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This has become a straight-up Sh!t Storm.  I really hate it for this region.  Again I say that if Rock Hill didn’t uphold their end, Tepper should’ve fronted the money, completed the project and just Sued the hell out of Rock Hill for Breach of Contract & Damages later on.

This totally Sucks for SC, York County and Fans/Taxpayers in general.  Whoever thinks that Tepper played a ‘good’ business hand in this is fooling themselves.  Dang - we can’t have anything nice here in the Carolinas…. Rant Over.

Edited by Hushpuppy321
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I am much more concerned about the contractors and businesses not be paying what they are owed.  Do you think Steelfab would want to work with the Panthers again or the many other contractors?  What a huge waste of materials as well?  was this too ambitious and a vanity project for Tepper?  and do we know for a FACT that Rock Hill did not do what they said or did they need more information from Teppers organizations that was never provided?   Suing a major city in the metro area that can't be good for business of the Panthers.   

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47 minutes ago, KJHburg said:

I am much more concerned about the contractors and businesses not be paying what they are owed.  Do you think Steelfab would want to work with the Panthers again or the many other contractors?  What a huge waste of materials as well?  was this too ambitious and a vanity project for Tepper?  and do we know for a FACT that Rock Hill did not do what they said or did they need more information from Teppers organizations that was never provided?   Suing a major city in the metro area that can't be good for business of the Panthers.   

What else was Tepper to do?  Let Rock Hill screw him over for not keeping their end of the contract?

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3 hours ago, RANYC said:

Huh - no nice things in the Carolinas because practice fields in some strange way billed as major economic stimulus didn’t get built?  This was just more public-private folly doing almost nothing for per capita productive capacity in the region

So true - the fact of this being a bit of folly but at least this could’ve been a major attraction like the Cowboys Facility in Texas.  We don’t expect the State of SC to do anything major concerning major investments in Public Transit down there.  

7 hours ago, JeanClt said:

Should it have gone there in the first place…?

Maybe not but since the State and Local Governments were on board, it was the best option.  Now after this crap it’s going to be harder or anyone (Contractor or Government) to work with Tepper Organizations like @KJHburgwas mentioning.  

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  • 2 weeks later...

David Tepper's GT Real Estate Holdings LLC files complaint against York County in Delaware bankruptcy court

https://www.bizjournals.com/charlotte/news/2022/07/15/gt-real-estate-york-county-adversary-proceeding.html

Quote

GT Real Estate's complaint filed this week states the county funds were provided "with no binding contractual obligations governing its use." The county claims the money was for a road expansion project at the headquarters project site that was not completed.

 

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"Earlier this month, GT Real Estate was approved for its debtor-in-possession financing after several hours of hearings with strong opposition from creditors."

Anyone have an idea what the benefit of debtor-in-possession financing is for GTRE?  Everything you read about this project says that the site will be sold and redeveloped, but the examples of companies that have used DIP financing while in Chapter 11 use the financing to keep the business operating.  Is it possible that Tepper may be looking to have this project completed in the future? 

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17 hours ago, kermit said:

So I guess at this point its very clear where the problem is in the organization…

 

AFF6BA46-AF9C-4CE9-9253-DA2FE8C421E3.jpeg

If you were hired to build a billion dollar facility and failed, I would assume you would be looking for a new job as well.   I am pretty sure Tepper wasn't out there giving kudo's to these guys for a job well done.   

Was Tepper directly responsible for hiring these people, yeah probably.  Was Tepper the reason they left?  Well if you piss off the boss to the tune of $275mil loss, yeah probably.   

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1 minute ago, J-Rob said:

It is all very embarrassing. Regarding Rock Hill and Eastland, I am genuinely curious if Tepper has pinpointed somewhere else he wants to go, or if these were just separate failures and missteps. Part of me wonders if there is a hidden plan to locate everything near the Kings Mountain casinos, or something like that.  At this point, it is hard to imagine how all the missteps can be resolved in a positive light. 

I will say this out loud how tied is he to Charlotte region? I wondered this from the beginning with homes in NJ, FL and from Pittsburgh.  Would he back the city in a corner over a new stadium with threats of leaving? I can see that.  He is a hedge fund billionaire but not a real estate developer or someone who used to complicated real estate deals. 

and please no one say never.  Never would the Charlotte Hornets leave but they did and we got one back luckily.  Something is going on not sure what is Austin calling his name?  I hope I am in 100% wrong but given what is happening here of late I am concerned.  But of course he could sell the team and make some money and move on himself. 

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1 hour ago, KJHburg said:

I will say this out loud how tied is he to Charlotte region? I wondered this from the beginning with homes in NJ, FL and from Pittsburgh.  Would he back the city in a corner over a new stadium with threats of leaving? I can see that.  He is a hedge fund billionaire but not a real estate developer or someone who used to complicated real estate deals. 

and please no one say never.  Never would the Charlotte Hornets leave but they did and we got one back luckily.  Something is going on not sure what is Austin calling his name?  I hope I am in 100% wrong but given what is happening here of late I am concerned.  But of course he could sell the team and make some money and move on himself. 

Yea, the lack of progress on a new stadium (does he own Charlotte pipe land or not? Where are the conceptual renderings of the new stadium?) and questionable personnel choices (Rhuel) makes me wonder if he is trying to find a way to say “see, Charlotte isn’t giving me what I need to have an NFL team here.” While I am sure the city will bend over for him, if he can create enough uncertainty about the process (even if the blame is 100% his) that he may be able to get league approval to pack the moving vans Bob Irsay style. The Rock Hill incident demonstrated that Tepper does not really care what we think of him.

[disclaimer: this is just paranoid ranting on my part. I am not really suggesting that I think this is likely to happen, just that it could.]

 

Edited by kermit
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51 minutes ago, J-Rob said:

It is all very embarrassing. Regarding Rock Hill and Eastland, I am genuinely curious if Tepper has pinpointed somewhere else he wants to go, or if these were just separate failures and missteps. Part of me wonders if there is a hidden plan to locate everything near the Kings Mountain casinos, or something like that.  At this point, it is hard to imagine how all the missteps can be resolved in a positive light. 

They absolutely do and its not like they were keeping it a secret.  On April 6th, Nick Kelly (Former TSE CEO) posted this:

 

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Personally I think this is all posturing for future stadium negotiations.  I think Tepper is trying to build up a reputation of "if you don't give me what I want, I'll take my business elsewhere".  

I think it is working too.  I now believe that if the city doesn't give him everything he wants in a new stadium (and he is going to want a hell of a lot) he'll go out and find a city that will.

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