Oldiesmann Posted February 20, 2016 Share Posted February 20, 2016 Conneaut Lake Park's water park expected to open this summer VERNON TOWNSHIP — Conneaut Lake Park's water park is expected to be back in operation this summer, according to Mark Turner, executive director of Trustees of Conneaut Lake Park.A major leak in one of six 4-inch pipes that circulates water in the water park has been found and will be repaired, Turner said at Tuesday night's meeting of Trustees at the Crawford Business Park in Vernon Township. The water park's two 50-horsepower water pumps that move water through the system also have been rebuilt, Turner said.The water park, which has a lazy river inner tube water ride and a water slide, hasn’t been in operation for about 10 years. Plans call for the lazy river portion to be in operation in June with a kiddie pool in operation in July and the whole water park operating by August, he said. http://www.meadvilletribune.com/news/local_news/conneaut-lake-park-s-water-park-expected-to-open-this/article_5102eb5e-a2c3-5268-b441-914efe324da1.html The whole water park operating "by August"? That might help draw in some end-of-summer crowds, but by August people are winding down summer trips, especially as kids get ready to go back to school. That won't help them a whole lot in my opinion (that is of course if it happens at all). 5 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted March 2, 2016 Author Share Posted March 2, 2016 3BR/2BA In Park Cottage on 999 year lease: $52,500: http://pittsburgh.craigslist.org/reo/5472146515.html Information posting only. Post here is not an offer to sell. Poster here is neither owner nor real estate broker. Actual seller interest in property, if any, has not been verified. Poster here does not represent or vouch for lister. 1 Quote Link to comment Share on other sites More sharing options...
Oldiesmann Posted March 2, 2016 Share Posted March 2, 2016 I'm confused. $52,500 for a 999-year lease but it says the lease rate is $1 per year. So basically you're buying the "cottage" then paying an additional $1 per year to lease it? Quote Link to comment Share on other sites More sharing options...
malem Posted March 2, 2016 Share Posted March 2, 2016 You're buying the right to lease it for $1/year. Undoubtedly, there are certain events that would allow the landlord to terminate the lease, such as failure to perform maintenance, heat the house, or pay the property tax bill. 2 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted March 2, 2016 Author Share Posted March 2, 2016 And rejection of the lease by the bankrupt owner or a bankruptcy court. Water is provided by a system operated by that owner as well. It is possible that this property could become part of a sale to pay off debt. Large contiguous parcels bring far more money than if they have a checkerboard of cottage outlots preventing development but bringing in $1 a year each for nearly a thousand years in the future. Lease rejected in a bankruptcy? See Six Flags Kentucky Kingdom--lease over. These properties used to go for far, far more. Terp, who is not engaged in the private practice of law in the Commonwealth of Pennsylvania or the District of Columbia or any United State. No title examination has been conducted by the author nor is any representation made as to the ownership of any parcel or its curtilage. No client relationship is created by reading this post. Seek a qualified attorney licensed in Pennsylvania for legal advice about real property there. Bankruptcy is a highly technical area of law, you should seek a qualified, expert bankruptcy attorney should you need one. Purchasing property interests that may be involved in a bankruptcy is a risky endeavor and may entail certain legal and financial risks that may not be avoided even with good advice and careful planning. Property values may or may not reflect these risks. You could lose some or even all of your investment. This is a disclaimer. Too long? Didn't read? Fools rush in where the careful fear to tread. 4 Quote Link to comment Share on other sites More sharing options...
