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The company will buy the Texas parks and have the option to develop the Kansas City park.
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Renewal permits have not been applied for and no tickets have been sold.
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The judge says that "illegal" evidence was submitted, including pieces from a Travel Channel show.
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The company won't say if the park will open this year, where a 10-year-old died in 2016 and criminal charges are pending around the incident.
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Judge set a new bond of $1 million.
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Feature chronicles the rise and tragedy of a water park empire.
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Investigators asked why a brake mechanism was not repaired after falling off, according to the report.
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The legal defense along with a potential slide in attendance may put repayment at risk.
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After the 2016 death on Verruckt, the state is facing more scrutiny.
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The charges include 12 counts of aggravated battery and five counts of aggravated child endangerment.