- Previously covered University of Michigan for ESPN.com and AnnArbor.com
- Also covered Notre Dame for Fort Wayne Journal Gazette
Detroit Lions running back Adrian Peterson has been ordered to pay almost $8.3 million in summary judgment to a Pennsylvania loan company after a defaulted loan in 2016, New York State Supreme Court records show.
DeAngelo Vehicle Sales, LLC sued Peterson in 2018 after the running back failed to pay back an initial sum of $5.2 million, including interest, by March 1, 2017. Including interest in 2018 when the case was filed in New York Supreme Court, DVS asked for $6,546,448.32 — and then continued interest for every day he didn’t pay. That was over two years ago.
On Wednesday, DVS asked for $8,268,426.21, which includes continued interest of $2,207.12 per day on the loan that has not been repaid. The interest, which had been 16 percent, will be lowered to 9 percent, which is New York State law, going forward.
In the initial settlement agreement, which Peterson had notarized on Oct. 22, 2019, Peterson acknowledged “the existence and continuation of his default under the Loan and the applicable Loan documents, and that Peterson’s obligation under the Loan is immediately due and payable.”
Peterson did not pay back the loan by the initial agreed-upon date of March 1, 2017, and after DVS filed suit in 2018. In 2019, Peterson signed a settlement agreement, which called for him to make $50,000 payments on Oct. 18 and Oct. 31 of 2019, along with a $2.25 million payment on Nov. 11, 2019, and then a final $25,000 payment within 10 days of his option being picked up by the Washington Football Team for the 2020 season. If Peterson defaulted on the settlement agreement, he would have to pay the entire amount of the initial loan plus interest.
The attorney for DVS, Jeffrey Reina, said in court Wednesday that Peterson had paid back $165,000 of the initial agreement. Reina said in court that he had not heard from Peterson or Doug Wolfe, who Hon. Paul B. Wojtaszek said was Peterson’s “last known representation.”
Peterson did not make an appearance in court and had no one there representing him on his behalf. His initial attorney in the case, Scott Philbin of Bond, Schoeneck & King, withdrew in August 2020. Messages left for Philbin and for Lauren Renschler, who is Peterson’s publicist, were not returned to ESPN.
Peterson, according to Spotrac, has made $102,803,319 in his career, including $1.05 million last season from the Lions.
Source: Read Full Article