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 LakePoint Bankruptcy/Reorganization
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bbsis

42 Posts

Posted - 06/11/2018 :  17:32:52  Show Profile  Reply with Quote
LakePoint is struggling - - -

The Development Authority of Bartow County signed off on a $36 million bond to finance construction. Almost three years later, however, the facility hasn't lived up to its lofty economic expectations — indeed, the county expects the venue to generate just $2.5 million in 2018.

And the county remains on the hook for expenses — per Olson, to the tune of $6 million.

Renegade44

211 Posts

Posted - 06/11/2018 :  18:04:52  Show Profile  Reply with Quote
Geee? Who would have thought......yet another heist of public money. Want to bet the only people who really got paid or get paid in the end are the Lakepointe executives? Bet their salaries and bonuses haven't suffered one bit. Those checks clear the bank priority.

All easily predicted. So I assume you know what comes next?
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Ross

60 Posts

Posted - 06/11/2018 :  18:39:23  Show Profile  Reply with Quote
Wow. Lot's of negativity. Someone started a business and it did not work the way they planned. Happens all the time. Private investors are in this deal as well. If public officials voted for it and it did not work, then maybe we need smarter public officials. Calling it a heist in not cool. Lot of complaints on the board over time for what they were charging and it was still not enough to turn a profit. Looks like they misread the market. Great to be in a country where people can take risks and build businesses.

Business failed, fields will live on.

Edited by - Ross on 06/11/2018 18:47:41
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Tball

142 Posts

Posted - 06/11/2018 :  18:50:53  Show Profile  Reply with Quote
Yet the only venue that charges for parking and won't let you bring in an already open drink. Hmmmm
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jmac83

46 Posts

Posted - 06/11/2018 :  19:49:00  Show Profile  Reply with Quote
Seems logical to expect that all prices will go up during the reorg, in hopes of improving the complex's cash flow.
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Bravemom

204 Posts

Posted - 06/11/2018 :  22:46:27  Show Profile  Reply with Quote
Is Perfect Game leaving Lakepoint? Thought someone said they were moving to Ft. Myers.
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KentMurphy

96 Posts

Posted - 06/12/2018 :  08:55:05  Show Profile  Reply with Quote
I assume everyone knows that "LakePoint" isn't Perfect Game or vice versa, correct? LakePoint is its own entity. "They" built the multi-sport community, and partnered with PG to host games/tourneys. PG is a "corporate sponsor" that just rents the fields from LP.
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bballman

1432 Posts

Posted - 06/12/2018 :  09:26:40  Show Profile  Reply with Quote
quote:
Originally posted by KentMurphy

I assume everyone knows that "LakePoint" isn't Perfect Game or vice versa, correct? LakePoint is its own entity. "They" built the multi-sport community, and partnered with PG to host games/tourneys. PG is a "corporate sponsor" that just rents the fields from LP.



This is true. Perfect Game is actually based out of Cedar Rapids, Iowa.

They do many tournaments down in Ft. Myers as well as Jupiter.
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12uCoach

357 Posts

Posted - 06/12/2018 :  09:42:41  Show Profile  Reply with Quote
http://www.mdjonline.com/news/lakepoint-sports-complex-in-bartow-files-for-bankruptcy-to-restructure/article_cdf43110-6dc7-11e8-8b56-43d38feea3b8.html
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CaCO3Girl

1989 Posts

Posted - 06/12/2018 :  10:05:15  Show Profile  Reply with Quote
PG is already in FT. Myers, they aren't leaving GA.

This is just normal every day paper work that happens every day in the US due to our weird bankruptcy laws. Nothing will change, nothing has really happened.
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KentMurphy

96 Posts

Posted - 06/12/2018 :  10:58:21  Show Profile  Reply with Quote
quote:
Originally posted by CaCO3Girl

PG is already in FT. Myers, they aren't leaving GA.

This is just normal every day paper work that happens every day in the US due to our weird bankruptcy laws. Nothing will change, nothing has really happened.



