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BOB-LO AMUSEMENT PARK SOLD

 MINNEAPOLIS, Feb. 17 /PRNewswire/ -- The island of Bob-Lo Company Amusement Park, Detroit, was sold at auction on Feb. 10, 1993 for U.S. $3.7 million plus applicable taxes. The successful bidder was Michael Moodenbaugh from Seattle, Wash. The sale was approved by the United States Bankruptcy Court in Minneapolis on Feb. 17, 1993. The closing of the sale is anticipated to be by March 1, 1993.
 Moodenbaugh is experienced in owning/managing amusement parks.
 Moodenbaugh said, "We are ecstatic. We intend to open for the 1993 season which will be good for all concerned, including employees. We are anxious to close the deal."
 Burt Merical, chief executive officer of Bob-Lo and International Broadcasting Corporation, the parent of Bob-Lo, stated, "I am pleased with the outcome. The result is a win for all parties."
 David Norton, chief executive officer of Norton Auctioneers which conducted the auction in Detroit stated, "We were able to elicit significant interest by several potential purchasers."
 Bob-Lo and its parent, International Broadcasting Corporation, filed for Chapter 11 under United States Bankruptcy Law in August 1991. The park was open during the 1992 summer season. Management decided at the end of the 1992 season to sell the park by utilizing the services of Norton Auctioneers, Coldwater, Mich., which is considered to be a premier amusement park auctioneer.
 -0- 2/17/93
 /CONTACT: David Brown, 313-284-2288, or Burt Merical, of Bob-Lo and International Broadcasting, 612-934-1334/


CO: Bob-Lo Company; International Broadcasting Corporation ST: Minnesota, Michigan IN: ENT SU: TNM

MP -- MN015 -- 7489 02/17/93 16:11 EST
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Publication:PR Newswire
Date:Feb 17, 1993
Words:259
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