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RB Peterson ordered to pay $8.3M to loan co.

Written by 
Published in Breaking News
Thursday, 14 January 2021 14:54

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 nine 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 for 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 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 from the case 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.

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