feel certain we will be able to do so.Please stay tuned and supportive! Conneaut Lake Park Facebook 4 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted August 6, 2015 Author Share Posted August 6, 2015 That is a very well written statement--probably written by the Trustees' legal counsel. Note the complete absence of mention of the Hotel Conneaut--odd that. 4 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted August 8, 2015 Author Share Posted August 8, 2015 Tax Creditors Attorney Skeptical: http://www.foxbusiness.com/markets/2015/08/04/judge-sets-sept-1-hearing-on-123-year-old-conneaut-lake-amusement-park-chapter/ Not good. At all. August 25\September 1 The end may be near. 3 Quote Link to comment Share on other sites More sharing options...
Oldiesmann Posted August 8, 2015 Share Posted August 8, 2015 I can definitely see why he'd be skeptical. Sketchy property value estimate, taking into account money that you may not even get, telling debtors that even after 20 years they might just "make a modest recovery" instead of seeing the full amount they're owed... What a mess. 3 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted August 22, 2015 Author Share Posted August 22, 2015 As noted here, creditor objections are due in court by Tuesday. Hearing September 1. http://www.foxbusiness.com/markets/2015/08/04/judge-sets-sept-1-hearing-on-123-year-old-conneaut-lake-amusement-park-chapter/ 1 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted August 30, 2015 Author Share Posted August 30, 2015 No press coverage to amount to anything on the creditor objection filings. Tuesday is the next critical hearing, though the decision on the Beach Club insurance proceeds (but NOT the reorganization plan) has been delayed until later in September. The future of Conneaut Lake Park as a park will likely be determined by the end of September. 3 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted August 31, 2015 Author Share Posted August 31, 2015 The sun will come up Tomorrow A hearing A future? 2 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.