Posted Monday, July 9, 2001 5:06 AM | Contributed by Jeff
Michael Chance, the son of Dick Chance who owns Chance Industries, has acquired D.H. Morgan Manufacturing, the firm responsible for coasters like Mamba, Wild Thing, Steel Force and Steel Dragon. The new company will be called Chance Morgan Coasters. Michael Chance intends to send some work to his father's company which is currently reorganizing under chapter 11 bankruptcy protection.
Well, this is actually great news! Chance was filed for Chapter 11 Bankruptcy, but now that they bought out DH Morgan, their awesome flat rides will still be made! All right! I can't imagine what will happen when Morgan Hypercoasters and Chance flat rides mix.
------------- KoЯn Rules! I just came out to feed!
Actually, it's a little more complicated than simply Chance buying Morgan...
In reality it is Micheal Chance who is buying Morgan Manufacturing. Chance Industries has no interest in Chance-Morgan Coasters, but Mr. Chance presumably does have some interest in Chance Industries. That way, if I understand it correctly, the acquisition doesn't add to Chance Industries' financial troubles.
Sounds like it should be a pretty good deal all the way around, though...!
It's NOT Michael Chance who's "bankrupt", it's his father's COMPANY. Michael's free to buy anything he want's, but Chance Industries presumably couldn't buy anything beyond "normal business operations" materials, supplies, etc. I do think the name Chance is a drawback in the industry, but some rides (Chaos, e.g.) are really a "sure thing" when they arrive at your home park!
There are 2 separate companies. Chance Morgan Coasters is owned by Michael Chance and is based in California. His father, Dick Chance, owns the financially strapped Chance Industries based in Kansas. Michael Chance is going to use his father's company, Chance Industries, as a sub-contractor for Chance Morgan Coasters projects. The money Chance Morgan gives to Chance Industries for its part as a sub-contractor will help his father's company Chance Industries financially.