Conneaut Lake Park Sherriff Sale Halted
The December 5th planned Sheriff’s sale of Conneaut Lake Park was halted yesterday after the non-profit corporation overseeing the amusement park filed for bankruptcy protection through federal court. Trustees of Conneaut Lake Park filed for Chapter 11 bankruptcy protection with U.S. District Court in Erie. Under the federal bankruptcy law, any bankruptcy filing automatically stops creditors from continuing any action against the Trustees.
Conneaut Lake Park in Pennsylvania was scheduled to go up for a sheriff’s sale Friday December 5th, 2014 to pay off more than $925,000 worth of property tax debt owed to four government entities. The federal bankruptcy filing halts the planned sheriff’s for now. The automatic stay gives Trustees protection from creditors but is subject to oversight of the bankruptcy judge. Any bankruptcy reorganization plan will have to be approved by the bankruptcy court and creditors also will have input on the plan.
The amusement park owes Conneaut School District, Crawford County, and the townships of Summit and Sadsbury more than $927,000.00 in back property taxes, interest and penalties dating back to 1997.
The attorney general opposed the sale because the park is a tax-exempt charitable trust, among other issues. Conneaut Lake Park’s trustees still hope a financial reorganization will allow them to redevelop, revitalize, and expand the facilities.
Being one of the countries oldest amusement parks, we here at Coaster Nation can only hope this park is saved! The amusement park is one of few that is free and operates on ride tickets or offers an “unlimited rides” wristband. Not only is it known for being free, but also known for it’s famous Blue Streak wooden roller coaster. The coaster was built in 1937 (opened in 38), but underwent major renovations over the years. It currently is the 17th oldest wooden roller coaster in the United States.
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