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Debt is a great tool — until it’s not.
Get on the wrong side of leverage, and you may not find your way back… at least not without losing a piece of your financial identity. You have to wonder if that thought has crossed the mind of Senator Jim Justice.
Veteran newsman Brad McElhinny has been chronicling the latest chapter in Justice’s story: White Sulphur Springs Holdings — a company tied to Omni Hotels and its billionaire owner, Robert Rowling — has acquired The Greenbrier’s debt, secured a first lien position, and is now moving to place the resort into receivership.
Rowling’s company didn’t mince words in its filing. Put simply, White Sulphur wants Justice and his family out. It wants a receiver with full, direct control of The Greenbrier. It wants termination of a forbearance agreement – a deal between a lender and a borrower where the lender agrees to temporarily hold off (“forbear”) on enforcing a debt, even though the borrower is behind or at risk of default.
The filing stops short of calling the senator a “ne’er-do-well,” but it paints a troubling, even hopeless picture of his Greenbrier record.
“Defendants have been diverting substantial amounts of revenue generated from The Greenbrier Resort to their other, unrelated businesses,” attorneys alleged.
Not a good look.
Add in unpaid taxes, employee benefit issues, and claims that the resort’s future is at risk… Justice doesn’t come close to looking strong.
So, here are the questions.
First: Has Justice met his match?
He’s a United States Senator – an exclusive and powerful club to be in. By some accounts, he’s one of the wealthiest despite persistent reports from Forbes of a negative net worth. Analysis from at least one firm, Quiver Quantitative, estimates Justice’s net worth at more than $600 million.
In reality much of Justice’s holdings are privately owned so unless you have his books, you really don’t know.
But he’s up against Rowling, whose fortune Forbes puts north of $8 billion. More money. More resources. More legal firepower.
And Rowling – originally a Texas oilman who made his money when Texaco bought his firm – has a track record. He’s built Omni through aggressive, strategic acquisitions — buying distressed assets like Amelia Island out of bankruptcy, and assembling high-end resort portfolios worth hundreds of millions, even billions.
What sets him apart? Control. He wants the entire operation — land, brand, buildings — because, as he’s said, “you can’t control quality if someone else is running your hotel.”
It’s not unfair to say Rowling is likely one of the toughest opponents Justice has ever encountered.
But even Rowling doesn’t win all the time. His company’s efforts to acquire a 30 percent stake in Gaylord Entertainment ultimately failed. Gaylord, which boasted the Opryland Hotel as part of its portfolio, was instead acquired by Marriott International.
Second: How many battles can Justice fight at once?
Beyond receivership, he’s facing a class-action lawsuit tied to alleged faulty mammograms at The Greenbrier Clinic. It’s early, but serious. The question becomes: how many fronts can one operation sustain?
Third: Will the coal business get any easier?
Probably not. Justice often says his children run the businesses. But ownership still rests with him and he no doubt has to stay involved during such challenging times. The industry’s hurdles and his own financial struggles in the industry are well documented. It’s hard to serve two masters – hospitality and mining – especially when both are demanding. And don’t forget, Justice also has vast agricultural investments. Slimming the portfolio could be a good thing.
Fourth: Could there be an upside exit?
Depending on valuation and how much equity remains after the debt is accounted for, could walking away actually provide needed liquidity? At some point, cutting losses isn’t failure — it’s strategy.
And Fifth: The politics?
Justice built his brand on being a successful businessman. The optics here challenge that narrative. If he’s considering another run for governor in 2028 — as the chatter suggests — this becomes part of the story voters will weigh.
Justice must make a decision soon. The race for governor begins May 12, one minute after the last poll closes. Does this change his plans?
Bottom Line
Justice once echoed his father’s advice: Don’t confuse effort with accomplishment.
There’s no question he’s put effort into The Greenbrier. He’s achieved a lot. But the ultimate test is sustainability. That is in question despite the effort.
It may be time to let it go without a fight… for Justice, for his family, for his political future and for the long-term viability of the resort itself.
Because if history is any guide, Robert Rowling won’t just take control — he’ll invest, rebuild, and protect The Greenbrier’s legacy. That’s not a bad outcome. It’s potentially one that allows Justice to walk away prioritizing the resort’s best interests and even his own.
Editor’s Note: The Greenbrier released the following statement, via spokesman Cam Huffman, after this piece was drafted.
“Contrary to prior media reports, The Greenbrier was and is in compliance with its obligations under the loans formerly held by Carter Bank and now purportedly held by the parent company of Omni,” Huffman stated.
“TRT Holdings is a predatory out-of-state company that has filed a baseless court case in an attempt to prevent The Greenbrier from paying off the TRT loans and to steal The Greenbrier from local ownership. We look forward to our day in court and to exposing TRT’s unlawful and malicious conduct.”
Read Brad McElhinny’s story on this latest development here.