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Malibu Grand Prix

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CALIFORNIA | LOCAL
August 13, 1994 | ED BOND
Malibu Grand Prix, where kids rode miniature race cars and businessmen slapped pinball machines on their lunch hour for more than 20 years, closes for good Sunday after losing its lease. "I can't believe that!" said Andrew Caspary of Hidden Hills, after finishing his last go-cart ride. "It's terrible. I always look forward to coming here." Officials of Malibu Grand Prix Corp., which runs 30 amusement centers across the country, said this week the company lost its lease on the Northridge site.
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BUSINESS
October 5, 1994 | From Times Staff and Wire Reports
Mountasia Agrees to Buy Malibu Grand Prix: Mountasia Entertainment International Inc. has agreed to acquire Malibu Grand Prix Corp. of Canoga Park in a move that will double its size, according to Scott Demerau, Mountasia's chairman and chief executive. Atlanta-based Mountasia, which owns 17 theme parks, will pay about $20 million in cash and issued 250,000 shares of Mountasia stock (valued at $5 million) to buy its biggest competitor.
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BUSINESS
May 10, 1988
Malibu Grand Prix, a Woodland Hills-based operator of miniature sports-car tracks and other amusement centers, bought a 51% stake in Swift Cars, a maker of professional racing cars. The price was not disclosed. Swift, an Anaheim-based concern founded in 1982, makes cars for the Sports 2000, Formula Ford and Formula Atlantic classes of auto racing. The cars cost between $21,000 and $56,000 each.
CALIFORNIA | LOCAL
August 13, 1994 | ED BOND
Malibu Grand Prix, where kids rode miniature race cars and businessmen slapped pinball machines on their lunch hour for more than 20 years, closes for good Sunday after losing its lease. "I can't believe that!" said Andrew Caspary of Hidden Hills, after finishing his last go-cart ride. "It's terrible. I always look forward to coming here." Officials of Malibu Grand Prix Corp., which runs 30 amusement centers across the country, said this week the company lost its lease on the Northridge site.
BUSINESS
May 2, 1989
Malibu Grand Prix Chairman Ira Young has completed the acquisition of Malibu Grand Prix for 95 cents a share, or about $6.2 million for the 46% of the company Young did not already own. The Woodland Hills company, which operates amusement centers that feature amateur auto racing, is now a private company. Its shares have been delisted from the NASDAQ over-the-counter stock listings.
BUSINESS
November 3, 1987
Malibu Grand Prix agreed to sell its 16-acre Castle Amusement Park in Honolulu to a Hawaiian development company. The purchase price and buyer were not disclosed. Malibu Grand Prix, with headquarters in Woodland Hills, operates 39 such recreation centers in the United States. The centers feature small-scale auto race tracks, miniature golf courses, batting cages and video game rooms.
BUSINESS
April 25, 1989
Malibu Grand Prix said it narrowed its loss to $617,000 in the fourth quarter that ended Dec. 31 from a loss of $1.1 million in the year-earlier period. Revenue for the Woodland Hills company, which operates amusement centers that feature amateur auto racing, rose 24% to $7.2 million. For the year, the company earned $1.8 million, down 31% from $2.6 million earned in 1987, when the company had a one-time gain of $1.6 million stemming from the restructuring of debt. Revenue for the year rose 10% to $33.4 million.
BUSINESS
May 17, 1988
Malibu Grand Prix said it lost $46,000 in the first quarter ended March 29 because of interest expenses on loans. Revenue fell 3% to $6.3 million in the period. The Woodland Hills company, which owns recreation centers where people ride small Grand Prix-style cars, reported a $182,000 profit from operations and a gain of $98,000 from the sale of property. But all of it was offset by $326,000 in interest expenses. A year earlier, Malibu Grand Prix reported a $1.
BUSINESS
June 30, 1987
Malibu Grand Prix, a Woodland Hills operator of miniature Grand Prix race tracks and golf courses, has entered into an agreement with its principal lender, Union Bank, to provide $2 million collateral in lieu of making a scheduled loan payment in the same amount. Malibu said it would repay the obligation either from earnings or from the sale of leases. The collateral was provided by Malibu's chairman, Ira Young, and Intercoastal Properties, an affiliated corporation.
BUSINESS
February 3, 1987
Malibu Grand Prix Corp. of Woodland Hills said it has further restructured its debt in an attempt to strengthen its long-term finances. Under the deal, Malibu will receive and cancel 4.9 million shares of its own preferred stock from Bracton Corp., a former unit of Crocker National Bank, which accepted the shares in a debt arrangement with the company a year ago.
