A federal judge Thursday entered a $325,000 judgment against DealMaker Auto Group on behalf of the lender that provided financing for the Watertown companys Nissan dealership in Potsdam.
U.S. District Court Judge Glenn T. Suddaby, Syracuse, entered the order against DealMaker, DealMaker Nissan LLC and DealMaker co-owner P.J. Simao on behalf of Nissan Motor Acceptance Corp., Franklin, Tenn.
Nissan Motor Acceptance had filed federal action in February 2009 claiming DealMaker Nissan was in default of its financing agreement for vehicles. In March 2009, a judge ordered 40 vehicles seized that were part of collateral used to secure a claimed $1.07 million debt.
DealMaker filed a counterclaim contending, among other things, that Nissan Motor Acceptance had agreed to work with the now-closed company to resolve the financial issues, but instead obtained the seizure order. DealMakers counterclaim was dismissed in January 2011.
In his ruling Thursday, Judge Suddaby issued a summary judgment, stating DealMaker had breached its financing agreement and there were no remaining questions of fact needed to be determined at trial. The amount of the judgment has been reduced from $1.07 million to $325,333 owing to the sale at auction of the seized vehicles. The principal balance due is about $210,000, with the remainder consisting of interest and other miscellaneous costs. DealMaker also will be responsible for Nissan Motor Acceptances attorneys fees in an amount to be determined.
Mr. Simao said Thursday he has no plans to appeal the ruling.
Still outstanding, according to court filings, is how the court intends to deal, if at all, with DealMaker co-owner Mark V. Picarazzi. Mr. Picarazzi has relocated to Florida and has not appeared at proceedings.
Judge Suddaby has given Nissan Motor Acceptance 30 days to decide whether it wants to pursue partial summary judgment on the issue of damages against Mr. Picarazzi, hold an evidentiary hearing on the matter or voluntarily drop its claims against him.