Southern Star Amusement, Inc. is continuing its efforts to take over and re-open the former Six Flags amusement park property in New Orleans as a Nickelodeon licensed property.
Southern Star has contested the validity of Nickelodeon’s purported termination of the license agreement announced yesterday by Nickelodeon and is reviewing legal options. Southern Star has evidence to establish that Nickelodeon agreed to extend the deadlines in the agreement, and Southern Star is not responsible for substantial delays beyond its control caused by the Six Flags bankruptcy process. Nickelodeon has asked a New York court to decide whether the purported termination is valid.
“While our project stands on its own merits, with or without Nickelodeon, we firmly believe that the people of New Orleans are worth fighting for, ” stated Danny Rogers, President and CEO of Southern Star. “We have had to fight steadfastly for this project from the beginning, over two years ago.
“The main problem which has severely hampered our fundraising effort is the continuing unexpected delay in the Six Flags bankruptcy proceeding in Delaware, resulting in the property still being under the control of Six Flags.” The settlement arrangement between the City of New Orleans and Six Flags expected to be approved on September 10 was delayed until October 8. Six Flags filed a new motion this past Friday, which further delays this process once again, until some point after a November 20 hearing date. This process has remained beyond Southern Star’s control, a situation that Nickelodeon was well aware of when they entered the deal.
“Investors have told us repeatedly that they could not give firm commitments until the City had full control of the property and had documented its public commitment to make the site available to Southern Star. Despite this obstacle, our discussions have given us the confidence that we would be able to obtain full funding for this project.” On August 18th, Mayor Nagin publicly announced firmly that the site was a Nickelodeon site. Accordingly Southern Star considers his statement sufficient to satisfy the contract requirement by the deadline. “Based upon this fact and other reasons, we believes that Southern Star should not give up but rather continue its fight to bring a quality theme park experience to New Orleans East, preferably with Nickelodeon, ” stated Rogers.
About Southern Star Amusement
Southern Star Amusement, Inc. is a location based entertainment development company dedicated to creating quality, family friendly attractions. More information can be found at the following web address: http://www.southernstaramusement.com.
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