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Amusement Parks : Hard Rock Park to be sold for $25 mln

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Representatives from FPI MB Entertainment LLC (FPI MBE) have 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

CONTACT: Erin Barrett or Michael Jordan, +1-843-916-2000, ebarrett@brandonadvertising.com, mjordan@brandonadvertising.com
Brandon Advertising and Public Relations, brandonpr.com

See also:
Baker Leisure Group and Russian Development Company Bringing “Style” to Moscow

and on Hard Rock Park:
FPI MB Entertainment LLC Enters Into Contract With Bankruptcy Court Trustee to Purchase Assets of Hard Rock Park
Hard Rock Park is Rockin’ and Rollin’ with Three Dynamic SCS Interactive Installations
Hard Rock Park Explodes Onto the Vacation Scene

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