Posted Tuesday, December 9, 2014 10:02 AM | Contributed by loriu
The planned sheriff’s sale of Conneaut Lake Park was halted Thursday after the nonprofit corporation overseeing the amusement park filed for bankruptcy protection through federal court. Trustees of Conneaut Lake Park filed for Chapter 11 bankruptcy protection with U.S. District Court in Erie shortly before 4 p.m.
Read more from The Meadville Tribune.
Conneaut Lake is Schwarzenegger at the end of the original Terminator film. At this point, the park has essentially become the blown-apart, dated stop-action animated upper half of a terminator endoskeleton that refuses to die, dragging itself by its metal fingers trying to escape its inevitable demise of being flattened by a mechanical crusher.
We're all just waiting for a battered and bruised Linda Hamilton to hit the damn big red button.
Not sure what the game plan is here. Chapter 11 filing does stay the collection (foreclosure) events, but you still have to have a Reorganization plan that is approved by the creditors and the court. Not sure that the Trustees have any assets other than the land (?). I don't see how this does anything but put off the inevitable.
Looks like a simple and quick conversion to Chapter 7, short of some significant new funding sources.
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