Team Pro Parks closes purchase of Visionland, bondholders sue Birmingham

Posted Friday, January 3, 2003 3:57 AM | Contributed by Jeff

VisionLand bondholders have sued the City of Birmingham, claiming the city failed to make its annual $1 million payment. The suit asks the city be ordered to pay the $1 million, plus interest from the due date of Oct. 15, and any other amounts that come due. The city's mayor's office says they have met their financial obligations.

Meanwhile, Team Pro Parks finished the purchase of the park for $5.25 million yesterday.

Read more from The Birmingham News.

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Friday, January 3, 2003 4:58 AM

Sometimes you wish they'd just get it over with.

The bondholders took a chance and LOST.

Chuck

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Charles Nungester.
Is it about coasters or friends? I say both!

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Friday, January 3, 2003 5:19 AM

At least she's in safe hands now.

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Please visit the small parks. We don't know what's happening behind the scenes
Woodencoaster.com

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Friday, January 3, 2003 11:46 AM
I don't know if she is safe yet. There seems to be so many people and entities with money vested in this place. I think there are still too many questions as to who owns what, and who owes what.
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Friday, January 3, 2003 11:58 AM

Not really, Matt. This issue will be settled fairly quickly.

Judge: "City Council, did you pay them the $1M? If so, let's see the books that include it. If not, pay them and be done!"

The only question now is about who owns the S&S Towers - either way, though, the park can open come spring. I think Team Pro Parks understands what to do, since their primary goal is to improve the waterpark - aka the only thing that kept a lot of people going in the first place.

I really think all this park needs is some management with some knowhow in running a park. Time will tell, though.

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Saturday, January 4, 2003 11:46 AM
Is the suit stating that Team Pro Parks got the bid unfairly still pending?
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Saturday, January 4, 2003 4:43 PM

No, that suit was dismissed by the judge. Themeparks LLC was upset they didn't win (hence the suit), but they didn't bid the most cash up front.

Their offer included more money in the immediate future for developing the park, but the board isn't realy interested in what a company will spend after it's sold. All they are interested in is getting as much money for the assets as possible. Team Pro Parks bid more cash to purchase the park.

While it might have been interesting to see what Themeparks LLC could've done with it, they should have offered for the initial selling price.

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I sing sometimes for the war that I fight, 'cause every tool is a weapon, if you hold it right. -Ani Difranco

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Sunday, January 5, 2003 10:10 PM
Bonds aren't like stock where you can lose the value when you take a risk. They are low-return/low-risk (usually) and you MUST pay back your bondholders in a certain period of time.

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Is that a Q-bot in your pocket or are you just happy to see me?

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Saturday, March 8, 2003 3:17 PM
It was inevitable for Birmingham to drop out of visionland they never support anything. For very long
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