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

Posted Monday, September 17, 2007 10:23 AM | 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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Monday, September 17, 2007 11:27 AM
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.
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Monday, September 17, 2007 12:20 PM
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.

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Monday, September 17, 2007 3:35 PM
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 ***

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Monday, September 17, 2007 4:02 PM
Mailed them Thursday. Grumble grumble.
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Monday, September 17, 2007 4:30 PM
Kinda scary that a person could be in such financial condition and still be able to get banks to hand him lots of money.
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Monday, September 17, 2007 4:35 PM
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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