PANTHERS--TEPPER: REAL ESTATE CO. (LLC..) FILES FOR BANKRUPTCY--ROCK HILL IS 'DEAD'.

Officially, the Panthers Rock Hill facility is now 'DEAD'. After a lot of time (and money..), Panthers owner, David Tepper, has directed his real estate company, GT Real Estate Holdings, LLC (GTRE), to file for Chapter 11 protection. This filing to "effect an orderly wind-down of the project". GTRE operates as a 'limited liability company' under the laws of the state of Delaware. Accordingly, GTRE announced the Chapter 11 'protection' filing in a statement to the Associated Press (AP..) Wednesday night after the filing in a Delaware court.  According to the "statement", this Chapter 11 filing "will not affect the ...Panthers or the ...Charlotte FC in any way.
 
LINK TO THE STORY: Associated Press (AP..) Story on Panthers Real Estate Bankruptcy  This the actual story under the AP banner...

My thoughts.....
The notice and statement that it "won't affect..." is, of course, stupid and patently ridiculous. On its own, without any 'analysis' or 'fluff' being added by outside commentary, the statement itself is damning and GREATLY affects both of these professional sports teams. The Panthers lose not only a sports practice facility that certainly would have been 'nice to have', they also lose "face" in the league and with other teams and further demonstrates the lack of impact of a "small-market" franchise. Tepper may be the NFL's wealthiest owner, but he certainly holds little or no sway with the Panthers 'market' partners. They essentially flew the middle finger bird at him and said "F.... You. We don't care how much money you have..". What this latest setback means to Charlotte, Mecklenburg County, Rock Hill, and York County SC, likely won't be determined for quite a while.

I am shocked and appalled..... This could spell doom for our Panthers. Digging out of THIS hole could be a long or "never-ending" process.

Here is a little more information......including a copy of the Delaware bankruptcy filing. It now appears that Tepper has decided to play "hard-ball" with the folks in Rock Hill. All this according to reports by Joe Person and Daniel Kaplan. I won't look all of the original stuff up...it's too exhausting.!! This information provided courtesy of Panthers Wire.

Panthers Wire:  PANTHERS, Tepper, Real Estate Bankruptcy

Here is another look at this major Panthers faux pas.....

Tepper/Panthers Real Estate Holding Company Files For Chapter 11 Protection

Listen folks..... We have NOT heard the last of this.!! On the surface it appears to be a simple thing. However, the reality is much different. There will be long-term ramifications for the Panthers (AND Charlotte FC..!!) as we move forward.

Freaking billionaires getting buyouts.

It’s how the world works.

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This is definately a black eye. Who it’s awarded to is anyones guess.

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Is Tepper scketchy?

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Honest ?’s.

From what I understand, it was only the construction company that was owned by Tepper that filed for Bankruptcy, not the Panthers organization.  And for what it's worth, it's the state of South Carolina and the city of Rock Hill that should be ashamed.  

They begged for a facility that served "both Carolinas".  They wooed him, they courted him, they got him drunk and took everything he would give them, and then left him standing at the Alter.

They did not live up to their end of the deal that even the Governor of South Carolina promised the people would take place.  Money talks and b/s walks.  Tepper didn't become a multi-billionaire by throwing good money after bad.

And, yes, I hate it that it didn't go thru. I live just outside of Charlotte in North Carolina, but it would have been great for ALL of our fans to have it in Rock HIll rather than in Columbia.

From what I understand, it was only the construction company that was owned by Tepper that filed for Bankruptcy, not the Panthers organization.  And for what it's worth, it's the state of South Carolina and the city of Rock Hill that should be ashamed.  

They begged for a facility that served "both Carolinas".  They wooed him, they courted him, they got him drunk and took everything he would give them, and then left him standing at the Alter.

They did not live up to their end of the deal that even the Governor of South Carolina promised the people would take place.  Money talks and b/s walks.  Tepper didn't become a multi-billionaire by throwing good money after bad.

And, yes, I hate it that it didn't go thru.  I live just outside of Charlotte in North Carolina, but it would have been great for ALL of our fans to have it in Rock HIll rather than in Columbia.

I agree with your take on most of this. However, just to add a little context...

The bankruptcy was filed by Tepper's Real Estate Holding Company, by his direction. GTRE (Tepper's 'holding company' LLC..),was directed to file by Tepper. The holding company is a front for buying and selling, optioning and leasing real estate, both land and improvements. It is 'natural' and understandable that this holding company would be the 'front' for the property acquisition and the build-out of the sports center down in Rock Hill. I understand ALL of that.

