Panthers terminating Rock Hill project agreements

[Mr. Scot]

7 minutes ago, SizzleBuzz said:

Response?  To what?  As is the norm, you put a bunch words on paper which in their sum-total said absolutely nothing.

Ok, a basic primer if you will…knowing you’re the audience, I will keep it simple .

Large scale real-estate projects like this are incredibly complex, rife with risk, and they often go off the rails at some point along the journey.

In order to ring-fence said risks, projects of this nature are virtually always incorporated (generally in Delaware) as their own entity.  This isolates the project from any and all other projects, corporate entities, and/or personal assets/interests David Tepper might be party to — this is standard operating procedure.

So why Delaware?

Because Delaware as a state is very much pro-business, the Delaware corporate statute/s are the most progressive/current in the country, and Delaware has a dedicated Court of Chancery which allows parties to a business dispute to get in front a judge and settle the dispute on an expedited basis (relatively speaking anyway).

So why put this project into bankruptcy?

Obviously bankruptcy wasn’t the goal for this project — but prudent risk assessment and management of said risks dictates the corporate structure, and allows for bankruptcy to be used as a tool should the project get off the rails — that’s why it was always “part of the plan”.

What does the bankruptcy accomplish?

With the project halted for the time being this allows GT Real Estate Holdings, LLC to get all claims (valid and otherwise) before one court/judge to adjudicate on a timely basis so a limited pool of assets can be allocated among valid claims.  This vs. defending a bunch of different cases, in different courts and states (I count 8 different states in the creditor list).

Bottom line?

We shall see but only 3 of the 17 claims are disputed and I suspect the other 14 will be settled in a reasonable manner that is acceptable to both parties.  The 3 disputed claims are all big-boy companies that know and understand the risks (except maybe York Co. ) of getting involved with a project of this magnitude, they’ll all be fine.

Also, once the dust settles don’t be surprised if Tepper reorganizes and cranks this thing back up and ultimately finishes it .

You were arguing that the bankruptcy was planned. You just said it wasn't

As to the rest of the stuff, it's pretty obvious you copied that from somewhere else. Unless you want to claim that your late father who passed 9 years ago learned it from playing golf with Pat McCrory last week.

Edited June 3, 2022 by Mr. Scot

[SizzleBuzz]

5 minutes ago, Mr. Scot said:

You were arguing that the bankruptcy was planned. You just said it wasn't

Absolute nonsense...

...your imagination know no bounds .

7 minutes ago, Mr. Scot said:

As to the rest of the stuff, it's pretty obvious you copied that from somewhere else.

If true a cut & paste master like yourself should be able to locate the original source...

...unless that's me...

...let us know what you find .

[Tbe]

7 minutes ago, Mr. Scot said:

You were arguing that the bankruptcy was planned. You just said it wasn't

As to the rest of the stuff, it's pretty obvious you copied that from somewhere else. Unless you want to claim that your late father who passed 9 years ago learned it from playing golf with Pat McCrory last week.

He is right. My father managed major construction projects most of his career.

Bankruptcy of the holding corp is a standard contingency plan for projects like this. It’s not part of the plan if things go well, but it is part of the plan if they don’t.

It’s rare for projects of this size to fail, but it has happened.

[LinvilleGorge]

16 minutes ago, SizzleBuzz said:

Response?  To what?  As is the norm, you put a bunch words on paper which in their sum-total said absolutely nothing.

Ok, a basic primer if you will…knowing you’re the audience, I will keep it simple .

Large scale real-estate projects like this are incredibly complex, rife with risk, and they often go off the rails at some point along the journey.

In order to ring-fence said risks, projects of this nature are virtually always incorporated (generally in Delaware) as their own entity.  This isolates the project from any and all other projects, corporate entities, and/or personal assets/interests David Tepper might be party to — this is standard operating procedure.

So why Delaware?

Because Delaware as a state is very much pro-business, the Delaware corporate statute/s are the most progressive/current in the country, and Delaware has a dedicated Court of Chancery which allows parties to a business dispute to get in front a judge and settle the dispute on an expedited basis (relatively speaking anyway).

So why was bankruptcy “part of the plan”?

Obviously bankruptcy wasn’t the goal for this project — but prudent risk assessment and management of said risks dictates the corporate structure, and allows for bankruptcy to be used as a tool should the project get off the rails — that’s why it was always “part of the plan”.

What does the bankruptcy accomplish?

With the project halted for the time being this allows GT Real Estate Holdings, LLC to get all claims (valid and otherwise) before one court/judge to adjudicate on a timely basis so a limited pool of assets can be allocated among valid claims.  This vs. defending a bunch of different lawsuits, in different courts and states (I count 8 different states in the creditor list).

Bottom line?

