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Posted at 11:50 PM EDT (0350 GMT)  Sep. 14th, 2006 --
New information regarding Kent Buescher, owner of Cypress Gardens Adventure Park in Winter Haven, Florida, has been released to the public in regards to his decision this week to file for Chapter 11 bankruptcy protection. Documents filed in the legal proceedings this week revealed that Buescher has amassed a debt totaling at least $112 million.
Cypress Gardens, purchased by Buescher in 2004, was inflicted with approximately $30 million in damage during the busy 2004 hurricane season. The company filed $24.8 million worth of insurance claims following the hurricanes, and only received about $6.9 million from the park's insurer. Buescher filed suit in the matter in September 2005. Since reopening Cypress Gardens, Buescher has struggled to recover. Costs were cut and prices were raised, but not enough to make a difference as the company realized it was going to run out of money to continue day-to-day operations this month. Cypress Gardens Adventure Park, LLC, filed for bankruptcy on Monday. The filings apply to Wild Adventures in Valdosta, GA, as well - contrary to what was originally reported. After this week's filing, Buescher has remained confident that the company will recover from the debts. He has vowed to continue to pay employees all due wages, and to repay all creditors. For more information, visit The Ledger Online.
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Joseph
Joined: Aug 2005
Posts: 1285
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And I quote "And who are they kidding? I'm sure the hurricanes played a small role in this, but competing with Disney, Uiversial, and Busch played a much, MUCH bigger role."
I would say $30 million in damages sure didn't help (not to mention the insurance denial), nor did losing 3 months of operations.
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| 9/15/2006 1:11 AM |
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ltngrcr9051
Joined: May 2001
Posts: 400
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This is quite unfortunate. Although I have not been to either of his parks, I have heard a number of good things about them. Darn.
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| 9/15/2006 8:42 AM |
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CHILLERLC1
Joined: May 2001
Posts: 7509
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Cypress Gardens was cool. It was small enough of an amusement park that I didn't forget that the gardens was still the main focus of the park. I gladly paid my admission fee.
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| 9/15/2006 9:22 AM |
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MrMike
Joined: Feb 2005
Posts: 30
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Cypress Gardens was a great park. I went over this past winter and I noticed the hurricane damage in some areas, however the park overall was wonderful. If this park can get back on its feet and grow, they could start to draw some people from the Orlando market.
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| 9/15/2006 1:03 PM |
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coastercrazy68
Joined: Aug 2006
Posts: 55
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Cypress Gardens IS a great park. And the problems is not attendence it is debt from the hurricanes and poor management. If the ownership fails, someone will buy it. The gardens area is protected by the state. So it would be difficult to turn into Condos.
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| 9/15/2006 2:39 PM |
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bk2004
Joined: Oct 2003
Posts: 7729
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Dang that's sad....but I think the park can come outta it....hopefully. :-/
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| 9/16/2006 8:56 AM |
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I love DW
Joined: Jun 2006
Posts: 1951
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Let's hope they come out of it I would hate to see a park go under.
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| 9/24/2006 1:49 PM |
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CoasterFan914
Joined: Nov 2006
Posts: 226
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On November 9th, we'll find out whether or not Cypress has solved their financial problems. Either that or we'll find out when Starliner will begin construction.
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| 11/8/2006 4:41 PM |
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