Chan Ho Park, who pitched in relief for the Philadelphia Phillies last year, has filed a lawsuit against former Texas Rangers catcher Chad Kreuter over a personal loan gone bad.
Park claims he loaned money to Kreuter in 2005, after Kreuter's career had ended. The two were teammates for the Los Angeles Dodgers in 2000 and 2001, and again with Texas in 2003. According to the lawsuit, which was reviewed by TMZ, Park claims to have lent Kreuter $460,000 in 2005. Kreuter, who is the head baseball coach at the University of Southern California, allegedly paid back only $290,000, breaching the terms of the promissory note he signed agreeing to repay the full value of the loan with interest.
Now Park is suing for $170,000 in principal, plus interest and fees, for a total of $226,358.76.
The moral of the story? Don't lend money to friends and coworkers because (more often than not) you won't get paid back.
According to a Money magazine poll, "43% of readers who lent to family or friends weren't paid back in full; 27% hadn't received a dime."
Luckily, Chan Ho Park earned more than $80 million over the course of his career, according to Baseball Reference. So a loss of $170,000 isn't going to bankrupt him.
Chan Ho Park sues Chad Kreuter over loan gone awry