Meanwhile in bankruptcy court...

[Tbe]

If Rhule and Baker can’t get it together this year, Tepper’s time so far will have been an unmitigated disaster.

The only bright spot would be outside football - Creation of Charlotte FC.

 

[CRA]

GTRE also says $20M will be available to city of Rock Hill, stemming from the sale of the 240-acre property 

Can someone translate why they doing that 

[frankw]

[hepcat]

this is how billionaires become billionaires. creative use of bankruptcy law

[top dawg]

I think that an attorney who actually deals in property and contract law would be able to give us better insight than Huddlers using it for fodder to berate Tepper. 

It's not like the man is going broke or something. He's just doing what rich people do when things don't go their way I'd imagine. 

[Jon Snow]

17 minutes ago, Proudiddy said:

Remember when he bragged about how it was gonna be bigger and better and more advanced than the Avengers headquarters? 

And someone correct me if I'm wrong, but I thought the original story was that York Co./Rock Hill defaulted and that's why building was stopped.  So, if that was the case, how tf does Tepper's real estate firm owe them money after the settlement?

My guess it's to pay off contractors that are caught up in this debacle. How and why the two state entities are being reimbursed is a mystery.  It could be to pay their contractors involved in this? 

In any case it was the right thing to do on his part regardless of RH's part in it.

Tepper could afford to do this on his own just as other developers do. The infrastructure outside of Tepper World is entirely up to the state/county, however it works in SC. If he counted the state to kick in money in advance on a handshake deal with Rock Hill then he hasn't done business with government before. 

[Panthercougar68]

10 minutes ago, top dawg said:

I think that an attorney who actually deals in property and contract law would be able to give us better insight than Huddlers using it for fodder to berate Tepper. 

It's not like the man is going broke or something. He's just doing what rich people do when things don't go their way I'd imagine. 

From what Erik Spanberg says…everyone is getting paid what everyone is owed.

Charlotte business journal paints it as resolution

Huddle Norms take it as sky r falling.

Im going with business journal.

Edited August 11, 2022 by Panthercougar68

[thefuzz]

1 hour ago, Mr. Scot said:

Odd given that the team he used to be a part of isn't as big on the fancy stuff and tends to concentrate more on the actual football side of things.

It's almost like he can't learn anything and doesn't have any common sense.

He has been a disappointment from day 1 here, I'm actually not 100% sure what he could have done worse, outside of trying to move the team.

[CRA]

25 minutes ago, Panthercougar68 said:

From what Erik Spanberg says…everyone is getting paid what everyone is owed.

Charlotte business journal paints it as resolution

Huddle Norms take it as sky r falling.

Im going with business journal.

the contractors and York County make sense.  It's what they were owed and listed at. 

if I am not mistaken, did Tepper's folk list RH as like a $750 creditor awhile back.  I would just be curious how less than a thousand dollars turned into $20 million. 

[Mr. Scot]

28 minutes ago, Panthercougar68 said:

From what Erik Spanberg says…everyone is getting paid what everyone is owed.

Charlotte business journal paints it as resolution

Huddle Norms take it as sky r falling.

Im going with business journal.

As I recall though, not paying back those things was one of the reasons they filed bankruptcy in the first place.

(hence the lawsuits)

Edited August 11, 2022 by Mr. Scot

[Mr. Scot]

So after all the talk about how we were going to have this amazing state-of-the-art practice facility that would be the envy of the league and have a bunch of other neat stuff around it, back to the status quo.

No matter how you spin it, that's kind of embarrassing.

Definitely not what anybody would call "winning"...

Edited August 11, 2022 by Mr. Scot

[gofightwin]

23 minutes ago, Mr. Scot said:

As I recall though, not paying back those things was one of the reasons they filed bankruptcy in the first place.

(hence the lawsuits)

They filed bankruptcy so they don't have to pay for other contracts they signed for future work.  They never said they weren't going to pay for work done. They said from the beginning that want to pay everyone who is owed.  But there was probably 500mil more of contract that were awarded for work on site that was never started and if they didn't file bankruptcy, those with contracts could come after their money.  Chapter 11 is a finances reorg to pay of debts and cancel contracts.

[gofightwin]

1 hour ago, CRA said:

GTRE also says $20M will be available to city of Rock Hill, stemming from the sale of the 240-acre property 

Can someone translate why they doing that 

If Rock Hill accepts payment, there is probably no lawsuit. A STFU and go away parting gift. It would cost more in time and lawyer fees to drag this on.  

Edited August 11, 2022 by gofightwin

[Mr. Scot]

21 minutes ago, gofightwin said:

They filed bankruptcy so they don't have to pay for other contracts they signed for future work.  They never said they weren't going to pay for work done. They said from the beginning that want to pay everyone who is owed.  But there was probably 500mil more of contract that were awarded for work on site that was never started and if they didn't file bankruptcy, those with contracts could come after their money.  Chapter 11 is a finances reorg to pay of debts and cancel contracts.

I looked back at some of the original stories but don't see any mention of future projects.

Did see this regarding the lawsuit (link)

York County has filed a lawsuit against several of Carolina Panthers owner David Tepper’s organizations and the city of Rock Hill over the “misappropriation” of $21 million in funds tied to the team facility that was under construction in Rock Hill.

County leaders allege in the lawsuit the Tepper Defendants “improperly utilized these funds on their failed vanity project, the Carolina Panthers’ headquarters and practice facility.”

“Both the City and the Tepper Defendants have harmed York County and its taxpayers, and the County should be made whole,” court documents state.

They were seeking 21 million ar rhe time, and the story now says Tepper's company is willing to pay them 20 million.

Offering one million less does sound like kind of a 'f--k you' move.