CHARLOTTE (QUEEN CITY NEWS) — The Rock Hill Panthers project is officially over.
GT Real Estate, the company created by David Tepper, has filed for bankruptcy in the state of Delaware.
“When someone like quote the Carolina Panthers say we want to build a facility in your town, I doubt people are going to say no,” Charlotte bankruptcy attorney Terry Duncan said.
Back in 2020, the city of Rock Hill agreed to help fund the Carolina Panthers’ new training facility. Those payments never came, and eventually, construction came to a halt.
Duncan says by the point millions of dollars had likely already been exchanged.
“I’m assuming that this company LLC has a lot of debts, and it owes people money and probably a lot of contractual obligations,” Duncan said.
In a statement by GTRE, the company said it had been confronted with claims by a variety of parties.
GTRE is taking this action to ensure legitimate claims are processed as fairly and expeditiously as possible under a court supervised process, and to achieve the project’s orderly and safe wind-down. GTRE intends to resolve its legitimate obligations.”GT Real Estate
One of those claims is from the York County Government.
York County Government is listed as one of the creditors in the bankruptcy action. GTRE entered into an agreement with York County to upgrade a section of Mt. Gallant Road, which borders the headquarters/practice facility property. York County contributed $21 million toward the Mt. Gallant project. We believe those funds will be returned in full with interest, and County taxpayers are protected. We were prepared for this action, and fully expect a positive outcome for our citizens.”York County Government
“If they are lucky, they will get paid back pennies on the dollar. If they are lucky. More than likely I probably expect this holding company to eventually convert to a Chapter 7 and they would probably get not much of anything, other than whatever assets the holding company owns is eventually sold off and the creditors probably get pennies on the dollar,” Duncan said.
As for Tepper and the Carolina Panthers, Duncan says they are protected from any financial repercussions.
“He has no personal liability, so everybody seems to have the impression that Mr. Tepper or the Carolina Panthers is filing bankruptcy, they are not,” Duncan said.