Judge puts Wild West property back on market
Source: The Wichita Eagle, by Bill Wilson
June 11, 2008
A U.S. Bankruptcy Court judge slammed the brakes on Wild West World's proposed sale this morning, ordering an evidentiary hearing next week to determine if the property should be put back on the market.
Judge Robert Nugent set the hearing for 9 a.m. June 17 at the federal courthouse in the wake of Tulsa-based Amusement Holdings LLC's failure to close a contracted sale on May 31.
"We have a second bite at the apple," Nugent said. "We are back to square one when we began to liquidate this property."
The hearing will include four interested parties _ Amusement Holdings, Wink Hartman's Hartmoor Holdings LLC, AGH LLC, a land investment group, and Wichita's Foley Tractor Co.
And it also will examine how the land was marketed and whether it has value to a broader spectrum of buyers than just amusement park operators.
"Has anybody thought what the property would be worth if it had been marketed differently?" Nugent asked.
"Ninety-seven acres of property a stone's throw from (I-135) just north of the largest city in the state ought to be a hot commodity."
Nugent "threw back into the pool" Amusement Holdings' amended offer, filed Monday night with the court.
The group added Wichita investors Al Caro and Lindy Andeel to the group and put down an extra $95,000 in earnest money. The group also agreed to close in 10 days on its proposed purchase of Wild West World.
Read more about today's Wild West World developments on Kansas.com and in Wednesday's Eagle.
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