Former Vikings star Adrian Peterson ordered to turn over assets to pay massive debt

Published: Sep 10, 2024 Duration: 00:03:31 Category: Entertainment

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Adrien Peterson ordered to surrender assets to address massive debt Adrien Peterson the former star running back of the Minnesota Vikings is facing a dire financial situation despite having earned over $100 million during his NFL career from 2007 to 2021 Peterson is currently dealing with a staggering debt of more than $12 million and a Houston judge has recently ordered him to surrender multiple assets to help settle this debt on Monday the judge mandated that constables in Fort Ben County Texas a company a court appointed receiver to Peterson's home in Missouri City Texas to seize the assets this decision was outlined in an official court order obtained by USA Today sports the court appointed receiver Robert berleth had requested the order in July citing the need for law enforcement presence to keep the peace and prevent interference with the receivers duties when seizing assets reportedly stored at Peterson's residence following a hearing on Monday the judge granted the request the order stated it is therefore ordered that a rid of turnover with receivers Levy be issued and featuring Ben County constables are to accompany the receiver in execution of his duties hashash the origin of Adrien Peterson's debt This legal ruling is the latest development in a lengthy battle to recover a $5.2 million loan that Peterson took out from a Pennsylvania based lending company in 2016 the loan was intended to consolidate Peterson's existing debts however by 2021 the debt had escalated to an 8.3 million judgment against Peterson with additional attorney fees of $155,000 and a 9% interest rate perom on all amounts resulting in an approximate total of $12.5 million according to berlet's February Court filing berlet's court filings also alleged that Peterson has engaged in evasive maneuvers to protect his assets and avoid repayment in one instance a sports memorabilia auction in Texas was blocked from selling several of Peterson's personal items including NFL trophies in jerse after Peterson publicly objected claiming on social media I want to emphasize that I'm financially stable and would never sell off my hard earned trophies this auction remains on hold in a separate account detailed in court documents burth stated the receiver intercepted an auction the deor Peterson initiated and seized items at storage facilities leased and secured with lock by the deor Peterson the assets belong to the deor the leases at the storage facilities were delinquent the deor con tested the sale of trophies hashash hash why did Peterson take out the loan the loan in question was taken out by Peterson in October 2016 with a promise to repay it including interest by March 2017 the loan was meant to consolidate other debts but Peterson's career trajectory took a sharp downturn around that time following a severe knee injury in 2016 the Vikings declined to exercise an $18 million option on his contract in early 2017 leaving him a free agent agent consequently Peterson's earnings plummeted and he never earned more than $3.5 million annually thereafter he last played in the NFL in 2021 hashash Peterson's defense and blame on former financial adviser in response to the recent legal actions Peterson issued a statement through his publicist Denise white on Tuesday in the statement Peterson placed blame on his former financial adviser who could not be reached for comment by USA Today sports Peterson CLA

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