Panthers terminating Rock Hill project agreements

[poundaway]

2 minutes ago, Mr. Scot said:

Tepper technically had nothing to do with Richardson being removed. He just bought the team after it happened.

As a side note, I'm not sure how anyone buys the idea that Marty didn't know about the stuff Richardson was doing.

If we're going to be technical, then.....technically, the question wasn't "What Tepper has himself improved".

[Jon Snow]

[raleigh-panther]

1 hour ago, Mr. Scot said:

Tepper technically had nothing to do with Richardson being removed. He just bought the team after it happened.

As a side note, I'm not sure how anyone buys the idea that Marty didn't know about the stuff Richardson was doing.

That’s probably why JR called him back the second time….he did know 

Most likely Gettleman knew too as did Ron, things like that don’t stay quiet in a small workplace 

I sometimes wonder with JR if it was old age dementia or if he had always been a lecherous piece of crap   

[GRWatcher]

8 hours ago, Mr. Scot said:

Valid question...

The statue of Richardson is no longer in a public place. That's a plus.

[Ja Rhule]

York county said they spent $21M per Tepper request to make I77 5 lanes and they have a protection against default/bankruptcy so sounds like Tepper will have to pay York county $21M.

[SizzleBuzz]

14 hours ago, Mr. Scot said:

It was never part of the plan.

Sure it was.

 

14 hours ago, Mr. Scot said:

Tepper is doing this so that he can avoid having to pay everything that's currently owed to the people that did work on the facility up to now.

Nonsense...

 

14 hours ago, Mr. Scot said:

And if you think you factor into my decision making, don't flatter yourself 

Decision making?  

[SizzleBuzz]

14 hours ago, Pimpdaddy said:

Tep looking like a real sleazeball. If you think he made those billions not screwing someone over...

https://drive.google.com/file/d/1_8BrC74ioh-w7c_46zg7M6ar3MUSu3F3/view

The full list of creditors (only 17) is on page-13 of the document linked above...

...who do you figure ends up getting "screwed"?

 

[Mr. Scot]

2 minutes ago, SizzleBuzz said:

Sure it was.

Nonsense...

Decision making?  

Dude, if you can't even come up with a half decent response (and we all know you can't) don't bother.

[Tbe]

19 minutes ago, SizzleBuzz said:

https://drive.google.com/file/d/1_8BrC74ioh-w7c_46zg7M6ar3MUSu3F3/view

The full list of creditors (only 17) is on page-13 of the document linked above...

...who do you figure ends up getting "screwed"?

 

So it looks like he’s disputing claims from York County, the architect, and the construction company out of PA.

About to get uglier with York County. 
 

 

[CRA]

1 hour ago, SizzleBuzz said:

https://drive.google.com/file/d/1_8BrC74ioh-w7c_46zg7M6ar3MUSu3F3/view

The full list of creditors (only 17) is on page-13 of the document linked above...

...who do you figure ends up getting "screwed"?

 

You do realize that these bankruptcy proceedings generally don’t pay everyone all that they are owed?  
 

some is better than none though.  But yeah, people most likely get screwed. 

[Jackie Lee]

55 minutes ago, Tbe said:

So it looks like he’s disputing claims from York County, the architect, and the construction company out of PA.

About to get uglier with York County. 
 

 

So the biggest construction contract didn't even go to a Carolina company? 

[Tbe]

14 minutes ago, Jackie Lee said:

So the biggest construction contract didn't even go to a Carolina company? 

I guess. At least the largest contract that hasn’t been fully paid.

It does explain all that talk about contractors and other workers moving down to RH for this project. 
 

If these local govs are going to give sweet deals to corporations, they should at least stipulate that local or regional suppliers and contractors be used.

[SizzleBuzz]

1 hour ago, Mr. Scot said:

Dude, if you can't even come up with a half decent response (and we all know you can't) don't bother.

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 .

Edited June 3, 2022 by SizzleBuzz

[Brooklyn 3.0]

Someone should deep dive into Tepper's past business dealings/mergers/buyouts, etc. I bet he's got some stuff he'd rather no one know about.