A legal feud between Lance Armstrong and a Dallas company that paid him bonuses for three of his Tour de France triumphs spawned a confidential settlement in September, but a public record filed in Aspen this week sheds some light on the agreement that the cyclist says was for $10 million.
A $5 million deed of trust originally was notarized Sept. 16 in Travis County, Texas, as part of Armstrong’s settlement with SCA Promotions, a sports insurance firm. It was filed Monday in the Pitkin County Clerk and Recorder’s Office and says the settlement with SCA Promotions included Armstrong’s agreement to pay $800,000 by Oct. 31, $2.1 million by March 1 and the remaining $2.1 million by March 1, 2017.
SCA Promotions filed the deed, which uses Armstrong’s Aspen home in the West End neighborhood as collateral in the event he doesn’t satisfy his scheduled payments.
“When we settled the case, it was for $10 million and they wanted collateral, like a bank, so we put the Aspen home up as collateral in the chance that I didn’t pay,” Armstrong said Tuesday from Austin, Texas.
Read the full story at
