Park gets two MORE weeks to revise plan:

http://www.erietvnews.com/story/29934862/park-gets-more-time-to-finalize-bankruptcy-reorganization-plan

http://m.meadvilletribune.com/news/judge-gives-conneaut-lake-park-two-weeks-to-revise-bankruptcy/article_57cbd0ca-50cd-11e5-8313-271d8018f9c7.html?mode=jqm

This is NOT a good sign.

Dog ate their homework.

...which was first due....in April?

That was the Spring Semester, Terp..  This is Fall Semester, new homework, same dog

And these people were supposed to know what they were doing...

http://m.sharonherald.com/news/local_news/judge-gives-conneaut-lake-park-weeks-to-revise-bankruptcy-statement/article_0a291aa3-c850-542f-9928-bd7d80c00dcd.html?mode=jqm

Probable translation: Judge: Had I ruled on this plan today, you'd be selling out, winding up, and going out of business. Only because you are a charitable trust, I will give you two MORE weeks. I mean it. You've had since the bankruptcy was filed, and THIS is what you come up with? Come back in two weeks, I'll glance at it, give the creditors some time to respond, then set a hearing about a week after that. Meanwhile, you had a 2015 season, which I suspect is what you were up to to begin with. Now, have at it.

CLP has been added to my itenerary for my annual Labor Day weekend Kennywood trip. I feel as if the time to visit this park is right now. Not delaying it again. If I do, there may not be a park to go to.

It would take a HUGE miracle to save the park.

 

To be honest, it is a miracle it has lasted THIS long.

 

The park has little draw, little $$ money coming in and looks like a ghost town.  I was there earlier this year, and 2 groups of people literally questioned the safety of the rides due to the appearance of the park, and left telling their kids they were going to Waldameer.

It looks like tomorrow Blue Streak will get to meet (the other) Blue Streak.

 

I have only allocated about two and a half hours for Conneaut. Somehow, I suspect it will be plenty.

Third story here:

http://www.communitynewslinesville.com/index.php/News-Conneaut-School-District/headlines-for-august-31-2015.html

Stated to the school board that the taxing creditors intend to pursue park liquidation--implicitly because the Park's Flynn property sale would itself remove park property from the charitable trust--a camel's nose theory.

Interestingly, he notes the taxing creditors would rather be paid from the Beach Club insurance proceeds. Three problems here. First, the amount is insufficient. Second, Trustees claim that Park Restoration did not have an insurable interest. Third, if that is true and the buyer didn't have an insurable interest, unless the Trustees and/or park were also named insureds, there is the possibility the insurance company had no obligation to pay the loss and it may seek to recover the escrowed payout.

There are 25 cars in the lot tonight. I counted.

I also received compliments from two locals on my license plate. I just smiled and said thank you. Didn't have the heart to tell them...

Assuming 4 people per car, all buying ride wristbands (which is very optimistic) that means the park brought in $1000 revenue today. On a Saturday of a holiday weekend.

Also, just overheard an employee talking to another employee. As always, take with a grain of salt.

Said employee claimed that Kiddieland was to close at the end of the season and have its rides all sold. If true, that's a stall tactic at best. This park cannot survive like that for more than a couple years.

IF the rides are owned by the park and not leased, they cannot be sold without court approval, as they are part of the bankruptcy.

Plus note: Flying Scooters are great. Not Carowinds great, but very fun.

The tentative plan is to go Sunday.  We'll be about an hour outside of the park on Saturday, I figured we would visit the park one last time.

 

My Mom loved to share stories of when she was a little girl and her family would make the trip to Conneaut Lake Park.  That, and the times that her and her best friend would secretly ride their bikes to Idora.  Youngstown sure was a different place back then.

Take it for what it is worth:

 

My youngest is selling a coupon book for businesses in Erie & surrounding area.

 

We just received notice that CLP  had their coupon removed from the book.

Were the coupons for '15 or '16? Not that it really matters, just curious.

The whole book is for Sept 2015- Sept 2016.

Next Tuesday....then the creditors will have time to respond.

We had a fun day. It rained the full hour that we drove the the park, but the rain slow down and stopped once we arrived. We got to ride the train, Devils Den, Music Express, and Tilt a Whirl, all of which were down 2 years ago when we last visited. Also took many laps on Blue Streak, Turtles, Paratrooper, Flying Scooters, and Tranbant. Crowd was difficult to judge. Today was $5 dollar wrist bands, but weather was rainy and cold. We were only at the park until 3, and it was noticeably busier as we left. It seemed all the rides were walk on, but the cycles were full. A lot busier then 2 years ago on a Saturday (but also a quarter of the price).

Blue Streak seemed to be in a worst condition then 2 years ago. Entire front car was closed off, 90% of the tunnel roof was removed, one lap bars padding looked like a pink pool noodle, ect. With the exception of one or two employees, they were all very nice.

Speaking to the Blue Streaks ride op, they've been having a bad time with cell phones out during a ride. He said that in the past 2 days he's personally caught 11 people trying to record the ride.

Last September, Blue Streak had a "roof" that was a bit terrifying as from inside it looked like tarp or trash bags covering holes.

Weird question about the front car. Could it be so people can't look down and see the state of the track? I rode it once in the front row on the front car and there were several rough spots that very much deterred me from riding it again. When you look down and it looks as though wood is missing, that didn't sit well with me. But, hey, I could be overthinking it.

As a reminder, the Trustees' reorganization plan is due to be filed by tomorrow, the judge will probably give the creditors two weeks to respond, then approve, modify or reject the plan.

Word is a revised plan was not filed yesterday but is now expected to be filed today...

Conneaut Lake Park revising disclosure statement as creditors want more detail: http://coasterbuzz.com/News/conneaut-lake-park-revising-bankruptcy-disclosure-as-creditors-want-more-detail

 

The article they link to doesn't mention this but does mention other plans the park trustees have for improvements...

And was written before the revised plan was filed...while their article, written after, is sans any new information.

The complete absence of any press information about the revised plan is a mystery. It causes one to wonder...

The lack of any further details thoroughly confused me as well Terp. CoasterBuzz managed to get details, but nobody else is reporting anything at all.

No, they didn't. Their article reflects the plan filed two weeks ago. The Meadville Tribune had information prior to the most recent filing, but nothing since.

Ok. I was a bit confused since the CoasterBuzz article was published later than the Meadville Tribune article.

View especially the comments:

http://coasterbuzz.com/Forums/Topic/conneaut-lake-park-revising-bankruptcy-disclosure-as-creditors-want-more-detail