PENNY ROCKET PICKS

[super_penny]

REMD - some DD and i think this could be a RM in progress.
There is a failed amusement park in Western North Carolina. Ghost Town in the Sky entered Chapter 11 bankruptcy proceedings two years ago in 2009. The park has been allowed to operate as debtors in possession but was unable to meet financial obligations for that last 2009 season. Employees were left unpaid.

The partners of the park have made attempts to raise money to reorganize, to reopen and conserve their ownership of the park. In 2010 there was a major landslide which inhibited the park reopening. There are claims of negligence and litigation by adjoining homeowners relating to that event. The property insurance had also been allowed to lapse.

The principal partner/owner of the park, also owner of American Heritage Railways which owns the Great Smoky Mountains Railway and operates the Texas State Railroad is also a partner of SB Partners, LLC which owned residential lots in Savannah, GA. It is these properties which were part of the transaction with Remodel Auction in return for preferred shares in REMD.

REMD Remodel Auction is now registered as American Heritage Family Parks. www.sunbiz.org/COR/2011/0406/00684928.tif

Those partners, the CEO of the failed amusement park are now listed as officers of REMD. The latest PR states that REMD's intention is to purchase Ghost Town in the Sky.

There has been a motion by the U.S. Bankruptcy Administrator of the Western District of North Carolina to dismiss the Chapter 11 case. It will be heard April 20th. Dismissal of the case would lift the stay barring creditors' actions against Ghost Town Partners, LLC.

The Great Smoky Mountains Railway has requested loans and a grant from the town of Dillsboro to resume tourist operation to the town.
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http://www.screamscape.com/html/ghost_town_in_the_sky.htm