Panthers terminating Rock Hill project agreements

[SizzleBuzz]

6 hours ago, CRA said:

RH made the accusations about the bond mess and Teppers part.

"accusations" and $5.14 will get you a vente mocha at Starbucks.

 

6 hours ago, CRA said:

I’m saying both them likely have fault and fugged this thing up.

Nonsense.  It was Rock Hill's responsibility to float the bonds.

 

6 hours ago, CRA said:

This was new for RH AND Tepper. 

Surely you are kidding .  Less than a handful of investors globally are as well-versed in the credit markets as Tepper.

 

6 hours ago, CRA said:

...I’m merely saying both are likely to blame for it falling apart.

Why do you think this?

The bonds in question are in no way tied to revenues from the Panthers facility -- they are strictly the obligation of Rock Hill.

Here's an accurate quote from Will Folks of FitsNews:

"According to my sources, Rock Hill is “over-leveraged” and simply unable to issue this debt – at least not without having to settle for junk bond rates. In fact, even after the total obligation for the project was reportedly cut nearly in half – to $135 million – the city still couldn’t get the financing for the bonds at a competitive rate."

https://www.fitsnews.com/2021/05/14/carolina-panthers-deal-rock-hill-sc-is-coming-up-short/

 

Edited June 11, 2022 by SizzleBuzz

[Tbe]

30 minutes ago, CRA said:

Also sounds like a point of contention was who would be left holding the bag on the bonds….if the project didn’t actually have the impact to the area it was initially said to be bringing.  

 

Only the issuer would be holding the bag. Not like voters ever hold anyone accountable for past bond projects though.

[Tbe]

9 minutes ago, Mr. Scot said:

Possible.

Either way, if Tepper comes out of this looking like a bad faith negotiator, it complicates any future requests he might try to make for public money.

Complicates it for him. He can’t afford another bad PR event. He loses a lot of negotiating power with CLT because of this.

[SizzleBuzz]

33 minutes ago, Tbe said:

He can’t afford another bad PR event

Actually, he can...

 

33 minutes ago, Tbe said:

He loses a lot of negotiating power with CLT because of this.

The moronic Charloot City Council are sheep waiting to be shorn...

...they are devoid of any ability to "negotiate" .

[SizzleBuzz]

48 minutes ago, Tbe said:

1 hour ago, CRA said:

Also sounds like a point of contention was who would be left holding the bag on the bonds….if the project didn’t actually have the impact to the area it was initially said to be bringing.  

 

Only the issuer would be holding the bag. Not like voters ever hold anyone accountable for past bond projects though.

Exactly.

Whether or not the "project" has "the impact to the area" the grandstanding politicians suggested it would is of z-e-r-o consequence and has z-e-r-o impact on the obligation to meet each and every bond-payment over the course of time.

These were not revenue-bonds tied to the project at hand, these bonds were meant to be paid out of various tax-streams of the City of Rock Hill.

In fact, SC Senator Dick Harpootlian hired an economist to vet the economic impact claims made by the knothead Rock Hill pol's and her analysis completely shot down said claims -- yet the Rock Hill pol's charged headlong into the deal anyway .

"Harpootlian said he hired Rebecca Gunnlaugsson, the S.C. Department of Commerce’s former chief economist and now an analyst with a conservative think tank, to review the Commerce Department’s analysis of the Panthers deal. The department found the project’s total economic impact — including state revenue, private economic investment and jobs created — would reach $3.8 billion within 15 years.
n her analysis, Gunnlaugsson estimates the Commerce Department’s projected economic impact is overstated by nearly $2.7 billion, relying on assumptions all 150 Panthers players, coaches, staff and owners will move to South Carolina. Gunnlaugsson said the move actually will create only 208 jobs, instead of the 5,715 promised."

https://www.thestate.com/news/politics-government/article229073114.html

Edited June 11, 2022 by SizzleBuzz

[poundaway]

3 hours ago, Tbe said:

 I think RH realized it couldn’t issue the bonds at the interest rate they wanted and/or without hurting their credit rating. Based on their contract with Tepper, they had the legal out. I bet they counted on him just eating it since the project was so far along.

 

 

Yup.

[CRA]

1 hour ago, SizzleBuzz said:

"accusations" and $5.14 will get you a vente mocha at Starbucks.

 

Nonsense.  It was Rock Hill's responsibility to float the bonds.

 

Surely you are kidding .  Less than a handful of investors globally are as well-versed in the credit markets as Tepper.

 

Why do you think this?

The bonds in question are in no way tied to revenues from the Panthers facility -- they are strictly the obligation of Rock Hill.

Here's an accurate quote from Will Folks of FitsNews:

"According to my sources, Rock Hill is “over-leveraged” and simply unable to issue this debt – at least not without having to settle for junk bond rates. In fact, even after the total obligation for the project was reportedly cut nearly in half – to $135 million – the city still couldn’t get the financing for the bonds at a competitive rate."

https://www.fitsnews.com/2021/05/14/carolina-panthers-deal-rock-hill-sc-is-coming-up-short/

 

Everyone makes accusations. Tepper makes them.  Rock Hill makes them. York County makes them.   Can’t pick and choose that only one persons are legit and the others all are lies.  People have to actually address the accusations.  Which frankly none have really had too.  

 

 

 

 

[SizzleBuzz]

19 minutes ago, CRA said:

Everyone makes accusations. Tepper makes them.  Rock Hill makes them. York County makes them.   Can’t pick and choose that only one persons are legit and the others all are lies.  People have to actually address the accusations.  Which frankly none have really had too.  

 

 

 

 

Follow the money...

...or shall we say, lack thereof .

[Doyle]

This entire thing is Ambassador Cartwrights fault.  

[SizzleBuzz]

9 hours ago, CRA said:

Everyone makes accusations. Tepper makes them.  Rock Hill makes them. York County makes them.

True statement...reminds me of that broken clock that's right twice per day.  

 

9 hours ago, CRA said:

Can’t pick and choose that only one persons are legit and the others all are lies.

Sure you can.  

The intricacies of this sort of project are simple child's play for Tepper.  

For Rock Hill pol's it is highly complex and clearly WAY above their pay grade.

York County exec's seem a bit more sophisticated than the Rock Hillians but still challenged by the material.  

 

9 hours ago, CRA said:

People have to actually address the accusations.  Which frankly none have really had too.  

They will, and soon.  

Tepper put the project into bankruptcy for this exact reason -- let's all get in front of a judge and see who is right, and who is wrong. 

If it were a horse race who would you bet on?

[CRA]

9 hours ago, SizzleBuzz said:

Follow the money...

...or shall we say, lack thereof .

it’s clear RH had no intention of playing the role as Tepper defined it in his press statements.  

Again.  I have never not said RH was at at fault and shouldn’t of been in this from the jump.   

that doesn’t make Tepper squeaky clean.  The conversation  and understanding between the parties clearly matters.  We have very little there.  Almost Nothing.  Sure doesn’t seem as black and white as Tepper’s said claims IMO.  

I doubt York County and Rock Hill’s positions are complete fantasy.   

 

[CRA]

33 minutes ago, SizzleBuzz said:

 

They will, and soon.  

 

That is what I have argued people need BEFORE they release Tepper from all blame on the clusterfug.  

and I doubt it will be soon.   Clusterfugs of this scale generally are a mess with a lot of people to blame.  Not one party. 

[TheSpecialJuan]

[TheSpecialJuan]