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Mostly Cloudy Twin Rinks files for bankruptcy
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An affidavit included in the court records said rink owners were unable “to generate sufficient cash to pay its creditors on a timely basis and to facilitate a process for the sale of ... all of its assets.”
The Chapter 11 bankruptcy, Friedman said, will freeze the rink’s existing creditors while allowing it to “reorganize.”
Projections in the affidavit show that the rink will gross an estimated $160,830 in revenue over the next 30 days, but will face about $170,646 in expenses, a net operating loss of nearly $10,000.
It lists Friedman and twin brothers Chris and Peter Ferraro, former NHL players who played for the New York Rangers, as the rink’s senior management. Friedman said he suffered from "serious” health issues and wasn’t able to become involved from a management standpoint until late March of this year. “It just got to the point when I was able to step in there wasn’t much I could do in terms of getting people to be more patient with us.”
He pointed to a combination of inefficiencies that jumped the rink's operating costs, such as leaving the lights on when the rink wasn’t in use.
But Friedman said that program attendance had been trending in the right direction. "I really do believe in my heart that whomever steps into our shoes, the owner, is going to do really well here," he said.
The affidavit lists the rink's total liabilities and equity at $52.68 million. When the county broke ground on the rink in February 2013, officials said the rink would cost an estimated $15 million.
Letters sent by the Nassau County Parks department last October and in April show that Twin Rinks had failed to pay the county a $100,000 licensing fee it owed, as well as a $150,000 performance bond agreed upon in the original contract.
The second letter, dated April 23, 2015, further states that Twin Rinks officials had failed to submit four required quarterly revenue reports to the county.
But Friedman said the two payments have since been made.
In March, County Executive Ed Mangano delivered his annual State of the County address at Twin Rinks, highlighting it as a successful example of the county's many public-private partnerships.
The Chapter 11 bankruptcy, Friedman said, will freeze the rink’s existing creditors while allowing it to “reorganize.”
Projections in the affidavit show that the rink will gross an estimated $160,830 in revenue over the next 30 days, but will face about $170,646 in expenses, a net operating loss of nearly $10,000.
It lists Friedman and twin brothers Chris and Peter Ferraro, former NHL players who played for the New York Rangers, as the rink’s senior management. Friedman said he suffered from "serious” health issues and wasn’t able to become involved from a management standpoint until late March of this year. “It just got to the point when I was able to step in there wasn’t much I could do in terms of getting people to be more patient with us.”
He pointed to a combination of inefficiencies that jumped the rink's operating costs, such as leaving the lights on when the rink wasn’t in use.
But Friedman said that program attendance had been trending in the right direction. "I really do believe in my heart that whomever steps into our shoes, the owner, is going to do really well here," he said.
The affidavit lists the rink's total liabilities and equity at $52.68 million. When the county broke ground on the rink in February 2013, officials said the rink would cost an estimated $15 million.
Letters sent by the Nassau County Parks department last October and in April show that Twin Rinks had failed to pay the county a $100,000 licensing fee it owed, as well as a $150,000 performance bond agreed upon in the original contract.
The second letter, dated April 23, 2015, further states that Twin Rinks officials had failed to submit four required quarterly revenue reports to the county.
But Friedman said the two payments have since been made.
In March, County Executive Ed Mangano delivered his annual State of the County address at Twin Rinks, highlighting it as a successful example of the county's many public-private partnerships.
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