Owner of bankrupt Wild West theme park owed $325,000 in taxes

Posted | Contributed by Jeff

The owner of the now-bankrupt Wild West World owed more than $325,000 in unpaid taxes when he planned the creation of the western-theme park, court documents show. Thomas Etheredge and his wife, Cheryl, still owe the Internal Revenue Service $273,148.60 and the state $52,000.64 from 2005, according to tax liens at the Butler County Courthouse and Kansas Department of Revenue.

Read more from AP via The Kansas City Star.

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Wild West World

So if there was any doubt before, it's obvious the guy had no business starting a business. I still think the idea for the park sounded feasible, but not with him running it.

Undercapitalization, which happens in this industry quite often, though on a smaller scale, always comes into play.

Bad weather, weak group sales, mechanical issues, and theft all need compensated by money. You can't pay bills with smiles and promises.

You can't pay your taxes that way, either. ;)

(And, as a reminder, 3Q estimated tax payments are due today, for all you independent consultants out there...)

*** This post was edited by Brian Noble 9/17/2007 3:36:05 PM ***

Mailed them Thursday. Grumble grumble.

Kinda scary that a person could be in such financial condition and still be able to get banks to hand him lots of money.

Heck if that's the case maybe I could get someone to give me enough cash to start my Hard Rock-esque chain of classic theme park restaurants called "Midways" since I'm in debt (but not the the federales) just a fraction of a fraction of that. I'd have Chicago's themed to Riverview, St. Louis' to Forrest Park Highlands, DC's to Glenn Echo, and so on and so on.

Have Fun

Paul

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