Tether founder Brock Pierce defaults, loses hotel, sues partner
Brock Pierce, the co- found er of controversial ‘stablecoin’ Tether , is suing his former business partner Joseph Lipsey III over control of the W resort in Puerto Rico, according to reporting from Bloomberg. Pierce originally acquired a majority stake in the hotel in 2021. He then took a line of credit from Lipsey III, who made his fortune in trucking, to buy out the other owners. The Tether founder’s complaint alleges that Lipsey III seized the hotel after Pierce missed a deadline to complete the transaction, a fact Pierce denies. The New York Post details how the lawsuit claims this default was manufactured to “outright steal” the property in question. Pierce and Lipsey’s son, Joseph Lipsey IV, are both producers on the new movie Christmas Eve in Miller’s Point . Pierce’s former partner Lipsey pled guilty to curious charges Lipsey IV and both his parents were previously charged with allegations that the family would throw partie...