York County approves $21M settlement with Tepper-led entity over failed Panthers project




  • In Business
  • 2022-12-08 00:02:31Z
  • By WSOC
 

York County announced Wednesday night that it had reached a formal resolution to its dispute with GT Real Estate Holdings LLC, the company aligned with David Tepper, which oversaw the failed Carolina Panthers project in Rock Hill, county officials said.

RELATED: Tepper-led entity, York County reach agreement in bankruptcy case, lawyers say

York County will get $21,165,000 from a GTRE affiliate, which has been held in escrow since July.

Under the settlement, York County will withdraw any complaints and allegations of wrongdoings by GTRE, Tepper or any of his entities.

GTRE, Tepper and his entities acted in good faith, and the county is satisfied, the county stated.

County officials are seeking court approval of the settlement.

Full news release from York County:

"York County announces formal resolution of its dispute with the Tepper entities, and is seeking court approval of its settlement.

"Under the Settlement, the County will receive $21,165,000 (which has been held in escrow continuously since July 2022 as the parties worked to reach settlement) from an affiliate of GTRE (the 'Settlement Amount') in respect of its claim for the recovery of funds transferred to GTRE in January 2021 (the 'County Payment'). 

"The receipt of the Settlement Amount is in full and final satisfaction and discharge of any and all claims the County had against GTRE, David Tepper and any of their related entities (the 'Tepper Entities') with respect to the County Payment and otherwise, and, upon receipt of the Settlement Payment, the County irrevocably withdraws any prior complaint, if any, and withdraws any allegations, if any, that GTRE, David Tepper or any of the Tepper Entities engaged in any violation of the Pennies for Progress statute or the C-Fund statute or engaged in any other wrongdoing with respect to the County Payment.

"The payment of the Settlement Amount is a full and satisfactory resolution of the County's disputes with GTRE, David Tepper and the Tepper Entities. Therefore, GTRE, David Tepper and the Tepper Entities have acted in good faith; the County Payment is restored; and the County is satisfied.  As a result, the County considers all matters related to the County Payment closed and believes that no action of any kind with respect to the County Payment is warranted."

VIDEO: Tepper-led entity, York County reach agreement in bankruptcy case, lawyers say


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