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* CLP REPORT *
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[August 05, 2018, 11:36:45 PM]
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Author Topic: * CLP REPORT *  (Read 2328017 times)

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gore range

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Re: * CLP REPORT *
« Reply #11355 on: July 24, 2018, 10:09:13 AM »
 

 
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The Wraith

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Re: * CLP REPORT *
« Reply #11356 on: July 24, 2018, 11:01:44 AM »
ref:
... those creditors who signed off on the reorganization and discharge...


For the readers not fully appreciating the sequential process and stages of a Chapter 11 bankruptcy,

....factually, no creditors have signed off on a discharge of the park’s Chapter 11 bankruptcy process-




The park can not make a request to the court for a discharge of debt until the secured creditors are paid.

On a side note, just so the readers don't get confused by the legal jargon.


Discharge of debts:
According to the US COURTS...

The Discharge

FOR BUSINESS DEBTORS, Section 1141(d)(1) generally provides that confirmation of a plan discharges a debtor from any debt that arose before the date of confirmation. After the plan is confirmed, the debtor is required to make plan payments and is bound by the provisions of the plan of reorganization. The confirmed plan creates new contractual rights, replacing or superseding pre-bankruptcy contracts.

There are, of course, exceptions to the general rule that an order confirming a plan operates as a discharge. Confirmation of a plan of reorganization discharges any type of debtor – corporation, partnership, or individual – from most types of prepetition debts. It does not, however, discharge an individual debtor from any debt made nondischargeable by section 523 of the Bankruptcy Code.

Individual (not businesses) debtors do not receive a discharge at confirmation, but only after the plan is completed successfully.

Discharge from bankruptcy:
Means that all propositions of the reorganization and confirmation plan have been met and the debtor is released - or discharged - from the jurisdiction of the bankruptcy court.

Just so the class is not getting confused. Factually, of course.
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gore range

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Re: * CLP REPORT *
« Reply #11357 on: July 24, 2018, 11:08:09 AM »
....for the newer readers....the Hell Hole Demon-

 
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The Wraith

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Re: * CLP REPORT *
« Reply #11358 on: July 24, 2018, 11:33:55 AM »
On a related side note, the newspaper reported that there were only 2 leases left that have not been converted over to fee simple deeds. The park reports that those 2 leases should be converted by the fall. That would indicate that the over 200 leases holders were identified and notified of their options. That may have some impact on the amount of property taxes the trustees will be paying going forward.

The concern around the area is now that those homeowners are out from under the park, what happens when either Sadsbury or Summit Township comes in and enforces zoning or other restrictions that were neglected under park ownership.

The trustees have apparently expressed concern over the operation of golf carts around the park as well. They have requested the PA State Police to increase their patrols around the Camperland and surrounding park roads. Hopefully those complaints apply to the operation of all the park employees who ride around the park in those vehicles.
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“Is there any point in public debate in a society where hardly anyone has been taught how to think, while millions have been taught what to think?” ― Peter Hitchens

gore range

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Re: * CLP REPORT *
« Reply #11359 on: July 24, 2018, 12:55:33 PM »
For newer readers unfamiliar with the 'lease’ situation, over the decades several hundred privately owned houses and cottages were built on lots which the park owned and leased to the home/cottage owners.
Most leases were 99 year leases and a few were 999 leases.
The lease terms were rather generous with the lessee required to pay the property taxes on their leased lots. Most leases were 99 year leases and a few were 999 leases.

Across the years, thru a variety of actions, the owner ship of a majority of those lots was transferred from the park to private ownership.
The graphic posted below is from the park’s bankruptcy files and depicts the 120 or so park-owned leased lots that remained which the park has been endeavoring to convert to private ownership (tinted yellow).
Terms of the current ownership transfer process were rather generous with the lessees required to pay, depending on the press report, $500 to $800 to cover legal and ownership title transfer costs.
 
