Tether co-founder Brock Pierce's hotel project in Puerto Rico mired in legal dispute

According to u.today citing The New York Times, Tether co-founder Brock Pierce is currently embroiled in a legal dispute with business partners. Pierce purchased the W Hotel on the Caribbean island of Vieques, off the east coast of Puerto Rico. The resort was once a major attraction on the island but was closed due to a Category 5 hurricane that caused severe damage to the Caribbean region. However, the hotel's revival has encountered major obstacles such as legal challenges and unpaid bills. It is reported that logistics tycoon Lipsey lent Pierce $4 million to help him purchase the remaining part of the hotel, but after accusing Pierce of violating the terms of the agreement, Lipsey ultimately took control of the W Hotel. Pierce was accused of misappropriating funds and holding an extremely luxurious party. Later, Lipsey also accused Pierce of attempting to kidnap him at another hotel. Pierce denied these allegations. The two sides are currently discussing possible settlement solutions. The report states that Pierce is facing financial difficulties after being abandoned by business partners, and locals in Puerto Rico are unhappy with Pierce's attempts to turn the Caribbean island into his private playground. The media commented, "The famous entrepreneur's efforts to turn Puerto Rico into a cryptocurrency sanctuary have not succeeded."