Except some businesses, who did work for LP, will now NOT get paid, if their bills are part of the "debt write-off". So, YEAH! LP stays open, while the small business contractor (painters, concrete, fence co., etc have hundreds of thousands of dollars in work already completed, legally 'written off'.
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CaCO3Girl

1989 Posts

Posted - 06/12/2018 :  13:53:32  Show Profile  Reply with Quote
quote:
Originally posted by KentMurphy

quote:
Originally posted by CaCO3Girl

PG is already in FT. Myers, they aren't leaving GA.

This is just normal every day paper work that happens every day in the US due to our weird bankruptcy laws. Nothing will change, nothing has really happened.



Except some businesses, who did work for LP, will now NOT get paid, if their bills are part of the "debt write-off". So, YEAH! LP stays open, while the small business contractor (painters, concrete, fence co., etc have hundreds of thousands of dollars in work already completed, legally 'written off'.



Actually, you are wrong. Did you even read an article? This was all planned. Everyone has been talked to and has agreed on things.

http://www.daily-tribune.com/stories/lakepoint-sports-files-for-bankruptcy,19094

""They've apparently worked out an agreement amongst those owners — that was the predicate to filing," Olson said. "They've been working for the last several weeks or months, really, to get some kind of consensus amongst the other equity owners so there wouldn't be a big battle ... my understanding is this is going to be a fairly quick in-and-out restructuring kind of bankruptcy."

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agent21

97 Posts

Posted - 06/12/2018 :  14:01:50  Show Profile  Reply with Quote
One article reports assets of less than $500,000 and liabilities exceeding $50 million. It's unclear whether the $37 million in bonds issued by Bartow County are included in the $50 million. I hope Renegade is wrong and that the dollars (if any) are shared by all businesses who are owed money for their services.
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Renegade44

211 Posts

Posted - 06/12/2018 :  18:23:12  Show Profile  Reply with Quote
<<I assume everyone knows that "LakePoint" isn't Perfect Game or vice versa, correct? LakePoint is its own entity. "They" built the multi-sport community, and partnered with PG to host games/tourneys. PG is a "corporate sponsor" that just rents the fields from LP.>>

Uhhuh. Yeah that's the way these schemes are set up.

Lakepointe was setup to fail. Key point: After a certain time and after the 'cash' out.

That's how all these public private partnerships are designed. Whether it be a sports park, Cooperstown spinoff in Florida, toll roads, etc.

And PG is neckdeep in the game. Only technically not involved perse on paper. Don't fool yourself.
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lowandoutside

69 Posts

Posted - 06/13/2018 :  11:36:34  Show Profile  Reply with Quote
quote:
Originally posted by CaCO3Girl

PG is already in FT. Myers, they aren't leaving GA.

This is just normal every day paper work that happens every day in the US due to our weird bankruptcy laws. Nothing will change, nothing has really happened.



Actually you are incorrect. While PG has a presence in Ft.Myers, they are seeking additional opportunities in FL. If/when they are able to work something out in FL, the plan is to move more of their "premier" events there. Their contract with LP was for 20 years and the current "bankruptcy" situation may allow an out for PG. Conversations are on going between Lakepointe and other organization to fill the space at Lakepointe if PG leaves. PG was working on an opportunity in FL that fell through because the county wasn't willing to foot the bill the way Bartow was here. It wasn't their first attempt in FL and I can assure you, it wasn't their last.

https://www.news-press.com/story/news/2017/04/19/babcocks-perfect-game-plan-not-so-perfect-county/100631440/

http://archive.naplesnews.com/sports/baseball-perfect-game-may-have-complex-in-babcock-ranch-357bc994-7cd4-65b3-e053-0100007f26de-383429511.html
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CaCO3Girl

1989 Posts

Posted - 06/13/2018 :  13:23:18  Show Profile  Reply with Quote
quote:
Originally posted by lowandoutside

quote:
Originally posted by CaCO3Girl

PG is already in FT. Myers, they aren't leaving GA.

This is just normal every day paper work that happens every day in the US due to our weird bankruptcy laws. Nothing will change, nothing has really happened.



