Freesetyle Music Park plans to pay its bills by January

Posted Wednesday, December 9, 2009 11:48 AM | Contributed by Jeff

Freestyle Music Park expects that by mid-January it will be able to pay vendors, musicians and business owners who have grown impatient as they've waited months for their money. The memorandum of understanding the park's owners signed with investors in October stated that the closing of the deal will take place between Dec. 15 and Jan. 15, said Steve Baker, president of FPI MB Entertainment, which owns the park. Part of the agreement with its new investors stated the collected debts must be paid by the time of closing.

Read more from The Sun News.

Related parks

Wednesday, December 9, 2009 4:50 PM

So any idea how FMP expects to be able to pay debts in January that they can't pay today? Doesn't make sense to me.

And I would also be pretty angry that these yahoos traveled to IAAPA when they can't afford to pay for services rendered last season.

+0
Wednesday, December 9, 2009 4:51 PM

My first thought when I read the title:

"Suuuuuuuure.... sure ya do. :)"

+0
Wednesday, December 9, 2009 5:16 PM

I will gladly pay you Tuesday for a hamburger today.

+0
Wednesday, December 9, 2009 5:18 PM

Ah, I will see your Wimpy and raise you a Bullwinkle...

Hey Rocky, watch me pull a rabbit outta my hat!

;)

+0
Wednesday, December 9, 2009 5:46 PM

Maybe Santa will leave something nice, who knows?

Eenie meenie chili-beanie, the spirits are about to speak!

+0
Wednesday, December 9, 2009 7:00 PM

Carrie M. said:
So any idea how FMP expects to be able to pay debts in January that they can't pay today? Doesn't make sense to me.

Because they expect the investors' cash to be in the bank by then.

+0
Wednesday, December 9, 2009 7:10 PM

Sounds like the Madoff theory of accounting....

+0
Wednesday, December 9, 2009 7:24 PM

I guess I misunderstood the sentence, "Part of the agreement with its new investors stated the collected debts must be paid by the time of closing."

I figured that would be a term the investors would have initiated to insure they are not paying old debts, but rather investing in future business and success. I mean, what does it mean for the president to say, "We're working on it now. We're making progress today, we'll make some progress tomorrow."?

Who in their right mind would invest in a company that was bought out of bankruptcy and finished its first season with debt it can't pay? That's why my mind went to the idea that MLP has to pay their debt before the investment could close. I guess not.

+0

You must be logged in to post

POP Forums - ©2018, POP World Media, LLC
Loading...