Panthers settle practice site suit for $100 million

[Waldo]

34 minutes ago, onmyown said:

To put this very simply - this was a settlement to avoid liability/lawsuits. That doesn’t mean at all the premise for wrong doing wasn’t there, in fact quite the obvious for the basic reason that people in the right don’t settle.

Why would they? It would cost a poo ton less even with the best lawyers to prove you’re in the right legally. In fact, probably 5% or less.

But some here can’t read between lines and think a savvy  businessman who’s made financial decisions with otherworldly precision his whole life said fug that I will pay 95% more than I have to because ?…THE Rock Hill SC politicians and media? Lol

Y’all must live a rough and confusing life.

And he’s still under investigation for fraud which unless there is a go getter straight shooter running that (and anyone above him as well), will probably be paid off (or has in a way, already).

If he could have save 10 mil by spending 90 mil on legal fees to win his case he wouldn't have settled for 100 mil. 90 mil buys a ton of legal services yet it wasn't enough to get him out of this mess? Any rational way you look at it the floor is massive failure and only gets worse. 

I do doubt they find anything criminal IMO but just a holy crap bad deal that should never have been asked for or given. So bad that they have to look at it for any criminal activity. 

21 minutes ago, Panthercougar68 said:

He’s actually not because I have it on good authority they have closed the investigation and just haven’t announced it yet.

@Snakehas been pretty dead on about this whole thing in general and how it’s mostly Rock Hills fault.

Snake still thinks the bonds not issued were for insurance and not municipal bonds to raise funds. So no, not really. 

[Tbe]

1 hour ago, Waldo said:

In civil court. He was being sued. This was settlement so he could peoceed with bankruptcy proceedings. The lawsuit from York county was a civil suit.

It was bankruptcy court. They ‘sued’ to have a claim in the bankruptcy.

“YORK COUNTY, S.C. — A federal judge approved a bankruptcy settlement of about $100 million Friday

All sides agreed to drop their current lawsuits and not file any other claims as part of the deal approved Friday by federal bankruptcy court Judge Karen Owens.“

The settlement was in regards to who will get paid from the available funds.

The bankruptcy is now over and all civil suits are dropped.

 

[Waldo]

2 hours ago, Tbe said:

It was bankruptcy court. They ‘sued’ to have a claim in the bankruptcy.

“YORK COUNTY, S.C. — A federal judge approved a bankruptcy settlement of about $100 million Friday

All sides agreed to drop their current lawsuits and not file any other claims as part of the deal approved Friday by federal bankruptcy court Judge Karen Owens.“

The settlement was in regards to who will get paid from the available funds.

The bankruptcy is now over and all civil suits are dropped.

 

The civil lawsuits were filed in civil court in protest of the bankruptcy proceeding and is what allows them to be debtors in those proceedings. Link

'In the first lawsuit filed in June in South Carolina federal court, York County alleged DT Sports Holding, Tepper Sports Holding and Appaloosa Management were engaged in a conspiracy to misappropriate the $21 million. That suit, which called the failed practice site a “vanity project,” named Appaloosa Management LP, DT Sports Holding, Tepper Sports Holding Inc, and the City of Rock Hill as defendants. In that civil lawsuit, York County alleged Tepper’s companies directed misappropriation of $21 million. Tepper is one of the founders of Appaloosa Management.

Then in September, York County filed a second lawsuit against GT Real Estate. In that lawsuit, York County claimed GT “squandered” the $21 million and converted it for “others’ improper use and unjust enrichment.”

Tepper companies denied all those claims and filed countersuits against York County.'

I get it's over but in the end he was sued and settled because he owed those damages which is not a win. The $81 million payment to York after they sued for $21 million (as stated above) is also very interesting as Scot stated earlier. It's done in court obviously but you have to admit you don't actually expect it to go away when the owner will be talking about a new stadium at some point or when he decides to actually build a team facilities beyond the practice bubble JR wouldn't even splurge for. 

 

 

[BIGH2001]

23 hours ago, ickmule said:

/cdn-cgi/mirage/140d0a7721d461ba74b43455d574b2641b5f776881bac14b2b266749d85cd8bd/1280/https://www.carolinahuddle.com/uploads/monthly_2022_12/67CA25A9-0A71-4A29-8E5C-E1C19DAAD360.thumb.jpeg.319bf3b335209bd5bc38069acd7edf4f.jpeg

A well-timed version of this never ages lol

[BIGH2001]

9 hours ago, Tbe said:

It was bankruptcy court. They ‘sued’ to have a claim in the bankruptcy.

“YORK COUNTY, S.C. — A federal judge approved a bankruptcy settlement of about $100 million Friday

All sides agreed to drop their current lawsuits and not file any other claims as part of the deal approved Friday by federal bankruptcy court Judge Karen Owens.“

The settlement was in regards to who will get paid from the available funds.

The bankruptcy is now over and all civil suits are dropped.

 

You can’t proceed with a civil suit while bankruptcy is pending due to the automatic stay. Creditors really had no choice but to join the bankruptcy if they wanted to have their claims settled. So yeah if not for Tepper filing bankruptcy (probably to stop and streamline all the potential civil suits) this would have played out in a different arena. 

[Move the Panthers to Raleigh]

13 hours ago, Krovvy said:

How are fans still boot licking?

Because there are still a large amount of people in this country who idolize billionaires. Like the clowns who love Elon Musk 

[Smithers]

On 12/16/2022 at 9:45 PM, Cullenator said:

The huddle MBAs are here to tell us how to run multi billion dollar organizations

Yep.  That settlement is nothing more to Tepper than a nice tax write off 

[YourLastThought]

On 12/16/2022 at 9:45 PM, Cullenator said:

The huddle MBAs are here to tell us how to run multi billion dollar organizations

After reading this thread I noticed how correct you were and it made me laugh! More or less true comment of the year candidate there.

[JVic]

23 hours ago, GuessWhosBack said:

To a multi billionaire that's like two hundred n sumthing dollars, so he basically bought a ticket to this Sunday's Game vs the Steelers...

This isn't how Billionaires think - every dollar matters.  And he probably watched the game rooting for the Steelers like everyone else in OUR stadium today.  Pathetic.   

[Cullenator]

1 minute ago, JVic said:

This isn't how Billionaires think - every dollar matters.  And he probably watched the game rooting for the Steelers like everyone else in OUR stadium today.  Pathetic.   

Are you a billionaire?  I mean you are trying to tell us how they think so you must have some knowledge that would give you authority to make that statement.

[KatsAzz]

3 minutes ago, JVic said:

This isn't how Billionaires think - every dollar matters.  And he probably watched the game rooting for the Steelers like everyone else in OUR stadium today.  Pathetic.   

Sad but true.

[JVic]

5 minutes ago, Cullenator said:

Are you a billionaire?  I mean you are trying to tell us how they think so you must have some knowledge that would give you authority to make that statement.

If I was, I'd buy this site from @Zod and ban 99.9% of you for your idiot takes.  Above included. 

Edited December 18, 2022 by JVic

[Cullenator]

1 minute ago, JVic said:

If I was, I'd buy this site from @Zod and ban 99.9% of you for your idiot takes.  Above included. 

Ahhhh so you are talking out of you ass trying to tell everyone how billionaires think

 

Thanks for playing