[DiscoverMB]

This is a sad story to report. Hard Rock Park has filed for Chapter 7 bankruptcy. Attorneys for the park asked the Delaware bankruptcy court to alter its bankruptcy fomr Chapter 11 to Chapter 7, which would appoint a trustee to the property and liquidate all its assests.

"Despite considerable effort ... the debtors were unable to consummate a sale of all, or substantially all, of their assets on terms and conditions acceptable to the debtors, the [creditors] committee, and the lenders within sufficient time to permit an orderly conclusion of these cases under chapter 11, given the considerable constraints on, and ultimate availability of, postpetition financing," the filing states. "Because the bid and sale process has been unsuccessful thus far, there exists no reasonable prospect of success in the immediate future. ... Regrettably, conversion of their chapter 11 bankruptcy cases to cases under chapter 7 of the bankruptcy code thus appears to be the only remaining means of allowing the debtors' assets to be liquidated and potential causes of action to be pursued and monetized for the benefit of creditors

In financial documents, the park shows a it made just $21.5 million dollars between April 2008 - September 2008 an owes almost $300 million. The odds of most creditors (including Discover Myrtle Beach) to receive any money from the liquidation stands about a 0% chance.

Hard Rock International, who licensed the 'Hard Rock' name to HRP Operations said in a court filed that the park damaged its reputation and did not live up to its agreement to thoroughly advertise and market the park.

"The park is not known as a destination of choice in Myrtle Beach, but is widely associated, as reported in the state and local news, with financial problems that have negatively impacted operations," the company said in the documents dated Dec. 23. "Hard Rock [trademarks] have been, and continue to be, harmed by the [park's] conduct."

Hard Rock International is also asking a judge to turn over memorabilia loaned to the park, such as the Magical Mystery Tour bus.

Now that the park is official finished, we'll be doing a series of articles detailing the park from our perspective.

More to come...


*Some quotes taken from the Sun News Article on Hard Rock Park.
http://www.myrtlebea...ory/728801.html

[randy]

This really sucks. I really hoped that it would be bought and turned around.

-Randy

[philly girl]

This is a sad story to report. Hard Rock Park has filed for Chapter 7 bankruptcy. Attorneys for the park asked the Delaware bankruptcy court to alter its bankruptcy fomr Chapter 11 to Chapter 7, which would appoint a trustee to the property and liquidate all its assests.

"Despite considerable effort ... the debtors were unable to consummate a sale of all, or substantially all, of their assets on terms and conditions acceptable to the debtors, the [creditors] committee, and the lenders within sufficient time to permit an orderly conclusion of these cases under chapter 11, given the considerable constraints on, and ultimate availability of, postpetition financing," the filing states. "Because the bid and sale process has been unsuccessful thus far, there exists no reasonable prospect of success in the immediate future. ... Regrettably, conversion of their chapter 11 bankruptcy cases to cases under chapter 7 of the bankruptcy code thus appears to be the only remaining means of allowing the debtors' assets to be liquidated and potential causes of action to be pursued and monetized for the benefit of creditors

In financial documents, the park shows a it made just $21.5 million dollars between April 2008 - September 2008 an owes almost $300 million. The odds of most creditors (including Discover Myrtle Beach) to receive any money from the liquidation stands about a 0% chance.

Hard Rock International, who licensed the 'Hard Rock' name to HRP Operations said in a court filed that the park damaged its reputation and did not live up to its agreement to thoroughly advertise and market the park.

"The park is not known as a destination of choice in Myrtle Beach, but is widely associated, as reported in the state and local news, with financial problems that have negatively impacted operations," the company said in the documents dated Dec. 23. "Hard Rock [trademarks] have been, and continue to be, harmed by the [park's] conduct."

Hard Rock International is also asking a judge to turn over memorabilia loaned to the park, such as the Magical Mystery Tour bus.

Now that the park is official finished, we'll be doing a series of articles detailing the park from our perspective.

More to come...

