Panthers terminating Rock Hill project agreements

[SizzleBuzz]

2 minutes ago, CRA said:

bonds require investors.  they are the ones putting up the money.  RH’s complaint early on was when they would request info on the project (for investors) and Tepper Sports would go silent.  The additional details on the project were needed to attract the investors.   So again.  Tepper Sports would then be part of the delay.  

Where did you read this?

The bonds in question were to be supported by various tax revenues from the City of Rock Hill...in no way do they hing on "the project".

As such, the "details on the project" aren't of concern to investors -- only the predictability/probability of the stream of tax-revenues in question.

[Tbe]

9 minutes ago, CRA said:

You just keep repeating the question.  Which also means you haven’t really listened to any allegation that folks have had about how Tepper has gone about doing  business. 

bonds require investors.  they are the ones putting up the money.  RH’s complaint early on was when they would request info on the project (for investors) and Tepper Sports would go silent.  The additional details on the project were needed to attract the investors.

I doubt this ends up being true.

RH was paying for the public infrastructure needed for the property. Infrastructure bonds are tied to the muni’s tax base since infrastructure doesn’t generate revenue. The ability for the town to pay is all that matters to investors.

York county is also stating in their lawsuit that RH agreed they needed Yorks’ assistance to secure financing but ultimately didn’t accept the county’s help. The reason is not known.
 

 

[CRA]

30 minutes ago, SizzleBuzz said:

Where did you read this?

The bonds in question were to be supported by various tax revenues from the City of Rock Hill...in no way do they hing on "the project".

As such, the "details on the project" aren't of concern to investors -- only the predictability/probability of the stream of tax-revenues in question.

The agreement states that the city’s “reasonable best efforts” would not require Rock Hill to “pledge, use or contribute any funds, revenues or assets” to repay the bonds.

The agreement states the city’s “reasonable best efforts” to issue the bonds should not be construed as “an assurance or guarantee by the city that there will be a buyer for any of the bonds.”

https://amp.charlotteobserver.com/sports/nfl/carolina-panthers/article260804372.html

Much of the flap stems from the fact that the parties didn’t agree on a key issue: Who gets stuck repaying the bond investors should the project not work financially?

https://businessnc.com/tepper-york-county-battle-over-a-football-inspired-center/

they needed investors to buy the bonds.  It was probably the first thing/issue RH spoke on.  The complaint Tepper was not giving them project details as they tried to work on investors. 

with all that mess in the contract and on the table …and Tepper just starts building poo?  Hard to say he is blameless for why there is a half constructed piece of nothing standing tall.  Guess the we will figure it out later approach proved to be dumb.  

[poundaway]

7 hours ago, Tbe said:

Interesting allegations from York County in the lawsuit. 

 

57. TERMINATION OF THE PROJECT Originally, the City of Rock Hill was obligated to issue the bonds by October 2020. That date was subsequently amended to February 26, 2021.  
 

58. However, the City did not issue the bonds by February 26, 2021.
59. Following the City’s missed deadline, the Tepper Defendants approached York County and the City of Rock Hill to discuss the City’s ability or inability to issue the required bonds. A meeting was held with the Tepper Defendants, the City of Rock Hill, and York County in attendance.
 

60. At that meeting and in subsequent meetings, it was agreed by all parties including the City of Rock Hill that it was advisable and necessary to obtain York County’s assistance in obtaining the bond financing required of the City of Rock Hill by the various agreements. 61. All parties agreed that the Tepper Defendants would request the financial intervention from the County.

62. However, despite the City’s previous agreement for the Tepper Defendants to pursue such an arrangement, the City of Rock Hill publicly refused to accept the financial assistance they acknowledged was needed and desirable.  63. 64. The City did not accept the County’s assistance and failed to issue the bonds. On or about March 7, 2022, the Tepper Defendants announced that they were pausing construction on the Project. At that time, the Tepper Defendants alleged that the City of Rock Hill had been unable to come up with the promised $225 million in bond proceeds. 65. In contrast, the City of Rock Hill accused GTRE and the Tepper Defendants of breaching their agreements themselves and failing to cooperate with the City and its bond underwriters to facilitate the bond issuances. 66. Prior to these pronouncements, in early 2022, the Tepper Defendants, including Appaloosa Management and its CFO Michael Palmer, again approached York County in an attempt to structure an alternative financial arrangement and continue the Project.  
 

67. In fact, the Tepper Defendants – including representatives of Defendant
 68. Going above and beyond its commitment to the Project, York County Council passed its own resolution on March 21, 2022, authorizing County personnel to pursue an arrangement to save the Project. 69. This time, perhaps sensing its time was up and the imminent collapse of the Project, the City of Rock Hill agreed to York County’s assistance.  70. 71. However, no such arrangement was reached. On April 19, 2022, the Tepper Defendants announced that they had terminated GTRE’s agreements with the City of Rock Hill. 72. 73. On June 1, 2022, GTRE filed for Chapter 11 Bankruptcy. 

Did you read this @CRA?

You keep saying everyone is at fault but then ignore the information coming out.  Why?  Because you so desperately want to hate on Tepper.

Tepper has not produced as owner and has made some horrible decisions.  But even when all the evidence is pointing at ANYONE else, you then switch to:  "oh well everyone is at fault".

You will never, ever admit, that this ones all on RH.  They missed their deadline.  It was moved.  They missed that deadline.  They refused help from the county.

[poundaway]

7 hours ago, CRA said:

The agreement states that the city’s “reasonable best efforts” would not require Rock Hill to “pledge, use or contribute any funds, revenues or assets” to repay the bonds.

