VisionLand bondholders call for foreclosure

Posted Monday, May 13, 2002 4:40 AM | Contributed by Fafolguy

VisionLand bondholders decided Friday to foreclose on the foundering amusement park. The city, which took control of the VisionLand last week, wants it to file for bankruptcy to ward off creditors, who are owed almost $100 million. The park defaulted twice on its bond payments last year, with the bondholders' approval. The Bessemer City Council will discuss their next move Tuesday.

Read more from the Birmingham News.

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Monday, May 13, 2002 10:39 AM
If they somehow manage to open the gates by June, I'm there. I would just like to board the Rampage while there's still a chance (sigh)

-'Play*** *** This post was edited by CoastaPlaya on 5/13/2002. ***

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Monday, May 13, 2002 11:02 AM
They need to open that park back up very quickly. Nobody will make money if the guests can't spend it.

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Monday, May 13, 2002 2:30 PM
Fafolguy's avatar

I seriously doubt it will happen. The problem is that for the last five years, the people who run the park have been saying "Let us open and we'll make tons of money." Well, the park opened, and because of it's location, size, cost and poor quality of service, few people went. I'd love to see it open, but I think the bondholders have had enough and are ready to get SOMETHING back on their investment...

Now if they'd keep the waterpark open with just one rollercoaster...:)

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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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Monday, May 13, 2002 6:51 PM
IF the park was managed correctly (advertising, employee training, etc.) the park would have had a chance to be successful. There's a reasonably large market and a reasonably large park. The park never should have come to this.

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My two favorite coasters are named Superman.

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Tuesday, May 14, 2002 3:51 PM
The way their bond payments were set up, the park could not afford advertising, so attendance droped.

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New coasters in 02 so far: SE,GW(SWSA) SKC Rattler, RoadExp,Boomerang:CtC(SFFT)

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Wednesday, May 15, 2002 8:05 PM
Move Rampage to another park and let the hammer drop.
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