This really does suck as I too had hoped for it to turn around and be a good thing for M.B. In spite of what alot of people thought about the park in their negativities I must say I am a bit disappointed because there were many that did enjoy this park. I worked there and I must also say we had a really great group of people there. If nothing else I have found many new friends which were co workers . I enjoyed my bosses and all their HARD work to make this park try to work. I am truley saddened by these results so I guess it is just time to move on.

For all of you fellow ROCKERS I have to say it has been great and a wonderful experience but I guess all GOOD things must come to an end. Good luck to you all and maybe we will all meet again somewhere else.

[phroggy]

Just my thoughts here:

There's no way this is the end of potential parks in the Myrtle Beach area. It's too good of an opportunity to pass up! It just has to be done right. There's an easy 9 month operating capacity here. I'm excited to see what happens next. This is not the end, folks. Cheers!

[philly girl]

Just my thoughts here:

There's no way this is the end of potential parks in the Myrtle Beach area. It's too good of an opportunity to pass up! It just has to be done right. There's an easy 9 month operating capacity here. I'm excited to see what happens next. This is not the end, folks. Cheers!

I just hope you are right about this. I know there are alot of people that had depended on that park for their income and now it is gone. I just wish someone knew what the heck they were doing so we would not be facing this now. They have hurt alot of people.

I know one thing they need to get better paying jobs here in M.B and especially since alot of the snowbirds are retiriing to this wonderful area.

[philly girl]

Just my thoughts here:

There's no way this is the end of potential parks in the Myrtle Beach area. It's too good of an opportunity to pass up! It just has to be done right. There's an easy 9 month operating capacity here. I'm excited to see what happens next. This is not the end, folks. Cheers!

Just a question here: Did you ever work for hard Rock park????

[DiscoverMB]

phroggy wasn't one of us, philly girl. But he is a true Myrtle Beach lover. There are a bunch of Rockers that browse the boards here. They change to Chapter 7 still has to be approved. Any creditor can object to the filing but the request may be closed off by as early as Monday.

[Sandie]

Just a thought.. but if they made $21.5 in 5-6 months during a time that the gas prices were outrageous, can you imagine how much more it would of made if more people could of afford to travel? Me personally, from NY, I would of drove down that way in 2008 but gas prices prevented me. My goal is 2009. I'm sure I am not the only person that was in that same dilema. Everything went up in price. Some stuff is coming back down, thank goodness!

I didn't know anything about the Hard Rock park until I came onto this Forum. How long was it open? Just that one season? Did they think they would get the park paid for in one season?

[philly girl]

phroggy wasn't one of us, philly girl. But he is a true Myrtle Beach lover. There are a bunch of Rockers that browse the boards here. They change to Chapter 7 still has to be approved. Any creditor can object to the filing but the request may be closed off by as early as Monday.

Well thanks for this. I am truley saddened.

[sewerratt007]

Talk about a punch below the belt. Thats gotta hurt. Sorry for the folks that were counting on working there this year or at least hoping to. Hey, I am all in to save the Magical Mystery Tour Bus, any one else with me? I figure I need a crew of a good drink mixer, a 8 track or FM radio operator, some screaming girls in tye dye tee shirts (flowers in hair optional) and most important a designated driver.
Lets take that ride to San Francisco!

[DiscoverMB]

I didn't know anything about the Hard Rock park until I came onto this Forum. How long was it open? Just that one season? Did they think they would get the park paid for in one season?

The had a preview opening in April '08 and a soft opening in May '08. The grand opening was June 2, 2008. It's not that the park was going to get paid off in one season. The plan was to be able to pay down the debt with the revenue while keeping expenses like operations costs in check with the attendance and other revenue.

Talk about a punch below the belt. Thats gotta hurt. Sorry for the folks that were counting on working there this year or at least hoping to. Hey, I am all in to save the Magical Mystery Tour Bus, any one else with me? I figure I need a crew of a good drink mixer, a 8 track or FM radio operator, some screaming girls in tye dye tee shirts (flowers in hair optional) and most important a designated driver.
Lets take that ride to San Francisco!

