Freestyle Music Park fka Hard Rock Park Changes Investors Again

[GADVwow]

Quotes from the article cited below (not in the order they appear in the article):

...The previous group of investors were Russian and they recently decided the investment was too far away from them, Baker said.

"I think the economy, the recession scared them. When we got into this with them, we thought it was a three- to four-year deal and they just changed their mind," he said.

A few weeks ago, those investors told Freestyle they wanted out and to search for new investors, Baker said....

...Representatives from FPI MB Entertainment LLC, which owns the park, say they have signed a memorandum of understanding with a group of investors from Florida and Ohio, but declined to say who the investors are and how much they are investing in the park.

"It's a group. It's not a theme park company. It's not Six Flags. It's not the Hershey family," said Steve Baker, president of FPI MB Entertainment. "We're very positive about it and we're very glad that we've gotten this far."...

...The deal will allow the park to pay some of the debts from its first season to construction companies, bands and other vendors, park spokeswoman Michelle Cantey said.

"They are getting everything together to start making calls [to those owed money] next week," she said.

Seven lawsuits and more than a dozen mechanic's liens have been filed against the park owners for unpaid services and supplies since July.

M.B. Kahn Construction Co. Inc. of Myrtle Beach filed a $314,951.85 lawsuit against FPI MB Entertainment on Oct.1, and Quantum Communications Corp. of Myrtle Beach and Florence filed a $27,331.39 lawsuit Oct. 2....

Much, much more here:

http://www.thesunnews.com/business/v-print/story/1120406.html

Translation:  We went bust again but found some more people to invest and are going to keep trying...

[GADVwow]

17th Suit Filed Against Freestyle Owners (this one by Zamperla):

http://www.wmbfnews.com/Global/story.asp?S=11346318#

From a previous story:

...FPI has been slapped with breach of contract suits filed by Brandon Advertising, Fab II, Quantum of Florence and Myrtle Beach, MB Khan Construction, ECK Supply, Roundbox Advisors, TEH LLC and Duplicates Ink; foreclosure suits from ECK Supply; debt collection suits from Thomas Supply Company, and Sheriar Press; and pending suits (Lis Pendens) from MB Khan; and the federal suit filed by Tetra Financial in September claiming the park owes $800,000 on a $1.2 million deal for rental equipment, A/V equipment and theatrical lighting.

http://www.wmbfnews.com/global/Story.asp?s=11275162

[dkny6363]

I just watched a documentary on HArd Rock Park last night. It was rather depressing.

[chilled182]

Where did you find the documentary?

[dkny6363]

Discovery Channel. I live in Canada so it might have different programing.