Court Rules Against Freestyle Music Park
A federal judge awarded a Utah company about $14 million on Tuesday after Freestyle Music Park failed to respond to a lawsuit, according to court documents.
Tetra Financial Group filed a suit in September seeking money for outstanding leasing payments, taxes and fees owed by the park. Freestyle failed to answer the suit, leading to a default judgment to be issued in Tetra's favor. The $14 million also carries 18 percent interest until it is paid in full, the judgment said.
Freestyle closed last year after a disappointing summer season and the park will not reopen unless it finds new investors, according to park officials. The park continues to pursue new investment, said Nate Fata, an attorney for the park.
Tetra and other creditors may not be paid despite judgments against Freestyle if the park does not have have the money to do so, lawyers unaffiliated with the case say. If Freestyle fails to gain new investors, creditors would need to file liens or foreclose on the parks' property in South Carolina to attempt to regain losses.
Fata said he did not know how the park plans to react to default judgments.
"Lots of companies might have judgments against them, but they might not have any cash," Fata said. –Sun News
A federal judge awarded a Utah company about $14 million on Tuesday after Freestyle Music Park failed to respond to a lawsuit, according to court documents.
Tetra Financial Group filed a suit in September seeking money for outstanding leasing payments, taxes and fees owed by the park. Freestyle failed to answer the suit, leading to a default judgment to be issued in Tetra's favor. The $14 million also carries 18 percent interest until it is paid in full, the judgment said.
Freestyle closed last year after a disappointing summer season and the park will not reopen unless it finds new investors, according to park officials. The park continues to pursue new investment, said Nate Fata, an attorney for the park.
Tetra and other creditors may not be paid despite judgments against Freestyle if the park does not have have the money to do so, lawyers unaffiliated with the case say. If Freestyle fails to gain new investors, creditors would need to file liens or foreclose on the parks' property in South Carolina to attempt to regain losses.
Fata said he did not know how the park plans to react to default judgments.
"Lots of companies might have judgments against them, but they might not have any cash," Fata said. –Sun News
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