PhantomTheater Posted March 17, 2016 Share Posted March 17, 2016 Update from the parks facebook page. https://www.facebook.com/newconneautlakepark An update…finally. Plans are well underway to again celebrate the opening of Conneaut Lake Park in May. Waterpark repairs are underway as are many other efforts necessary to support a successful 2016 season. Improvements to Hotel Conneaut and a vastly improved relationship between the Trustees of Conneaut Lake Park and the new operator of the hotel bring exciting new opportunities for cooperation and mutual benefit. Hope you all consider a visit and stay at the Hotel Conneaut during the coming season. We know Frank and his team will do a great job! Our plans for the year include: phased re-opening of the Waterpark; increasing concession offerings; commencement of Camperland expansion; increasing events, and significant growth in overall park utilization and attendance. We are advancing our proposal to reorganize under chapter 11 bankruptcy. Key to our plan to satisfy back taxes is our proposal to sell a limited amount of property (land). We have proposed to sell only that property formerly known as the “Flynn Property”. We are currently in the process of subdividing the property to include 5 lakeside lots and one larger lot bound by Reed Avenue and Lake Street. For general clarification, the Trustees have not and are not proposing to sell lands now or formerly associated with the Hotel Conneaut, the beach, or the Beach Club. The Trustees are fully committed to the retention of the public beach and the eventual construction of a new “Beach Club” or similar facility. Unfortunately, the anticipated sale of the “Flynn Property” does necessitate the removal and hopefully relocation of the Park’s marina. Because we have two pending sales already, we will not be able to utilize the marina this year and are unlikely to have secured the permits necessary to reinstall them before next season. So, we have a lot happening!!! We really do look forward to another season at Conneaut Lake Park and to welcoming all of you back to our best year since last year very soon! 3 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted March 17, 2016 Author Share Posted March 17, 2016 That certainly is misleading. Absent approval of a reorganization plan by the bankruptcy judge, nothing is opening at that park in May or ever. Mediation was to be complete by February 29, 2016, and the plan submittal deadline, last I heard, was the end of March. In all my years of watching these things, I have never seen a debtor in possession be given as many extensions, mediations, and hearings as this one. We should be hearing from the Court soon. Until then, I will consider that Facebook update as just so much hot air. Puffery, if you will. 5 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted March 20, 2016 Author Share Posted March 20, 2016 Opinion, Meadville Tribune: It's Time For The Taxing Creditors To Give Up Their Fight: http://www.meadvilletribune.com/opinion/editorials/conneaut-lake-park-court-battle-has-wasted-time-money-and/article_e749823b-b1ec-54af-ae93-40b325731625.html Since the bankruptcy, the park has piled on another million plus in debt. Not mentioned. The park sustained a large operating loss last year. Not mentioned. The Beach Club insurance payout is still in litigation... Someone is wearing very rose colored glasses. It's time the park paid its debt. Or at the very least had a workable plan to not end up in bankruptcy again. A debtor in possession must show it is a going concern. The park has miserably failed doing that. It's time the Judge fulfilled his obligations, not just to the debtor, but also to the creditors. 5 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted March 30, 2016 Author Share Posted March 30, 2016 Mediation apparently unsuccessful, park Trustees wanted agreement to extend time to file plan again, creditors dub situation hopeless, Thursday looms; http://www.clpjunction.com/forum/viewtopic.php?t=683&start=195 1 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted March 31, 2016 Author Share Posted March 31, 2016 Motion filed yesterday to extend mediation through end of April: http://www.clpjunction.com/forum/viewtopic.php?t=683&start=195 1 Quote Link to comment Share on other sites More sharing options...
Oldiesmann Posted March 31, 2016 Share Posted March 31, 2016 How much longer are they going to allow the trustees to stall things before they say "you have to pay up now"? 3 Quote Link to comment Share on other sites More sharing options...
Creed Bratton Posted March 31, 2016 Share Posted March 31, 2016 This may be bad of me...but if Conneaut is shuttered for good over all of this.....I kind of want to see the area to fail. I don't want the residents to fail, but the public works....the creditors, etc. Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted March 31, 2016 Author Share Posted March 31, 2016 The creditors extended credit to the park. Are they not entitled to be paid? And since the filing, the park has not made a dime, but rather added $1,000,000+ more debt. How deep should the hole be allowed to go? 4 Quote Link to comment Share on other sites More sharing options...