Also.... I agree that Rock Hill was the instigator/perpetrator of this issue when they reneged and refused to issue the bonds to cover THEIR part of the project. What was "their part".?? My understanding is, it was the extension, continuation, and build-out of city and county owned "infrastructure" that would support the Panthers Sports Complex. Rock Hill, and to a lesser extent, York County, was to provide the infrastructure improvements to support the complex. The city/county/state would retain ownership and control of all of the roads to the property and necessary 'improvements'. The power requirements, data lines, water and sewer, etc., etc. are also part of the "infrastructure". The city also had some responsibility for those necessary improvements (getting the trunk lines and mains in place to provide the necessary access to those things..).

When this 'deal' started to fall through, the first thing I thought was that Rock Hill was trying to force Tepper to pay for all of the highway and access stuff that would ultimately serve the people of Rock Hill, York County, and South Carolina. The access, etc., would also benefit other property owners in the area as well as all of the intended expansion locally there such as hotels and restaurants and 'other' retail business that would 'tag along' and try to take advantage of the Panthers Sports Complex. Rock Hill thought they could "force" Tepper to pay for everything, while they reaped the benefits....to include a hugely increased revenue base.

I commented then that I thought Tepper should fold it up and tell them to stick their project. WHICH... is what he has effectively done.

So, I DO NOT blame Tepper for this issue at all. It should NOT be the Panther's responsibility to front all of the costs for Marriot International. Choice Hotels, Wyndham Group. Hilton, IHG... Starbucks, McDonalds, Burger King, Hard Rock, Hooters, Olive Garden, Outback, ad infinitum. All/Any of which could decide to move into the area to 'piggy-back' on to a 'good thing'. The only ones who stand to gain are York County and Rock Hill who would benefit IMMENSELY from the property tax base and massive revenue increases from retail establishments of all kinds.

The problem...This kind of action (Chapter 11..) puts Tepper and the Panthers and Charlotte FC in a terrible spot. It LOOKS terrible. And regardless what they said, it will definitely affect the Panthers and Charlotte FC. Their market partners are NOT going to be happy to be affiliated with this mess.

So, Tepper doesn't want to lose any more money. OK, I understand. But there had to have been a way to 'punch' back at them without declaring bankruptcy. YES, I know it's not the Panthers, but it IS Tepper.!!!! EVERYTHING that is "Tepper" is perceived to be 'Panthers' affiliated. All that talk about "small-market" teams ... Just wait.!! You haven't seen anything yet.!!
Now... How do you think other 'quality' FAs will look at the Panthers.?? What do you think our chances are.??

I'm still wondering if it's too much water under the bridge to repair this project and put the wheels back on it. Doesn't sound like that is in the plans by either side, but it should be.

Happy to see York County stand up and attempt to take action… State should as well if any of their tax dollars were invested. This project was never a Tepper funded project, it was a taxpayer project and in fact I wouldn’t be surprised to see a class action lawsuit to follow.

Happy to see York County stand up and attempt to take action… State should as well if any of their tax dollars were invested. This project was never a Tepper funded project, it was a taxpayer project and in fact I wouldn’t be surprised to see a class action lawsuit to follow.

WELL.... Since I don't know for certain how the financing was arranged (and I suspect that no one else does either..), let me play the role of the devil's advocate.

For the purposes of this quick post, I'll keep it short and simple. There has already been a LOT of money spent down there. Two different reports I've read indicate that there has already been close to 200 Million dollars spent on that property and facility. Now it doesn't take a financial genius to understand that York County is CLAIMING that some funding was drawn inappropriately by Rock Hill and Tepper and "diverted" (???..) to a part of the project where it wasn't supposed to go. Maybe yes--maybe no. I don't know. I also know that Rock Hill backed out of their 'obligation', so no funds came from them. There have been no claims against the project by the state of South Carolina.

According to the text of the claim from York County, there was 21 Million used on the project for ??? (something.??) that was NOT an agreed expenditure. Maybe yes--maybe no. I don't know.

So First... Just between us PANTHERSFANZ guys, even if the claimed amount is valid (and there is a very good chance that this type of claim is being used as a "club"..), that means that Tepper has invested about 160-170 Million so far. So, I don't understand your statement about this being "taxpayer" funded..?????  Really..?????  Even if York County did "lose" 21 Million,... Where did the rest of the money come from....Tepper or ?????

And my last question is this: Who is the 'financial agent' for York County.?? Why would they sign off on a 21 Million dollar disbursement for the wrong line item.?? Would they not 'check' for 'work completed' or 'under construction' before disbursing funds.??

IMHO this is a "power play" by York County. YES... They are pissed. And so is Rock Hill. But not for that reason. They are pissed because their "cash cow" has been taken away. All of the influx of revenue to Rock Hill and York County has been shut down. Lost property taxes. Lost sales taxes. Lost property valuation increases. Lost retail sales. Lost building and construction permits and fees. A TREMENDOUS amount of lost revenue to the city and county.  THAT'S why they're upset.  Now they're trying to use 21 Million dollars as a "club" to force Tepper to continue the project. They want to reap the benefits without any expenditure of money or effort.

Once again, Just My Opinion--- Worth price charged.