We shall see but only 3 of the 17 claims are disputed and I suspect the other 14 will be settled in a reasonable manner that is acceptable to both parties.  The 3 disputed claims are all big-boy companies that know and understand the risks (except maybe York Co. ) of getting involved with a project of this magnitude, they’ll all be fine.

Also, once the dust settles don’t be surprised if Tepper reorganizes and cranks this thing back up and ultimately finishes it .

Bottom line? poo rolls downhill. Big guy gets to hedge his bets and protect his wealth. The guys working for him get to eat poo and take the loss. American "capitalism" in a nutshell. It's just socialism for the wealthy with clever marketing.

[Tbe]

26 minutes ago, SizzleBuzz said:

 

Also, once the dust settles don’t be surprised if Tepper reorganizes and cranks this thing back up and ultimately finishes it .

Depends on if the bankruptcy court forces him to sell the land to pay debts.

[Mr. Scot]

21 minutes ago, Tbe said:

He is right. My father managed major construction projects most of his career.

Bankruptcy of the holding corp is a standard contingency plan for projects like this. It’s not part of the plan if things go well, but it is part of the plan if they don’t.

It’s rare for projects of this size to fail, but it has happened.

Not quite. His original position was that the bankruptcy was planned, not a contingency. It was meant as a way of saying that David Tepper doesn't make mistakes.

As to the other, he had claimed a few weeks back that his father regularly plays golf with Pat McCrory but more recently told someone that his father has been dead for nine years.

Hence, why I'm mocking his attempts at portraying himself as a guru of sorts.

If it helps, this particular ID is the latest incarnation of our old two tight end loving friend Sanjay.

Edited June 3, 2022 by Mr. Scot

[SizzleBuzz]

14 minutes ago, LinvilleGorge said:

Bottom line? poo rolls downhill. Big guy gets to hedge his bets and protect his wealth. The guys working for him get to eat poo and take the loss. American "capitalism" in a nutshell. It's just socialism for the wealthy with clever marketing.

Bullshit.  

All the "working men" got paid what they earned.  

[ForJimmy]

14 minutes ago, SizzleBuzz said:

Bullshit.  

All the "working men" got paid what they earned.  

Unfortunately that’s not always the case. All they can do is try to sue a bankrupt entity to get what is rightfully their’s. I’m not saying this was the case with Tepper’s situation, but it happens more than it should in business. Go do some more Googling and you will see…

[CRA]

1 hour ago, Tbe said:

He is right. My father managed major construction projects most of his career.

Bankruptcy of the holding corp is a standard contingency plan for projects like this. It’s not part of the plan if things go well, but it is part of the plan if they don’t.

It’s rare for projects of this size to fail, but it has happened.

and it’s part of the plan because it limits Tepper’s financial obligations if things go clusterfug sideways.  Which they did. 

Sizzle argued no one gets screwed.  But that’s not true.  Generally once it goes this way people don’t get what they are owed.   They get some of it. 

[SizzleBuzz]

1 hour ago, Mr. Scot said:

His original position was that the bankruptcy was planned, not a contingency. It was meant as a way of saying that David Tepper doesn't make mistakes.

 Both of these sentences  #FakeNews...I never said anything of the sort .

@Tbe

Edited June 3, 2022 by SizzleBuzz

[Mr. Scot]

37 minutes ago, SizzleBuzz said:

All the "working men" got paid what they earned.  

You have. a link showing this...right?

And why such contempt for "working men", anyway?

We can't all be billionaires or have dads who play golf with Pat McCrory, you know.

Edited June 3, 2022 by Mr. Scot

[SizzleBuzz]

18 minutes ago, ForJimmy said:

Unfortunately that’s not always the case. All they can do is try to sue a bankrupt entity to get what is rightfully their’s. I’m not saying this was the case with Tepper’s situation, but it happens more than it should in business. Go do some more Googling and you will see…

We are discussing the Rock Hill project...

...not what "might" have happened at some other project.  

[ForJimmy]

11 minutes ago, SizzleBuzz said:

We are discussing the Rock Hill project...

...not what "might" have happened at some other project.  

And you know this for a fact or are you just talking out of your ass like always? Don’t bother answering as we all know the answer…

You were actually responding to LG’s comment about how capitalism is set up in the USA.

Edited June 3, 2022 by ForJimmy

[LinvilleGorge]

1 hour ago, SizzleBuzz said:

Bullshit.  

All the "working men" got paid what they earned.  

Because of wage laws. But those contracted companies took it in the shorts. And some of those "working men" might get hosed if it causes those companies to go belly up or endure some cutbacks to make up for the pantsing they took.

Why? Because poo runs down hill. "Trickle down" didn't work out so well but poo still runs down hill.