Some Wild West World banks writing off bad loans as sale nears - Wichita Business Journal:

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of Kansas during the last quarter of 2007 wrots offabout $900,000 in a bad loan related to the The Kingman bank's executive vice presidentr and general counsel, Jane says that figure accounted for all of its Wild West Worlr liability, which she said impactef the bank's earnings but not its $14 millionm in capital. The bank's earnings declinede slightly to $1.3 million in 2007. "We've done what we need to Deterding says. Other banks appear to have made and perhapseven moves. wrote off $2.4 million in bad loanes during thefourth quarter.
An executive at the bank didn'r return a call seeking Meanwhile, in Newton wrote off $500,00 0 in bad loans during the fourtu quarter, some of it the result of the theme park, says bank president Ron Lang. He wouldn't say whetheer the bank has more to write off inthe "You take your best guesd on things," he says. But bank don't appear unified in their strategies in how to handlwe their bad loans to Wild West While some madelarge write-offs, othersd didn't. And it's impossible to tell from federal filings how much of if any, were related to Wild West Most executives either declined to commenyt or didn't return calls.
More charge-offs are especially as the bankruptchy court weighs an offer from a Tulsa carnival operatoer to purchase the park forjust $2 million. The park'sa creditors, led by six local had wanted to sell the land and buildings at 77th Streetr North and Interstate 135for $8.5 million. A $2 milliojn sales price would assure thebanks won'f recover all their losses, Lang But the sales price isn't likely to get much "That's all we could give because the land isn't worth that," says Jerry owner of , which operates carnivals across the Midwest.
He says Wild West Worldx attorney Ed Nazar has signed off on his which now must go before a Nazar didn't return calls. Murphy says he hopes to bring some of his own ridess to Wichita to open the park this His plan includes holding a contes to renamethe park. He says he may spend more than $10 millioh on the venture. "I can't take care of all the bankw thatlost money," he says. But the people of the "I could certainly help." Five bankes stand first in line to receive proceedzs fromthe sale. That consortium loaned Wild West World founder ThomasEtheredge $6.
5 million to get the park off the The banks recovered some cash following the liquidation of its merchandise and other equipment.