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jimmyt

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Re: * CLP REPORT *
« Reply #11360 on: July 24, 2018, 09:15:41 PM »
On a related side note, the newspaper reported that there were only 2 leases left that have not been converted over to fee simple deeds. The park reports that those 2 leases should be converted by the fall. That would indicate that the over 200 leases holders were identified and notified of their options. That may have some impact on the amount of property taxes the trustees will be paying going forward.

The concern around the area is now that those homeowners are out from under the park, what happens when either Sadsbury or Summit Township comes in and enforces zoning or other restrictions that were neglected under park ownership.

The trustees have apparently expressed concern over the operation of golf carts around the park as well. They have requested the PA State Police to increase their patrols around the Camperland and surrounding park roads. Hopefully those complaints apply to the operation of all the park employees who ride around the park in those vehicles.

Funny you would mention the golf carts.....that was a topic of conversation at the last Summit township meeting. Apparently, by way of ordinance, the township can make the golf carts legal. It was brought to the supervisors attention for the purpose of allowing them in Lauderdale Estates, but one of the commissioners quickly brought up the issue of the park, and Comstock, Reed, Camperland, etc....sounds like the solicitor may be drafting an ordinance to be discussed at a future meeting....
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gore range

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Re: * CLP REPORT *
« Reply #11361 on: July 26, 2018, 07:46:01 AM »
For the continuing influx of new readers, the streets within the main body of the park used to be public right of ways which were owned and maintained by the two respective townships in which the park sits.

Up until the latter 80s, summer time public vehicular traffic traversed thru the parks streets at will.  The flow of vehicular traffic thru the park was known as “cruising the park” or “making the circuit”. Traffic turned on to Park Ave from Rt. 618, drove down past the Blue Streak on what is now referred to as the midway, turned and then passed Kiddieland, then made the turn on Brown to along the Boardwalk lakefront passing  the Beach Club, and returned to RT 618 on Reed Ave, often with traffic popping right back to Park Ave to restart another circuit. In an effort to limit the summer time crowd park vehicular traffic/pedestrian interface, the Park Ave stretch in front of the Blue Streak and Comstock from the Conventional Hall to Brown were one way during the summer season months. Permanent park residents on the south end of the park commonly looked forward to the end of the park season at Labor Day as the one way restriction ended and their access to RT 618 returned to ‘normal’.  Though, in responding to alarms outside the park, the CLP Volunteer Fire Department fire trucks exited the park against the flow of the one way traffic on Comstock and Brown.

Wednesday and Saturday evenings were popular teen dance nights at Dreamland Ballroom, and it was not uncommon for the teenage-packed cars ‘cruising the park’ to be bumper to bumper in the park after the sun set with the line of traffic repeatedly ‘making the circuit’ winding thru the park with car occupants looking at and looking to be seen by the opposite gender.

It was not uncommon for a teen to quickly exit the vehicle at the now long-gone permanent  French Fry stand at the east end of the current midway on one circuit to get in the lengthy fry line and quickly re-enter the car with an arm full supply of Mary Curtiss’ hot fries for the occupants remaining in cruising car as it passed by  on the next pass thru the park. Mary Curtis ran the Fry Stand for decades and was the head of the school cafeteria at the Conneaut Lake high school, knowing many of those fry-desiring/munching cruising teens.

Vehicular traffic in the park often uncontrollably intermingled with the hordes of roaming distracted/inattentive park patrons, particularly on darker Saturday evenings when numerous corporate picnics were in the park, with limited ability to establish manageable pedestrian walk ways or the vehicular/pedestrian interface along Park Ave. and Comstock.

In the latter 1980’s park liability insurance premiums reportedly increased from $20,000 to $200,000 a year due to the vehicular traffic concerns in the park.   In an effort to establish some level of control of liability insurance costs, the park followed the lead on numerous other parks and fenced/ gated the park to restrict and l minimize the vehicular traffic/pedestrian interface in the park. Woodland Ave. was extended to Utley Street to provide park residents on the south side of the park access to their residences/cottages.

In the park’s gating process, the park came to an agreement with the townships to take over ownership and maintenance of the streets within the park, an agreement which at last report continues till today.

