Panthers terminating Rock Hill project agreements

[CRA]

4 minutes ago, Anybodyhome said:

Well, if the parcel is owned by same real estate holding company that's filing bankruptcy, the city will have to initiate a legal notice ordering the property owner to remove it as a public nuisance. And because of the bankruptcy, the property owner probably won't comply with the order to remove it, so it will fall on the shoulders of the taxpayers as the city will have to contract someone to tear it down.

The cost of the tear down then becomes due and payable by the property owner to the city and if that bill isn't paid, it becomes a lien against the property. The city then goes to court with a lien foreclosure on the property and takes ownership of it.

 

I don’t really understand all the complexities of bankruptcy at this level or really any level 

What would bankruptcy mean for all the property purchases by the LLC.  Pretty sure the same LLC here is the one buying up the land in Charlotte too isn’t? 

[CRA]

2 hours ago, SizzleBuzz said:

What do you predict will happen?

No clue.  Tepper got himself into a bad spot.   He will probably continue to look bad for awhile on this one.  Because he still has the property and community eyesore to deal with. 

so some folks might drive by the Giant Peach….other will drive by David Tepper busted project.   

[poundaway]

1 hour ago, LinvilleGorge said:

I didn't say they would. I said "if". It's certainly possible that some of those folks employed on that project end up getting laid off in cutbacks due to that project being cancelled. The one thing that stays constant in "it's just business" is that poo rolls downhill and "it's just business" only gets said by folks trying to feel better about themselves when knowingly fuging over others.

You literally embody MBA brain rot. It creates a really fuged up system of values because it only values immediate short term profit and executive compensation. It's why wages have stagnated for decades. It's why the wealth divide grows by the day. It's why so much of our production capabilities have been offshored. It's why executives cash huge bonus checks while the rank and file gets laid off in "restructures" that sometimes don't even cover those bonus checks.

Way to derail another thread, this time with your theory of economics.  You represent everything that is wrong with the huddle.  All you do is rip and bitch about the panthers and then derail thread after thread.   Now we're blessed to learn how economies work from someone who spends hours and hours posting on a message board.  You spend more time on the Huddle than possibly anybody.

Slither back into the Tinderbox and spew your mindless crap there.

[Anybodyhome]

4 minutes ago, CRA said:

I don’t really understand all the complexities of bankruptcy at this level or really any level 

What would bankruptcy mean for all the property purchases by the LLC.  Pretty sure the same LLC here is the one buying up the land in Charlotte too isn’t? 

I know business property owners in my city who have a different LLC for each property they own, thereby protecting all their other properties if one tanks.

Matter of fact I was doing some title work yesterday for a local commercial building owner who has 6 buildings downtown, and for each of them the property owner is the address LLC, for example, "123 Main St., LLC." There's no limit to the number of LLCs you can create and they're all separate entities.  

[ForJimmy]

20 minutes ago, Anybodyhome said:

 

Hi there, I'm the code enforcement administrator for a mid-size municipality here in NC. Every city and town in the state has a set of local ordinances that regulate everything from grass height to noise ordinances to public nuisances to parking to nuisance vehicles. It's called zoning, planning, code enforcement, etc. 

I'm the guy responsible for ensuring the proper legal notices are issued and nuisance abatement by our contractors is done properly and providing all the information to the accounting folks so they can properly bill the property owner. I have 5 inspectors who each have an assigned area within the city and they issue notices on a daily basis for this kind of crap.

Awesome!  Thanks for the input.  I didn't think proper owners were untouchable (especially in a city as large as Rock Hill) but it definitely helps to hear it from a professional.

[Monrowed]

12 minutes ago, Anybodyhome said:

I know business property owners in my city who have a different LLC for each property they own, thereby protecting all their other properties if one tanks.

Matter of fact I was doing some title work yesterday for a local commercial building owner who has 6 buildings downtown, and for each of them the property owner is the address LLC, for example, "123 Main St., LLC." There's no limit to the number of LLCs you can create and they're all separate entities.  

Piercing the Corporate Veil

[ForJimmy]

25 minutes ago, poundaway said:

Way to derail another thread, this time with your theory of economics.  You represent everything that is wrong with the huddle.  All you do is rip and bitch about the panthers and then derail thread after thread.   Now we're blessed to learn how economies work from someone who spends hours and hours posting on a message board.  You spend more time on the Huddle than possibly anybody.

Slither back into the Tinderbox and spew your mindless crap there.

[poundaway]

6 minutes ago, ForJimmy said:

[LinvilleGorge]

52 minutes ago, poundaway said:

Way to derail another thread, this time with your theory of economics.  You represent everything that is wrong with the huddle.  All you do is rip and bitch about the panthers and then derail thread after thread.   Now we're blessed to learn how economies work from someone who spends hours and hours posting on a message board.  You spend more time on the Huddle than possibly anybody.

Slither back into the Tinderbox and spew your mindless crap there.

You seem upset.

[Tbe]

https://www.wsoctv.com/news/local/real-estate-company-owned-by-david-tepper-files-bankruptcy/RRPFHAMRAJDF5CTJG37U2AVFJY/
 

A bankruptcy attorney who is not associated with this case told Channel 9 the public should expect the now-defunct practice facility site to be resolved faster as a result of this filing.

“This is a process in which I think that will help expedite and whatever the project is going to be, property is going to be, you know, in the future,” John Woodman said. “This will help that process at least start a lot sooner rather than later.”

It’s unclear at this point what will happen to the half-built practice facility.

GTRE also announced that it has received a commitment for $20 million in financing from DT Sports Holding, LLC, subject to court approval, which will allow the company to fund a process to address its legitimate creditor claims, as well as to preserve, protect and enhance the Rock Hill site for the benefit of all stakeholders.

The City of Rock Hill does not plan to make a statement until it has had a chance to review the bankruptcy filing Thursday, a city spokesperson said.

The bankruptcy ends a bitter back-and-forth public disagreement between Tepper and the city of Rock Hill.

“Everybody had their hopes high on the Carolina Panthers coming here,” Rock Hill Mayor Pro Tem Derrick Lindsay said.

In the meantime, Rock Hill residents are left wondering how exactly it got to this point.

“That’s just a billionaire’s ploy to get out of paying the people,” said Charlie Ruffalo, owner at Sub Station II.

Ruffalo put up this message on his sign advertising, “The Tepper Sub: We quit on it halfway through.”

 

[SizzleBuzz]

1 hour ago, CRA said:

What would bankruptcy mean for all the property purchases by the LLC.  Pretty sure the same LLC here is the one buying up the land in Charlotte too isn’t? 

This is a good question ...

...in fact, the entity Tepper just put into bankruptcy also shows up as the owner of the 4.6 acre parcel near the stadium that was sold for $15.5 million late last year. 

[LinvilleGorge]

33 minutes ago, Tbe said:

Ruffalo put up this message on his sign advertising, “The Tepper Sub: We quit on it halfway through.”

 

[Mr. Scot]

2 hours ago, SizzleBuzz said:

What are your academic credentials?

I'd stack mine up against yours any day pal ...

I'm sure you would.

I'm also sure you'd be just as honest as you have been about your father and other things

But. with that said, I'm not desperately trying to convince anybody I'm smart or looking to prove anything to anyone (definitely not you)

Edited June 3, 2022 by Mr. Scot

[MitchConner]

On 4/19/2022 at 11:21 AM, Ja Rhule said:

Watch Tepper moving it to Fort Mill.  Rock Hill was a shitty spot anyways.

Fort Mill doesn’t have the land and why would anyone deal with Tepper now anyways?