ROCK HILL, N.C. — York County wants a return on its investment into the failed Carolina Panthers practice facility.
A federal judge ruled York County will have an $81 million stake in the upcoming bankruptcy battle over the failed Carolina Panthers practice facility.
Channel 9′s partners at the Charlotte Observer reported a federal judge granted the temporary voting stake citing concern that York County and the city of Rock Hill are in danger of being left without a voice in the bankruptcy case of G.T. Real Estate, the company owned by Panthers owner David Tepper.
Lawyers claim York County is owed $81 million in lost tax money. In turn, they want an equivalent amount of voting rights in the bankruptcy hearing next month.
The more “voting power” a creditor has in a bankruptcy, the better chances they’ll have at getting some of their money back.
But lawyers for G.T. Real Estate say York County doesn’t have the right to such a large claim.
Construction on the facility came to a halt in March. Then in June, Tepper’s real estate company filed for bankruptcy.
York County and Rock Hill have both filed lawsuits against the company. The city claims that after spending millions of dollars, it owns the infrastructure.
PREVIOUS COVERAGE:
- York County sues Rock Hill, David Tepper’s companies alleging misuse of $21M in public funds
- Tepper real estate group offers nearly $100 million for Rock Hill facility claims
- Newly released financial records show trouble behind Panthers’ failed Rock Hill facility
- David Tepper’s real estate company files for bankruptcy over Panthers practice facility
- Tepper on Rock Hill practice facility: ‘We released a statement already’
- David Tepper’s company says it sent notice to terminate Panthers project in Rock Hill
- Deal or no deal? Local leaders want to hear from Panthers on paused Rock Hill HQ project
- As Panthers’ new HQ remains on hold, Rock Hill leaders say they’ve done their best
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(WATCH BELOW: Panthers’ failed HQ site pitched as major mixed-use opportunity)
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