Bankruptcy Court Judge Approves Sale of Hard Rock Park Assets to FPI MB Entertainment LLC for $25 Million
Posted on: Tuesday, 17 February 2009, 18:02 CST
MYRTLE BEACH, S.C., Feb. 17 /PRNewswire-FirstCall/ -- Representatives from
FPI MB Entertainment LLC (FPI MBE) today announced the group has received
approval from the United States Bankruptcy Court for the District of Delaware
to purchase substantially all of the assets of Hard Rock Park in Myrtle Beach,
S.C. for the price of $25 million. The sale is anticipated to close no later
than 5 p.m. Thursday, February 19, 2009.
With the pending purchase, FPI MBE, whose group members collectively have
more than 100 years in the attractions and entertainment industry, has
committed to the successful reopening and operation of the Park. Members of
FPI MBE include Freestyle Park International, a division of MT Development of
Moscow; Roundbox Advisors; Baker Leisure Group; and a group of Myrtle Beach,
S.C.-area investors. Baker Leisure Group, a world-renowned theme park
management company, has been retained to manage operations of the park.
After moving through the necessary channels with the appointed Chapter 7
Trustee in the United States Bankruptcy Court for the District of Delaware
today, the group was granted a sale approval after presenting sufficient
funding and providing plans for reopening the park for the 2009 season. The
park is tentatively scheduled to open Memorial Day weekend.
FPI MBE investors responsible for purchasing the park are: Roundbox
Advisors; Freestyle Park International, a division of MT Development; Baker
Leisure Group; Thomas M. Hiles of Wilmington, N.C.; and D. Tim Duncan of
Myrtle Beach, S.C. Hiles and Duncan were two of the founding members of the
original Hard Rock Park and Duncan served on the board of directors of the
park.
Based in Moscow, MT Development is a well-regarded developer with more
than seven years of commercial and recreational real estate project
development experience in Russia. Led by managing partner Alexei Sidnev and
general director Aleksandr Timofeev, MT Development partners with investors
and third-party operators to bring the company's real estate visions to
fruition.
Roundbox Advisors LLC is a corporate and strategic advisory firm founded
by David Wasson, Hardin Bethea and David Dreisbach. Roundbox offers an
integrated partnership approach to the strategic development and financing of
emerging growth companies. The Roundbox team harnesses extensive corporate
financial, investment banking and investment advisory experience to help
clients achieve success through all stages of a company's life cycle.
The Baker Leisure Group is an entertainment and leisure management company
headquartered in Orlando, Fla. with extensive experience in the management of
theme parks and a resume that includes work for The Walt Disney Company, Busch
Entertainment, Six Flags and Universal Parks and Recreation. Baker Leisure
Group and Roundbox Advisors are strategic partners in the development of
opportunities in the attractions and entertainment industry.
Duncan is currently president of Duncan, Farmer, Munden, McIlrath & Cobb,
CPA, P.A., in Myrtle Beach. He received a bachelor of science degree in
accounting from University of North Carolina at Wilmington and is a Vietnam
veteran, having served in the United States Navy. Duncan is a member of
several Myrtle Beach-area civic organizations, the Myrtle Beach Area Chamber
of Commerce and Hospitality Association and the First United Methodist Church
of Myrtle Beach.
Hiles has served in senior executive positions in the food and beverage
business for more than 40 years. He is a graduate of the University of
Alabama, and served in the United States Army.
McGillivray Consulting Group (MCG), who serves as a consultant to FPI MBE,
was established in 1998 by Iain McGillivray. MCG is a leading provider of
professional cost and project management services with offices in Orlando,
Florida and Dubai, UAE. MCG specializes in major theme parks, attractions,
gaming, entertainment and retail, as well as first class hotel, resort and
timeshare projects worldwide.
"We are very pleased with the decision rendered by the United States
Bankruptcy Court for the District of Delaware today and are fortunate to have
the opportunity to reopen this magnificent park," said Alexei Sidnev of FPI
MBE. "We look forward to the finalization of the sale, beginning our march to
reopening the park Memorial Day weekend and making sure the park is a
long-term success."
For more information about the park or FPI MBE, call (843) 916-2000.
SOURCE FPI MB Entertainment LLC
Source: PR Newswire
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