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UPDATE: Questions linger on billion-dollar Shoals theme park

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MUSCLE SHOALS, Ala. (WHNT) – It’s a pretty big dream -  $3.5 billion dollar theme park headed to Muscle Shoals.

The company behind that dream, DreamVision, is based out of Fort Worth, Texas. They’re proposing to build a pair of theme parks, one in Fort Worth and one in Muscle Shoals. Each park would cost $3.5 billion. In a media release the company describes the dual theme parks as  "two of the largest theme parks in the world: DreamVision SoundScape in Muscle Shoals, Alabama, to cover approximately 1,400 acres; and DreamVision Mountain/DreamScape in Fort Worth, Texas, which will be situated on approximately 5,000 acres."

The DreamVision release states in addition to the theme parks, each property will include golf courses, water parks, hotels, theatres, concert venues, retail and more. Both parks will be built simultaneously, which has never been done by a single company, according to DreamVision.

Next week on February 11, a news conference is scheduled to unveil the big plans. Meantime, very few people know about this project, including city and state leaders.

But WHNT News 19 has learned DreamVision has made promises before.  In May of 2013 a press conference was scheduled in Fort Worth to announce plans surrounding a proposed massive theme park.

But after the big reveal, which included a televised fireworks show, Fort Worth officials say the company went “silent.” That is, until this past week, when the company announced plans for parks in Fort Worth and Muscle Shoals.

WHNT News 19 has also learned of some unsavory past financial issues with the CEO of DreamVision Richard Silanskas.

In 2009, Bank of America sued DreamVision Studios and Silanskas in Lake County, Florida, for defaulting on a loan for $99,224. The bank received a judgment for $109,221, which includes interest and fees.  We also discovered several other financial institutions in Lake County, Florida, that have filed complaints and suits against Silanskas and DreamVision.

To be fair, the court cases appear to be closed.  So what's different now?  We can tell you the DreamVision website described Silanskas as a producer and a composer and he has an extensive history in the entertainment industry.

DreamVision has not responded to our requests for comment.

However, we should all learn more at the news conference on February 11.  You’ll be able to watch it for yourself on WHNT.com when we stream it live.

Silanskas is expected to speak at the live news conference and so is Ron Logan, DreamVision’s chief creative officer and former executive vice president at Disney.