ROCK HILL, S.C. — The trustee overseeing the bankruptcy case of David Tepper’s GT Real Estate Holdings LLC on Monday filed objections to several aspects of the proposed $100 million payment plan submitted last month. The move comes ahead of a scheduled hearing on Sept. 19.
U.S. Trustee Andrew Vara cited “unusual” restrictions on possible future claims he described as analogous to product liability claims “for which injuries and claims are expected to arise indefinitely into the future” as well as concerns about liability protections deemed “overly broad.”
The proposal submitted last month by GT Real Estate includes $60 million to pay contractors, $500,000 for unsecured claims, and $21.165 million to York County for its initial infrastructure payment made in January 2021. The plan also called for paying “$20 million or more” to the city of Rock Hill using proceeds from the sale of the 240-acre property after cleanup costs.
The filing notes GT Real Estate’s bankruptcy case centers on a construction project, not product liability and tort claims.
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