Hey sewerratt! To the best of my knowledge the bus was still parked in front of the Roadies Stunt Show theater. Time for a road trip!!!

[headhunter]

I am not trying to be mean, but I read where there was a guarantee of 30,000 people per day. I am sorry, but I cannot see anyone believing that number. I am not trying to run the park in the ground by any means, but a member of the group that helped start HRP was trying (and another individual is still trying) to open a Bible park here in Tennessee. They were saying that an unbelievable number of people would attend the Bible park, something like 1.5 million people per year. I think that HRP could be a good thing, but maybe someone needs to look at the numbers closely, because Armon Bartur told me about HRP and what a success it was already, this was last spring, and the park had not even opened. One post I saw posted was that not even 30,000 per week attended the park and they predicted 30,000 per day. We fortunately kept them out of my county. We lost Opryland because of the idiots who were at Gaylord at the time and now a mall that is run over by thugs stands in its place and I wish you the best with HRP.

[philly girl]

I am not trying to be mean, but I read where there was a guarantee of 30,000 people per day. I am sorry, but I cannot see anyone believing that number. I am not trying to run the park in the ground by any means, but a member of the group that helped start HRP was trying (and another individual is still trying) to open a Bible park here in Tennessee. They were saying that an unbelievable number of people would attend the Bible park, something like 1.5 million people per year. I think that HRP could be a good thing, but maybe someone needs to look at the numbers closely, because Armon Bartur told me about HRP and what a success it was already, this was last spring, and the park had not even opened. One post I saw posted was that not even 30,000 per week attended the park and they predicted 30,000 per day. We fortunately kept them out of my county. We lost Opryland because of the idiots who were at Gaylord at the time and now a mall that is run over by thugs stands in its place and I wish you the best with HRP.

Hey with this days economy one can only hope for the numbers. No one and I mean no one can ever predict how many people are ever going to walk through any park at any given time. If someone could I think we would all be rich. Life is a game and some you may win and some you loose. It just so happens that this park would MAYBE have made it in a different time and when the economy was not so bad. I think it had alot going against it from the start and that was why it fell apart. By the way I was formerly employed there and we all did our best to keep it afloat however it was not in the cards. One can only hope that this does not become a major eyesore for the community as we certainly do not need this.

[MyrtleFreak]

30,000 a days seems very high. Was that the absolute number they were going for?

[philly girl]

30,000 a days seems very high. Was that the absolute number they were going for?

yes this was suppose to be the number they were looking at when they opened.

[DiscoverMB]

Headhunter, what do you mean you lost Opryland?

[gbrooks135]

Headhunter, what do you mean you lost Opryland?

Opryland USA themepark was shut down about some 10 years ago I think. I remember going there with my parents, well I was planing on going there as an adult with my wife and kids and found out they were shut down and torn down for a mall to go in its place I think.

[MBKY]

Opryland USA themepark was shut down about some 10 years ago I think. I remember going there with my parents, well I was planing on going there as an adult with my wife and kids and found out they were shut down and torn down for a mall to go in its place I think.

Looking on the bright side, Opryland USA was replaced with a really great mall. Hopefully HRP will just not sit there and rust.

[DiscoverMB]

HRP replaced a closed mall. So Myrtle Beach is working in reverse of Opryland. But remember something else. There are two malls over at the factory outlets (aka HRP/Paradise City). The next two months will be interesting.

[headhunter]

DiscoverMB, I mean that Opryland was demolished. Mbky, the mall, Opry Mills, that replaced Opryland is a now a hangout for gangs. There have been shootings there. I was at the mall this past Friday, January 16, 2009 at 7 p.m. and I lost count of the number of stores that were either empty (meaning no business of anykind) or that had their gate closed down and were not open for business or had going out of business signs on display. This mall is going downhill fast. The loss of Opryland has to be one of the worst moves ever made in Tennessee.