Bankruptcy: as rock and roll as it gets

Sorry, economy, but there’s an unavoidable schadenfreude about this:

Court rules on Hard Rock Chapter 7

A Delaware bankruptcy judge this morning granted Hard Rock Park’s request to convert its bankruptcy to a Chapter 7, meaning the park has to turn over all its assets and records to a trustee for liquidation.

The judge ordered the park, with 55 acres of rides on 140 acres of land, to give a trustee all of the estate’s records and property, and submit a list of unpaid debts that they accumulated after filing for bankruptcy within 15 days.

The park, which said it was worth $400 million when it opened in April, was unable to attract any bidders willing to pay at least $35 million for the park at a Dec. 15 auction, according to court documents. So the park says its is forced to liquidate.

read the rest here.

It didn’t even get the dignity of suffering a heroin addiction first.

Maybe it’s my contempt for the aesthetic of Myrtle Beast, or my dislike for the brazen hubris the park showed in its attempt to turn dated boomer rock into a commodity (at $50 a ticket, no less. Plus parking), but let’s hope this incident gives would-be investors in South Carolina a lesson in foresight.

This also means the owners of a $400 million theme park had the financial acumen of our former landlord on Hilton Head, who we recently found out filed for bankruptcy, meaning we’ll never see the rather large sum of money she owes us.

Maybe we can buy the “Punk Pit” as a consolation prize.

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