David Tepper ‘Under Investigation’ Over Public Money

[Waldo]

10 minutes ago, Snake said:

You don't have to break it down for me. I know what I'm talking about. What shows me you know nothing about the situation is that you think Tepper wanted to be the bonder. Without writing a huge page on this and this is a large situation I will explain why Tepper became the bonding company and why that wasn't a favorable situation. 

Normally in a large construction project a bonding company is used to insure in case of default all contractors get paid. With the Rockhill project the city couldn't afford a bonding company and the state wasn't going to open up funds to make that possible. So Tepper took on that liability so the project couldn't move forward. Now he's under the microscope because as I assume Rockhill council mislead on how much capital they had for the project. So now the state is investigating him to see if he kept any of the states money and didn't pay the debts. I'm pretty sure Tepper kept meticulously good records because he was the bonding company. Thus why I said they will find nothing. They are hoping for a procedural mistake so they can open up civil litigation and remove fault of Rockhill. Because if they can't pierce the veil Rockhill will be exposed to litigation to all those contractors who didn't get paid. 

HAHAHAHA. You sweep under the rug Tepper's actions and intent while focusing on the obvious civil intent that is just fallout.

IDGAF about RH. I already called them incompetent and that was their part in this mess. Tepper played his part and you can rant about some poedunk city all you want but that doesn't change that fact. The favorable situation was Tepper getting a deal way beyond typical and did so in a way the circumvented the state oversight very intentionally. His team pitched it to RH that way.

[Panther'sBigD]

5 hours ago, blackcat said:

Read the article directly above your post.  Tep has agreed to give RH $20m, which is what they were seeking.  See article below, referring to how he has also settle with York County.  I know it's confusing, but Rock Hill and York County are not the same thing.

 

https://www.bizjournals.com/charlotte/news/2022/11/29/gt-real-estate-york-county-settlement-panthers-hq.html

LMAO, they're both parts of the same shithole, the first speed trap on the way to Charleston, so they get lumped together. And paying the $20MM they were seeking isn't exactly opening up the checkbook as Arsen insinuated. $20MM isn't much to put this thing to bed. 

[Aussie Tank]

3 hours ago, Snake said:

Rockhill has 4 councilman so don't sell me that it doesn't have an interest. Also I know what SLED is. I've worked with them many times. Rockhill wanted the project but ran out of money. This investigation is to see if state money was misused and it wasn't. What this is all about is opening up Tepper to a civil suit. What lawyers call "Piercing the corporate veil". I'm not going into detail about that because it would be above a lot of people's head. 

Definitely above mine 

[Snake]

4 hours ago, Aussie Tank said:

Definitely above mine 

Some above even mine. I understand the process but that's about it. Needless to say we can file it under mo money mo problems.

[Snake]

6 hours ago, Waldo said:

HAHAHAHA. You sweep under the rug Tepper's actions and intent while focusing on the obvious civil intent that is just fallout.

IDGAF about RH. I already called them incompetent and that was their part in this mess. Tepper played his part and you can rant about some poedunk city all you want but that doesn't change that fact. The favorable situation was Tepper getting a deal way beyond typical and did so in a way the circumvented the state oversight very intentionally. His team pitched it to RH that way.

You have no idea what you're talking about. I have swept nothing "under the rug". I simply explained the situation. Which you obviously are having a hard time grasping. There was no favorable situation. The most favorable thing that could have happened was the completion of said project. That didn't happen so it's devolved into a legal mess. Tepper didn't circumvent any government body. A construction project doesn't have state oversight unless done by the state. Which it wasn't. The only matter up for question is if the money was used and I doubt a billionaire was defrauding the state of South Carolina. Next time just admit you know nothing about what you are talking about and save us both the trouble. 

[Waldo]

8 hours ago, Snake said:

You have no idea what you're talking about. I have swept nothing "under the rug". I simply explained the situation. Which you obviously are having a hard time grasping. There was no favorable situation. The most favorable thing that could have happened was the completion of said project. That didn't happen so it's devolved into a legal mess. Tepper didn't circumvent any government body. A construction project doesn't have state oversight unless done by the state. Which it wasn't. The only matter up for question is if the money was used and I doubt a billionaire was defrauding the state of South Carolina. Next time just admit you know nothing about what you are talking about and save us both the trouble. 

[Waldo]

14 hours ago, Snake said:

You have no idea what you're talking about. I have swept nothing "under the rug". I simply explained the situation. Which you obviously are having a hard time grasping. There was no favorable situation. The most favorable thing that could have happened was the completion of said project. That didn't happen so it's devolved into a legal mess. Tepper didn't circumvent any government body. A construction project doesn't have state oversight unless done by the state. Which it wasn't. The only matter up for question is if the money was used and I doubt a billionaire was defrauding the state of South Carolina. Next time just admit you know nothing about what you are talking about and save us both the trouble. 

It was also my understanding that it was bonds to fund to the project and not bonds to insure the project. Link 

Thanks for playing. Sorry it took me so long to find the effort to do it for you.