In the ongoing legal battle for the payment of $12 million worth of debt, the final verdict ordered former NFL star Adrian Peterson to turn over his assets this week.
This includes the numerous assets from his residence in Missouri City, Texas, for which a Houston judge ordered constables to accompany the court-appointed receiver, Robert Berleth, in order to ensure order during the process. The legal battle concerning the $12 million debt started in 2016 when the former NFL running back took a loan of $5.2 million from a lending company in Pennsylvania.
Although Peterson took the loan to pay off his other lenders, he didn’t pay it back to the lending company which resulted in interest imposed along with the attorney’s fees and summed up the amount to $8.3 million in 2021.
In 2017, he did intend to pay back the $18 million contract he was supposed to sign with the Minnesota Vikings. However, the team instead decided to let him go as a free agent.
While issuing the statement to Field Level Media, Peterson’s PR firm Entertainers & Athletes Group claimed that he took the loan upon the advice of his then-financial advisor, Jeff Wiseman, for a company co-owned by him. Since he was a majority owner, he was made the guarantor, meaning he would be held liable for any collateral.
Wiseman assured Peterson that the company would be able to repay the high-interest loan, as the funds were used to purchase equipment for the business. This was not a personal loan taken out by Peterson but a business loan. Unfortunately, the company failed to repay the loan, leaving Peterson financially liable for the debt.EAG CEO Denise White said on Tuesday
Peterson remains positive on resolving the matter as swiftly as possible. EAG also shared that the reason why the former NFL MVP is speaking out about his legal matter is to help others avoid similar mistakes or financial traps.
They also clarified that Peterson made many efforts to resolve the matter. However, all were rejected and the attempts for amicable settlement were also “rebuffed.”
Meanwhile, Wiseman, who allegedly orchestrated the whole thing, isn’t facing any financial or legal responsibility for this matter. Adrian Peterson’s PR firm has not briefed about any official complaint issued against him either.