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Panthers terminating Rock Hill project agreements

Dorian Gray

By Dorian Gray,
in Carolina Panthers

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Ja Rhule Grand Master

Ja Rhule

Posted
Posted
3 minutes ago, CRA said:

That’s always been my gut feeling.  Tepper essentially admitted and came into the NFL immediately believing  X, Y and Z were what needed to be done. Then time showed he was wrong on some of those beliefs.  I think the RH project is an example of that.   Time went on and it looked dumber and dumber to him.  

The report basically said when he saw a small crack to escape the contract, he darted for the exist.

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Ja Rhule Grand Master

Ja Rhule

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Just now, mrcompletely11 said:

I dont get how tepper looks bad in this.  He made the deal with RH and they essentially backed out midway through.   He is light years ahead of a poo town named Rock Hill in making these types of deals.  He twisted them up and when they figured they got the short end of the stick it was too late

RH got played by Tepper.  He asked them to hold and did not liked the time of bond they were getting.

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Davidson Deac II Grand Master

Davidson Deac II

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5 minutes ago, Ornias said:

This is a bad look for both Tepper and York county. I am guessing that Rock Hill attempted a rug pull half way through assuming Tepper would be to invested to pull out. 

Its definitely bad PR for Tepper, probably moreso than Rock Hill/York County.  Regardless of what really went down, it looks bad from the outside for Tepper.  If the team starts turning things around and winning games, probably won't matter much in the long run.  But if they don't, then the list of negatives is going to start piling up.  

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Ja Rhule Grand Master

Ja Rhule

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Just now, mrcompletely11 said:

Small crack?  They didnt want to pay their part.  Some of you guys need to do some more research before you post in here

They did.  They were ready to secure the bond but were told to hold off.  Go on first few pages and read.  There’s a reason he’s doing bankruptcy on his real estate company.  So he won’t get sued.

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CRA Grand Master

CRA

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6 minutes ago, mrcompletely11 said:

I dont get how tepper looks bad in this.  He made the deal with RH and they essentially backed out midway through.   He is light years ahead of a poo town named Rock Hill in making these types of deals.  He twisted them up and when they figured they got the short end of the stick it was too late

I mean, you sort of answered the question. 
 

he is the owner of the Carolina Panthers.  So, looking to twist up small time RH in some poo deal….doesn’t seem like the ideal move if you don’t want to look bad in your community.   And whatever you think of SC….that’s his market/community.  Especially one that is essentially a Charlotte suburb as this point. 

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GRWatcher Mentor

GRWatcher

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https://sports.yahoo.com/york-county-wants-funds-returned-173641409.html?src=rss

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On Thursday morning, York County issued a statement noting the bankruptcy protection lists the county as one of the creditors. That’s because of GT Real Estate’s and the county’s agreement to upgrade a section of Mt. Gallant Road bordering the new headquarters property, according to the county release. The county put up $21 million for the project, the release states.

“We believe those funds will be returned in full with interest, and county taxpayers are protected,” the county said in its news release. “We were prepared for this action, and fully expect a positive outcome for our citizens.”

 

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CRA Grand Master

CRA

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6 minutes ago, SizzleBuzz said:

#FakeNews

how do you know that.   

Tepper and company have been asked about that allegation and have refused to comment.  I believe that still holds true to date.  So how do you know it isn’t true if Tepper is unwilling to comment when specifically asked?

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Davidson Deac II Grand Master

Davidson Deac II

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39 minutes ago, mrcompletely11 said:

I dont get how tepper looks bad in this.  He made the deal with RH and they essentially backed out midway through.   He is light years ahead of a poo town named Rock Hill in making these types of deals.  He twisted them up and when they figured they got the short end of the stick it was too late

Tepper is a multibillionaire and a NFL owner.  PR is going to be worse for him regardless of who is right and who is wrong.  

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TheSpecialJuan Grand Master

TheSpecialJuan

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The Chapter 11 filing lists contractor Mascaro/Barton Malow as the largest creditor, with an unsecured claim of $26,809,900, which the document notes is disputed. Also disputed is the second-largest claim, $20 million from York County, S.C., that is listed as unsecured. And architect Populous’ $784,534 unsecured claim is also listed as disputed.

The league has very conservative finance rules, though they apparently won’t apply to a bankruptcy filing by an owner’s company unconnected legally to the team. GT Real Estate is registered in North Carolina.

Its 2022 annual report filed with the secretary of state lists Tepper as the only officer, with no mention of the team or his sports holding company. Its 2019 organizing registration filed with the state was signed by Jeffrey Kaplan, an executive at Tepper’s hedge fund company.

But the league could be concerned about the image of its wealthiest owner using the bankruptcy code to avoid paying, at least fully, contractors he hired, did work, and then weren’t needed.

https://theathletic.com/3345348/2022/06/01/panthers-david-tepper-rock-hill-bankruptcy/

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