Court levies $14M judgment against Freestyle - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Court levies $14M judgment against Freestyle

Myrtle Beach, SC -

MYRTLE BEACH, SC (WMBF) - A federal judge in Utah awarded Tetra Financial Group LLC nearly $14 million after the company that owns Freestyle Music Park failed to respond to a lawsuit.

Salt Lake City, UT-based Tetra filed the $13,968,841.36 lawsuit against FPI MB Entertainment LLC in September 2009 for breach of the two companies' lease agreements and other fees, according to court documents. Judge Dale Kimball ruled in favor of Tetra on Tuesday after FPI MBE failed to plead or otherwise defend the claim.

Click here to read the judgment.

In addition to the $14 million, FPI MBE owes Tetra 18 percent post-judgment interest until the sum is paid in full, as well as attorney's fees and costs associated with collection, according to court documents.

The current owners, FPI MB Entertainment LLC, came under financial fire early on after purchasing the $400 million attraction formerly operated as Hard Rock Park. The park was purchased under bankruptcy for $25 million and renamed Freestyle Music Park.

With the purchase, however, came $569,151.52 in inherited outstanding debt. While the debt was inherited from the park's previous owners, a spokeswoman for Freestyle Music Park says FPI MBE has not followed through on leasing agreements to pay back any debt owed.

Copyright 2010 WMBF News. All rights reserved.

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