CALIFORNIA | LOCAL
June 11, 1992 | JOHN SCHWADA, TIMES STAFF WRITER
Because five firms eagerly competed last year for the right to run a miniature golf concession in a Sepulveda Basin park, Los Angeles city officials figured they had struck gold. After a complicated wrangle, the city turned them all down and called for new bids, expecting even richer offers. It didn't work out that way. Only one firm bid again, it was learned Wednesday--and its offer was less than one of the previous bids and perhaps less than two of them.
CALIFORNIA | LOCAL
February 6, 1992
The opening of the Extasy nude dance club at Corbin Avenue and Nordhoff flagrantly disregarded public opinion as well as being against city ordinances. Whose rights are being protected? The citizens, patrons and business persons of the Northridge business area or a handful of sneaky and contemptible nightclub promoters? It is bad enough that businesses in this area have already suffered the weekly Friday and Saturday night crowds that frequented the Breakers' live band performances.
CALIFORNIA | LOCAL
January 9, 1992 | JOHN SCHWADA, TIMES STAFF WRITER
The Los Angeles City Council failed Wednesday to muster enough votes to block a decision by the city Recreation and Parks Commission to reopen bidding for the lucrative miniature golf and video-game concession in the Sepulveda Basin. The concession is one of the biggest moneymakers for the city Recreation and Parks Department. It generates $3 million a year in receipts for its current holder and has become entangled in a running debate over how to choose a new franchise holder.
CALIFORNIA | LOCAL
December 19, 1991 | JOHN SCHWADA, TIMES STAFF WRITER
The Los Angeles City Council on Wednesday took control from park authorities of the tangled bidding on the miniature golf and video-game concession in the Sepulveda Basin--a contract that may bring the city more than $1 million a year. By an 11-1 vote, lawmakers--led by Councilman Zev Yaroslavsky, who represents the basin area--put the council in a position to decide the concession issue itself or require park authorities to reconsider the matter. On Dec.
BUSINESS
May 2, 1989
Malibu Grand Prix Chairman Ira Young has completed the acquisition of Malibu Grand Prix for 95 cents a share, or about $6.2 million for the 46% of the company Young did not already own. The Woodland Hills company, which operates amusement centers that feature amateur auto racing, is now a private company. Its shares have been delisted from the NASDAQ over-the-counter stock listings.
BUSINESS
April 25, 1989
Malibu Grand Prix said it narrowed its loss to $617,000 in the fourth quarter that ended Dec. 31 from a loss of $1.1 million in the year-earlier period. Revenue for the Woodland Hills company, which operates amusement centers that feature amateur auto racing, rose 24% to $7.2 million. For the year, the company earned $1.8 million, down 31% from $2.6 million earned in 1987, when the company had a one-time gain of $1.6 million stemming from the restructuring of debt. Revenue for the year rose 10% to $33.4 million.
BUSINESS
November 24, 1987
Malibu Grand Prix reported higher third-quarter operating earnings, but its net income fell sharply because the year-earlier profit included a special gain. The Woodland Hills company, which operates amusement parks, said net income for the quarter ended Sept. 27 dropped to $1.5 million, or eight cents a share, from $14.2 million, or 80 cents a share, a year earlier when the company included a $13.6-million gain from Malibu Grand Prix's restructure of debt.
BUSINESS
July 17, 1985
The Woodland Hills amusement park company said it missed the payment because of a demand by its principal lender that Malibu get additional approvals for its financial restructuring plan. The missed payment, due July 13, was the first installment on a $24-million debt to former creditors of Castle Entertainment, a bankrupt company merged with Malibu last year. Malibu said it has asked for an extension on the debt.
BUSINESS
November 22, 1988
Malibu Grand Prix, a Woodland Hills operator of amusement centers that feature amateur auto racing, said it has found leaks in underground gasoline tanks at four centers in Florida and Southern California. The company said it has created a $185,000 reserve for any cleanup and repairs it may have to make at the two California sites. Malibu said it expects that in Florida it would be reimbursed from a state fund should any cleanup or repairs be needed.
BUSINESS
July 15, 1988 | JESUS SANCHEZ, Times Staff Writer
Pioneer Take-Out Corp.--the Los Angeles-based fried chicken chain that filed for bankruptcy--has received a buyout offer from a group affiliated with a chain of recreation centers, it was announced Thursday. The offer is the latest attempt to salvage the ailing franchise operation, which lost sales to competing fried chicken chains and has been sued by disgruntled franchisees.
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