Creed Bratton Posted April 1, 2016 Share Posted April 1, 2016 I get you...Now I do have a question....when did they start pressing for their $? Has it been in the past few years only or has it been since they haven't been receiving anything? Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted April 1, 2016 Author Share Posted April 1, 2016 The park has filed bankruptcy before. It has a long, sad history of financial mismanagement. And the tax creditors have deferred as long as they could. By law, they had no right to do so. The park now claims to be a tax exempt non-profit. They are certainly non-profit! 5 Quote Link to comment Share on other sites More sharing options...
IBEW_Sparky Posted April 1, 2016 Share Posted April 1, 2016 Maybe I should claim tax exempt non-profit, and show the Govt my bank statement as evidence LOL 6 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted April 1, 2016 Author Share Posted April 1, 2016 The two competing reorganization plans have been filed: http://www.clpjunction.com/forum/viewtopic.php?t=683&start=195 Note that the PARK's plan includes a potential sale of Hotel Conneaut... 2 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted April 1, 2016 Author Share Posted April 1, 2016 Note both plans appear to save the Blue Streak... 5 Quote Link to comment Share on other sites More sharing options...
Creed Bratton Posted April 1, 2016 Share Posted April 1, 2016 Interesting... I honestly would be okay if the Hotel was sold....I think it'd be nice if it were to remain a hotel whether or not it does. I'm glad that both plans aim to keep Blue Streak. I didn't happen to catch if both plans spoke about keeping other attractions or not...I could only locate the Park's plan. Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted April 1, 2016 Author Share Posted April 1, 2016 Both plans are there. The Ad Hoc plan would allow the park to retain "most" rides and attractions. 1 Quote Link to comment Share on other sites More sharing options...
Creed Bratton Posted April 1, 2016 Share Posted April 1, 2016 Thanks must have missed it by accident! 1 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted April 1, 2016 Author Share Posted April 1, 2016 The better question is where visitors would park... 2 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted April 4, 2016 Author Share Posted April 4, 2016 I can't make this crap up: http://www.clpjunction.com/forum/viewtopic.php?t=683&start=195 The Park Trustees want to reacquire the Hotel Conneaut and build a convention center. And they think IT will make money. Virtually every convention center in the country depends on government subsidies to stay open. These people are totally daft. 5 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted April 18, 2016 Author Share Posted April 18, 2016 The next hearing in Federal Bankruptcy Court is scheduled for tomorrow. In court filings, among other things, the Trustees have admitted they do not have the ability to generate capital for the ongoing concern while also paying off the debt. Gary Harris, a former owner (among other things) has come out of the woodwork to object to any land sales. And so it goes... 3 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted April 19, 2016 Author Share Posted April 19, 2016 Word is the Court approved the sales of two parcels of land: http://www.clpjunction.com/forum/viewtopic.php?t=683&start=225 See Gore Range's post of today. 2 Quote Link to comment Share on other sites More sharing options...
Oldiesmann Posted April 24, 2016 Share Posted April 24, 2016 On a related note, the park's website claims they're opening Memorial Day weekend this year. They also list season pass prices on the site along with a phone number to call for more information. 1 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted April 24, 2016 Author Share Posted April 24, 2016 ...and some very whacky hours... 1 Quote Link to comment Share on other sites More sharing options...
Oldiesmann Posted April 24, 2016 Share Posted April 24, 2016 I'll still be surprised if they actually do open, though I am kind of hoping they do since I'll be up that way in July and will have time to kill the night I get into Erie. 1 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted April 24, 2016 Author Share Posted April 24, 2016 The Court has yet to approve a reorganization plan. Both plans submitted allow the park to continue operations. Sort of. 1 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted April 26, 2016 Author Share Posted April 26, 2016 Both sides have now agreed to a JOINT reorganization plan. The Court has scheduled a JUNE 3, 2016 hearing. It is likely the park will emerge from reorganization a much smaller organization with weak financing and much less real estate. Local media has been silent about this major news. Perhaps they do not realize the impact. Stay tuned. 3 Quote Link to comment Share on other sites More sharing options...
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