While the township may take action to authorize/regulate the use of privately owned golf carts on township public right of ways, the streets inside the gated area of the park remain private property solely owned and controlled by the Trustees of Conneaut Lake Park Inc.

The trustees have currently determined non-corporate, privately-owned golf carts operating in the park is a potentially costly liability for the trustees. The trustees own the property and are within their property-owner rights dictating and directing what and where vehicular traffic can operate on park property.
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gore range

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Re: * CLP REPORT *
« Reply #11362 on: July 27, 2018, 07:50:37 PM »
....second short-notice "THRILLING THURSDAY"-
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The Wraith

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Re: * CLP REPORT *
« Reply #11363 on: July 28, 2018, 12:27:13 PM »
The most recent development from the bankruptcy court:

Order Granting Motion to Extend Time (for filing a report and application for FINAL DECREE) Signed on 7/27/2018.  It is further ORDERED that the time within which the Reorganized Debtor  shall file its Application for Final Decree be, and it hereby is,  extended until 12/31/2018.

May be an interesting new years eve!!

It should also be noted that there are some procedural gymnastics being exhibited in the adversary case between the Trustees and Park Restoration. This case is in reference to PR's latest attempt to try and get compensated for their loss of the beach club funds. PR did not file as a creditor at the outset of the bankruptcy proceedings and tried to go the county court route to collect. The bankruptcy court ordered them to withdraw the case or face sanctions. The procedural gymnastics surround the motion to dismiss the complaint.
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jimmyt

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Re: * CLP REPORT *
« Reply #11364 on: July 28, 2018, 01:04:39 PM »
.....

It was not uncommon for a teen to quickly exit the vehicle at the now long-gone permanent  French Fry stand at the east end of the current midway on one circuit to get in the lengthy fry line and quickly re-enter the car with an arm full supply of Mary Curtiss’ hot fries for the occupants remaining in cruising car as it passed by  on the next pass thru the park. Mary Curtis ran the Fry Stand for decades and was the head of the school cafeteria at the Conneaut Lake high school, knowing many of those fry-desiring/munching cruising teens........


The few years I ran the Blue Streak, we could always gauge how busy the park was by how long it took to do one lap....we'd pick out a nice street/hot rod (or Lance Malinowksi's tricked out truck) and see how long it took to do one lap....funny the things you could see from the Blue Streak station....
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jimmyt

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Re: * CLP REPORT *
« Reply #11365 on: July 28, 2018, 01:11:11 PM »

.....

In the park’s gating process, the park came to an agreement with the townships to take over ownership and maintenance of the streets within the park, an agreement which at last report continues till today.

While the township may take action to authorize/regulate the use of privately owned golf carts on township public right of ways, the streets inside the gated area of the park remain private property solely owned and controlled by the Trustees of Conneaut Lake Park Inc.

The trustees have currently determined non-corporate, privately-owned golf carts operating in the park is a potentially costly liability for the trustees. The trustees own the property and are within their property-owner rights dictating and directing what and where vehicular traffic can operate on park property.

The agreements were made with the homeowners, both inside and outside the fence by signing a specific document, which was notarized and supposed to be recorded in the courthouse (I heard many were not recorded)...the agreements were slightly different in wording, between inside and outside the fence.....as far as the golf carts inside the fence, if the trustees dont want it, they arent doing much to stop it, but I think a bigger problem is the helter skelter parking scheme they have going on, especially down by the lake...they really need to get a handle on designating, and then enforcing, some proper parking spots....
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gore range

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Re: * CLP REPORT *
« Reply #11366 on: July 29, 2018, 01:18:11 AM »
ref:
Quote

The most recent development from the bankruptcy court:

Order Granting Motion to Extend Time (for filing a report and application for FINAL DECREE) Signed on 7/27/2018.  It is further ORDERED that the time within which the Reorganized Debtor  shall file its Application for Final Decree be, and it hereby is,  extended until 12/31/2018.

May be an interesting new years eve!!
...


