It was later discovered that JEG was nearly $900,000 behind in taxes and had not refunded nearly $300,000 to ticket-holders for 15 cancelled concerts. At the end of the 1991 season, Joseph Entertainment Group filed Chapter 11 bankruptcy and did not open the park for the 1992 season. The park was put up for sale at a very low price. After being unable to find a buyer, JEG filed for Chapter 7 bankruptcy protection and liquidated the park. The land and what was left of the rides and buildings was sold to a previous owner, Stephen Barberino. His plan was to hold onto the park and the few rides and buildings left and sell it to another amusement park owner. The park remained closed for the 1992 and 1993 seasons, but during both years the beach area was opened for the three days of Labor Day weekend in order to preserve the park's status as the oldest continuously operating amusement and trolley park in the United States. In 1993, Funtime Parks, which owned the now defunct Geauga Lake near Cleveland, Ohio and Darien Lake near Buffalo, NY, among other parks, became Barberino's management partner. The existing rides were repaired, some new rides were added, and waterslides were constructed for the beach and lake areas. The park reopened for the 1994 and 1995 seasons. That year Funtime merged with Premier Parks, which went on to purchase Riverside Park (now Six Flags New England) 30 miles north near Springfield, MA and owned other parks such as Great Escape in Lake George, NY. Premier Parks and Barberino then put Lake Compounce up for sale again in 1995. Companies such as Cedar Fair, Alpha Smartparks, and the Kennywood Corporation made offers. Kennywood and Parques Reunidos Early in 1996, Kennywood Entertainment, owners of Pittsburgh's Kennywood amusement park, signed an agreement to purchase Lake Compounce. That year the park added a few more new rides and a Boomerang Roller Coaster which was actually purchased by previous operators. The park prospered as it was positioned as a family medium-sized amusement park rather than a thrill park. In 2000, the roller coaster Boulder Dash was opened, and later received the 2004 Golden Ticket Award for the #1 rated Wooden roller coaster by "Amusement Today." In late 2007, Kennywood Entertainment Company sold its parks to Spain-based Parques Reunidos. Plans include a significant expansion of the Crocodile Cove water park.