Click on any photo to see an expanded version.



From before Old Chicago opened there were problems.  First there were delays due to weather during construction and cost overruns.  Then there was the botched VIP Preview where most of the rides were shut down due to exposed wiring, a fire extinguisher system not being functional, and fencing around rides not complete.  Once open business wise after huge initial crowds the numbers walking past Old Chicago's lions tapered off.  Looking at Old Chicago's ledger it quickly became obvious that Robert Brindle's dream was becoming a nightmare.  As a result he was forced out and new management was brought in according to this article in the January 17th 1976 edition of the Chicago Tribune.



Five months later Old Chicago filed for bankruptcy as mentioned in this May 28, 1976 article in the Daily Leader.



This Chicago Tribune article of May 28th of 1976 lays out that the plan was to pay secured creditors 73 cents on the dollar and 65 cents on the dollar owed for unsecured creditors. 



Robert Brindle wasn't going to give up without a fight according to this May 29th Chicago Tribune article. 



By early 1977 Old Chicago's bankruptcy was over with according to this February 3rd article in the Chicago Tribune.  Robert Brindle, his brother Jack and their company Recreational Retail received a cash settlement for their investment and became limited partners.  WSP remained as a general partner and Bolingbrook 55; owned by Illinois Central Railroad bought into Old Chicago as a general partner.

Moving beyond bankruptcy there were plans for remodeling and changes to Old Chicago.  That is a story for the next page though. 



Old Chicago Under New Management

Old Chicago Index

Home




Copyright 1999 - 2024

Paul B. Drabek