Actually you are incorrect. While PG has a presence in Ft.Myers, they are seeking additional opportunities in FL. If/when they are able to work something out in FL, the plan is to move more of their "premier" events there. Their contract with LP was for 20 years and the current "bankruptcy" situation may allow an out for PG. Conversations are on going between Lakepointe and other organization to fill the space at Lakepointe if PG leaves. PG was working on an opportunity in FL that fell through because the county wasn't willing to foot the bill the way Bartow was here. It wasn't their first attempt in FL and I can assure you, it wasn't their last.

https://www.news-press.com/story/news/2017/04/19/babcocks-perfect-game-plan-not-so-perfect-county/100631440/

http://archive.naplesnews.com/sports/baseball-perfect-game-may-have-complex-in-babcock-ranch-357bc994-7cd4-65b3-e053-0100007f26de-383429511.html



PG will seek opportunities wherever people will pay for their presence. The articles you linked are one year old and two years old, that's old news.

The question was " Is Perfect Game leaving Lakepoint? Thought someone said they were moving to Ft. Myers.

The answer is, no they are already there. I can't see them building MORE facilities in Ft. Myers, but that doesn't exclude the rest of FL.

The articles ALL said this was a planned bankruptcy, as in our US Loopholes allow this and it's COMMON. This isn't like when a person declares bankruptcy, the rules are totally different.
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lowandoutside

69 Posts

Posted - 06/13/2018 :  14:30:56  Show Profile  Reply with Quote
quote:
Originally posted by CaCO3Girl

quote:
Originally posted by lowandoutside

quote:
Originally posted by CaCO3Girl

PG is already in FT. Myers, they aren't leaving GA.

This is just normal every day paper work that happens every day in the US due to our weird bankruptcy laws. Nothing will change, nothing has really happened.



Actually you are incorrect. While PG has a presence in Ft.Myers, they are seeking additional opportunities in FL. If/when they are able to work something out in FL, the plan is to move more of their "premier" events there. Their contract with LP was for 20 years and the current "bankruptcy" situation may allow an out for PG. Conversations are on going between Lakepointe and other organization to fill the space at Lakepointe if PG leaves. PG was working on an opportunity in FL that fell through because the county wasn't willing to foot the bill the way Bartow was here. It wasn't their first attempt in FL and I can assure you, it wasn't their last.

https://www.news-press.com/story/news/2017/04/19/babcocks-perfect-game-plan-not-so-perfect-county/100631440/

http://archive.naplesnews.com/sports/baseball-perfect-game-may-have-complex-in-babcock-ranch-357bc994-7cd4-65b3-e053-0100007f26de-383429511.html



PG will seek opportunities wherever people will pay for their presence. The articles you linked are one year old and two years old, that's old news.

The question was " Is Perfect Game leaving Lakepoint? Thought someone said they were moving to Ft. Myers.

The answer is, no they are already there. I can't see them building MORE facilities in Ft. Myers, but that doesn't exclude the rest of FL.

The articles ALL said this was a planned bankruptcy, as in our US Loopholes allow this and it's COMMON. This isn't like when a person declares bankruptcy, the rules are totally different.



They utilize other facilities in Ft. Myers. Their plan is to have a Lakepointe-esque like complex in the area. While the articles may be "old news", I can assure you they are actively seeking and exit from Lakepointe. While they may already be at Lakepointe, the legality and verbage in their lease may allow them to leave during the bankruptcy.
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jmac83

46 Posts

Posted - 06/13/2018 :  16:54:06  Show Profile  Reply with Quote
Interesting to ponder how the LakePoint filing may affect the cash flow projections for the Atlanta Sports City complex planned for Stonecrest.

Separately, and not to state the obvious, but regardless of whether every equity owner/investor in LakePoint was on board with the filing, contractors and other creditors would not have been consulted beforehand. Owners don't have to do that.
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Ryno23

123 Posts

Posted - 06/15/2018 :  06:17:14  Show Profile  Reply with Quote
Even with the recent bankruptcy filing it hasn't prevented the ground breaking on the second phase of Lakepoint. The 65 acre site is literally less than a mile from the facility on Hwy 41. Contractor is currently in the middle of moving 2.5 million yards of dirt and is expected to have the site graded and ready for construction within the next year.

Edited by - Ryno23 on 06/15/2018 08:43:51
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