For the continuing influx of new readers to the thread, and for those others so interested, as noted herein on several prior occasions, the park has filed, and was granted approval of, two previous extensions of the time within which the debtor (CLP) shall file its final decree application.

The 7/27/2018 extension order cited above is the park’s third request to, and approval by, the court extending the time within which the debtor (CLP) shall file the their  application to the court for a final decree in the ongoing bankruptcy case.

The final decree is the document which closes/ends a bankruptcy case

 

As previously cited herein, a bankruptcy-court mandated prerequisite to a debtor being granted a final decree is the debtor must be granted a discharge:



As documented herein, per the park’s own official figures reported to the court by the park, the park owes its secured creditors almost $2 million. Once the park settles its bankruptcy debt payments with the park’s secured creditors, it will then begin making its agreed-to bankruptcy debt payments to its unsecured creditors.



For the new readers, in the park’s approved bankruptcy plan, the park agreed  the park will make quarterly prorated payments (four times a year) to park’s nine secured creditors.

As documented by the park’s own official financial status statements reported to the court by the park, the park has documented the park has not made payment on four of their seven agreed to quarterly debt payments since filing for bankruptcy.

Reader’s can speculate on the park’s ability to pay aprx $2.5 million in bankruptcy debt by new year’s eve (the end of the current final degree filling extension), and/or-

....the park’s motivation in making continued requests to the court extending the time within which the park shall file its application for final decree.

ref:
Quote

  ...
It should also be noted that there are some procedural gymnastics being exhibited in the adversary case between the Trustees and Park Restoration. This case is in reference to PR's latest attempt to try and get compensated for their loss of the beach club funds. PR did not file as a creditor at the outset of the bankruptcy proceedings and tried to go the county court route to collect. The bankruptcy court ordered them to withdraw the case or face sanctions. The procedural gymnastics surround the motion to dismiss the complaint. 


An update for those readers so interested, per Park Restoration’s attorney’s CERTIFICATE OF COMPLIANCE filing submitted to the bankruptcy court, any “procedural gymnastics ” in the law suit between the trustees to settle damage claims by Park Restoration appears to have ceased, over two months ago on May 15, 2018.


As of July 27, 2018, there are currently no further filings/documents regarding the Park Restoration law suit listed on the U.S. Bankruptcy Court WESTERN DISTRICT OF PENNSYLVANIA Official Court Electronic Document Filing System.
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clp_lives

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Re: * CLP REPORT *
« Reply #11367 on: July 29, 2018, 09:18:00 PM »
Next up, sale of the Hotel.  They sold off everything else of value, now the Hotel funds will be needed to satisfy the growing debt.  Most likely it will get torn down for the property, no one will invest tons into it with foundation issues.
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gore range

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Re: * CLP REPORT *
« Reply #11368 on: July 30, 2018, 02:25:44 AM »
Next up, sale of the Hotel.  They sold off everything else of value, now the Hotel funds will be needed to satisfy the growing debt...

For the newer readers who are unfamiliar with the  park’s bankruptcy plan, posted below is the park’s paragraph from the park bankruptcy plan overview where the park states to the court and creditors how the park will address any inability of the park to meet its agreed to financial bankruptcy obligations to the park’s creditors-



Will the hotel property be sold off anytime in the foreseeable future to pay the park’s delinquent bankruptcy debts? Such clearly depends on the park’s creditors, and most likely those creditors who the park owes the most.

Per the park’s own figures reported to the court by the park, the park owes the Conneaut Lake Joint Municipal Authority $605,680.89 of bankruptcy debt in unpaid back sewer taxes and fees, going back well over decades. On a pertinent note, the sewer authority recently took action in court to collect on the park’s current sewer taxes/fees that went unpaid since April 2016. While bankruptcy court rules require a bankruptcy debtor (CLP) to pay and stay current on all bills incurred AFTER filing for bankruptcy, the park failed to pay their sewer taxes/fees and the sewer authority took action during the recent sale of the last lake front lot when cash was readily available to obtain payment on the park’s unpaid sewer taxes/fees.

