According to PANews, Tether co-founder Brock Pierce is currently embroiled in a legal dispute with his business partner. Pierce acquired the W Hotel on the east coast of Puerto Rico, but the hotel's revival has encountered obstacles such as legal challenges and unpaid bills.
Logistics tycoon Lipsey had lent Pierce $4 million to help him buy the hotel, but seized control after accusing Pierce of violating the agreement. Pierce was accused of misappropriating funds and throwing lavish parties, charges he denied.
Lipsey also accused Pierce of trying to kidnap him at another hotel. The two sides are currently discussing a possible settlement. Pierce is in financial trouble after being abandoned by his business partners and locals are unhappy with his behavior.