Federal Judge approves loan in Panthers bankruptcy case

Another piece to the puzzle has come about in the Panthers/Rock Hill bankruptcy case as a federal judge Friday approved a proposed loan of $20 million from one David Tepper owned company to another. Its all in order to help finance the bankruptcy of the failed Panthers Headquarters. Judge Karen Owens approved the financing loan allowing DT Sports Holdings to loan GT Real Estate, both companies of course owned by David Tepper. The judge’s approval allows the money to be used for bankruptcy expenses like legal fees, site security.There is still an estimated 90 million, and possibly more, including contractors and 41$ million combined from the City of Rock Hill and York County. This approval came after the creditors and lawyers both went back and forth in court hearings regarding whether or not the loan was an insider pitch and even the property value of the site. Documents and testimony show that over 200 million was spent before the project stopped its construction. The Panthers themselves spent a 163 million in loans while DT Sports spent an additional 60 million on top of that. There is still more to come from the case. Another hearing is scheduled for next month. And the creditors all plan to continue to figure out how they will get compensated back the money used on the project. There will also be a separate hearing regarding whether or not the hearings should be moved from Delaware to South Carolina. Not much else is known at this point.