Per the park’s own figures reported to the court by the park, the park owes retired Erie business person  Joseph Prischak $770,898.23 in bankruptcy debt.  For newer readers, years back, when asked by the paid park manager at the a time- and childhood acquaintance of Prischak’s, the retired successful Erie  businessperson  graciously purchased four rides for the park (Tobaggan, Witchs’ Stew, Music Express, and the Kiddieland Carousel)  with an overly generous lease payment schedule and terms for the park to repay Prischak, as well as loaning the park $$$. The park failed to pay Prischak for leasing the rides and loan. However, Prischak, appears to have shown little interest throughout the entire bankruptcy process in expending much and/or legal fees endeavoring to obtain the money that park has never paid him. On a side note, retired business person Prischak appears to have a noble interest in other more rewarding efforts- https://www.yourerie.com/news/local-news/rasing-money-to-bring-clean-water-to-africa/264303297

In addition to the bankruptcy debt cited and reported to the court by the park, per the park’s own figures reported to the court by the park, the park appears to owe (the figures are somewhat inconsistent) the Economic Progress Alliance of Crawford County (EPACC)  $821,812 in outstanding debt.  For readers unfamiliar with current park operations, the park board of trustees is dominated by EPACC members and documented close professional associates of the EPACC. The EPACC-dominated CLP board of trustees contracted with the EPACC to manage and operate the park for the trustees. I’ve not seen any reporting addressing the EPACC’s intentions regarding the EPACC collecting on the park’s continuing to grow EPACC debt which the EPACC-dominated CLP board of trustees owes the EPACC. Unless there are changes in the situation, the EPACC debt will soon be approaching a million dollars.

Time will tell how it all shakes out. The EPACC is currently in the fifth year of their stated ten year plan to pay the park’s debts and return the park to self-supporting operations.
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The Wraith

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Re: * CLP REPORT *
« Reply #11369 on: July 30, 2018, 12:50:27 PM »
ref:
Quote

  ...
It should also be noted that there are some procedural gymnastics being exhibited in the adversary case between the Trustees and Park Restoration. This case is in reference to PR's latest attempt to try and get compensated for their loss of the beach club funds. PR did not file as a creditor at the outset of the bankruptcy proceedings and tried to go the county court route to collect. The bankruptcy court ordered them to withdraw the case or face sanctions. The procedural gymnastics surround the motion to dismiss the complaint. 


An update for those readers so interested, per Park Restoration’s attorney’s CERTIFICATE OF COMPLIANCE
filing submitted to the bankruptcy court, any “procedural gymnastics ” in the law suit between the trustees to settle damage claims by Park Restoration appears to have ceased, over two months ago on May 15, 2018.

As of July 27, 2018, there are currently no further filings/documents regarding the Park Restoration law suit listed on the U.S. Bankruptcy Court WESTERN DISTRICT OF PENNSYLVANIA Official Court Electronic Document Filing System.


As of July 27, 2018................. ceased over two months ago on May 15, 2018.......... Hmmmmmmmmm  Funny I count 9 docket entries with one hearing conducted since May 15.



How many filings and hearings does it take to get an improperly filed complaint dismissed? How many times does the counsel for one of the party's need to be educated on the proper way to file and notice court documents. Hence, procedural gymnastics.

You continue to LOOK, but do not SEE the entire situation. To your credit, you have provided relevant information that sheds light on the probable future of the property, but you have not identified the fact pattern to see how the means may determine the ends. Your examination of the financials only provides part of the equation. There is also somewhere else you should be looking (hint: you have looked there in the past!!). Looking there will confirm if some of your assumptions are correct.


Oh, by the way...........

The question once again recurs (x5):"With all the exhaustive work done and illustrated here, why none of that has  been presented to the court or pushed by a group of creditors..........  any ideas?"

Still waiting for a simple answer.....
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“Is there any point in public debate in a society where hardly anyone has been taught how to think, while millions have been taught what to think?” ― Peter Hitchens
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