Posted Friday, January 8, 2010 11:35 AM | Contributed by Jeff
An attorney for FPI MB Entertainment, which owns Freestyle Music Park, has asked a Delaware judge to give the park more time to pay off the $570,000 in debt that belonged to the former owners of Hard Rock Park.
Read more from The Sun News.
That is a terribly written article, and obviously contains some inaccuracies. I can't figure out how in the world the new owner can be liable for any of the old owner's debt, I thought that was the point of bankruptcy, yet the article makes it sounds like the new owners owe $570 million to various debtholders of the old company. No way that's right. Wonder what the real story is.
I believe that a deal was made with two different groups when Freestyle bought the park out of bankruptcy that Freestyle would pay these two groups off, why I'm not sure (maybe they leased items from these companies and rather than return them they would continue payments????)
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