The agreement states the city’s “reasonable best efforts” to issue the bonds should not be construed as “an assurance or guarantee by the city that there will be a buyer for any of the bonds.”

https://amp.charlotteobserver.com/sports/nfl/carolina-panthers/article260804372.html

Much of the flap stems from the fact that the parties didn’t agree on a key issue: Who gets stuck repaying the bond investors should the project not work financially?

https://businessnc.com/tepper-york-county-battle-over-a-football-inspired-center/

they needed investors to buy the bonds.  It was probably the first thing/issue RH spoke on.  The complaint Tepper was not giving them project details as they tried to work on investors. 

with all that mess in the contract and on the table …and Tepper just starts building poo?  Hard to say he is blameless for why there is a half constructed piece of nothing standing tall.  Guess the we will figure it out later approach proved to be dumb.  

Refusing county help after agreeing verbally to it, is NOT “reasonable best efforts”.

Edited June 12, 2022 by poundaway

[CRA]

1 hour ago, poundaway said:

Did you read this @CRA?

You keep saying everyone is at fault but then ignore the information coming out.  Why?  Because you so desperately want to hate on Tepper.

Tepper has not produced as owner and has made some horrible decisions.  But even when all the evidence is pointing at ANYONE else, you then switch to:  "oh well everyone is at fault".

You will never, ever admit, that this ones all on RH.  They missed their deadline.  It was moved.  They missed that deadline.  They refused help from the county.

Nothing about the York County lawsuit proves this whole nightmare falls on one party.   I’m not ignoring anything.  I simply won’t cherry pick one statement as true and them deem everything else nonexistent.

And I haven’t switched diddly up.  I’ve always maintained all parties are at fault and should be held accountable.  They won’t.  But they should.  2 people want a carve out for Tepper despite RH and YC making legit accusations he is part of the clusterfug.  Time could clear Tepper.  Time could clear other folks.  That’s not today.  

Feel free to excuse anyone you want.  Tepper, McMaster, Rock Hill, York County are all to blame in my book.   My percentage of blame for each might vary in the end.   Someone might get excused.  That’s certainly isn’t today. 

[SizzleBuzz]

21 hours ago, TheSpecialJuan said:

Are those 2 official representatives of you Carolina Panthers?

[SizzleBuzz]

3 hours ago, CRA said:

 I’ve always maintained all parties are at fault and should be held accountable.

All-day every-day The Delaware Court of Chancery adjudicates disputes WAY more complex and larger in scale than this little kerfuffle you're using to smear Tepper -- this one will be child's play for The Court and all responsible parties will be held accountable.  

 

3 hours ago, CRA said:

They won’t.

Yes they will.

That's how The Delaware Court of Chancery works .

[CRA]

41 minutes ago, SizzleBuzz said:

All-day every-day The Delaware Court of Chancery adjudicates disputes WAY more complex and larger in scale than this little kerfuffle you're using to smear Tepper -- this one will be child's play for The Court and all responsible parties will be held accountable.  

 

Smearing Tepper….by saying he is partially to blame for the failed project along with RH, York County, McMaster, etc. lol

You just have a Tepper fetish.  Simple as that. 

[poundaway]

6 minutes ago, CRA said:

You just have a Tepper fetish.

 

 

LOL   Look in the mirror buddy.

[CRA]

33 minutes ago, poundaway said:

 

 

LOL   Look in the mirror buddy.

I mean Tepper has sucked massively as an owner.  It comes up a lot.  I’m not in denial about either of those two things lol. 

Your the one in the denial about your behavior on the board.  And frankly, there is no longer any entertainment in replying to you.   Enjoy your time here. 

[SizzleBuzz]

5 hours ago, CRA said:

Nothing about the York County lawsuit proves this whole nightmare falls on one party.

It sure does. 

 

5 hours ago, CRA said:

I’m not ignoring anything.

Clearly you are ignoring the entire 22-page suit filed by York Co.  It is perfectly clear that York Co. and GT Real Estate Holdings partnered up and repeatedly attempted to save City of Rock Hill from itself…but city pol’s proved to be too obstinate and foolishly blew the whole thing up.

 

Edited June 12, 2022 by SizzleBuzz

[CRA]

22 minutes ago, SizzleBuzz said:

It sure does. 

 

Clearly you are ignoring the entire 22-page suit filed by York Co.  It is perfectly clear that York Co. and GT Real Estate Holdings partnered up and repeatedly attempted to save City of Rock Hill from itself…but city pol’s proved to be too obstinate and foolishly blew the whole thing up.

 

One person filing a lawsuit doesn’t prove anything.  If RH filed a lawsuit first on Tepper would it make whatever they alleged true? 

the York County lawsuit also alleged Tepper wasn’t operating in a manner he should of.   The York County money. The York County lawsuits also echos some of RH’s complaints that Tepper wasn’t working with RH on actually getting the bonds done.  

you are picking and choose which allegations you want to have truth to them and ignoring one’s you don’t want to be have truth to them.  Can’t do that.  Billionaires and politicians have a lot in common. Foolish to just believe them out the gate when their is a nightmare on the table lol.  I don’t believe any of them.  Truth is probably a mix of everyone’s half truths. 

[poundaway]

51 minutes ago, CRA said:

  I don’t believe any of them.

And that's what it comes down to. You aren't waiting for some evidence to change your mind.  You've already made it up, as you've said from the beginning.

There is no evidence on this earth that would get you to say the Rock Hill caused the end of the project.  Even if York county called you on the phone and said "Rock Hill killed the project", or Rock Hill came out and said "We f'd up and killed the project"...you wouldn't believe it.  You'd say Tepper paid them to say it.