Restaurateur in Delaware faces $650K loan default lawsuit
(AP) — A 29-year-old entrepreneur in Delaware is being sued for more than $650,000 for allegedly defaulting on the loan payments of his last restaurant endeavor.
Zachary King is being sued by the former owner of the Delaware Distilling Company, Bryan Derrickson. The Daily Times of Salisbury reports that the lawsuit says Old Bay LLC and King agreed in 2012 to take over the remainder of Derrickson’s $1.1 million loan on the venture.
But King says Derrickson took the loan back in 2016 when King closed the distilling company and launched a Roadhouse Steak Joint in its place. The lawsuit, filed in early April, also says King sold equipment he said he wouldn’t. King, who has opened another distillery, faced a separate debt-related lawsuit in 2017 that ended when he declared bankruptcy.