An Horry County judge has granted one of Freestyle Music Park's creditors the right to reclaim property that sits inside the shuttered park, according to court documents.
VenCore Solutions requested an order to take immediate possession of the property, stating that the property was in immediate danger of destruction. The Oregon-based company had leased a wide variety of property, including shelving units and radios, to Freestyle.
The lawyer for FPI MB, Freestyle's owner, wrote a letter to VenCore confirming that the the property "is currently uninsured and not subject to a hurricane contingency plan," according to an affidavit from James Paul Johnson, VenCore's Chief Operating Officer. The judge granted the order on Sept. 8, stating that it appeared the property was in immediate danger.
B. Keith Poston, VenCore's attorney, said the company instructed him not to comment on the case. Nate Fata, FPI MB's attorney, could not be reached immediately for comment.
It is unclear how VenCore will go about repossessing the property.
VenCore initially leased the property to Hard Rock Park in an agreement that was passed on to Freestyle when it bought the park out of bankruptcy in 2009.
VenCore additionally claims Freestyle owes $1,074,738 for failing to comply with the terms of the leasing agreements.
Freestyle closed after a disappointing first season and did not reopen in 2010.
The park failed twice in two years after lackluster seasons: first as Hard Rock Park in 2008, then as Freestyle. The park did not reopen for a 2010 season as the owners searched for new investors.
Freestyle additionally faces a foreclosure suit that claims the park owes more than $25 million on its mortgage. The park aims to find some resolution - possibly bringing on new investors or selling the park - to reopen the park, Fata said in August.