Lawsuit targets Rodney Scott Bbq over $350,000 loan payments

A lawsuit filed on April 27 targets Rodney Scott bbq and owner Nick Pihakis over alleged missed payments on a $350,000 loan. The case was brought on behalf of Itria Ventures, LLC, just before Rodney Scott's BBQ in Charleston temporarily closed on Sunday, May 3.

Loan documents say Pihakis agreed on March 24 to pay close to $11,800 twice per month for 18 months, for 36 payments in all, at a 25.99% interest rate. The plaintiffs say Itria is owed more than $364,000 and are seeking that amount in damages with interest.

Nick Pihakis and Itria Ventures

Court records name Nick Pihakis, Pihakis Restaurant Group, Pihakis Investment Group and JER Spirits Investments as defendants. Rodney Scott's BBQ Charleston and RSBBQ Partners are listed as guarantors on the loan, and Pihakis signed to add his restaurant group, investment group and JER Spirits Investments as additional guarantors.

The suit says the defendants failed to pay the lender in line with the schedule agreed on March 24. The lender is described in court records as a Delaware-based financial services firm.

Rodney Scott's BBQ Charleston

The Charleston restaurant temporarily closed on Sunday, May 3. That closure came after the lawsuit was filed and added a second pressure point around the same business group.

Pihakis Restaurant Group is based in Birmingham and faces more than $8.2 million in landlord lien claims in Alabama. Evans Meats also filed a lawsuit alleging restaurants tied to the group failed to pay almost $400,000 worth of invoices for meat, seafood and other products.

Loan terms on March 24

The loan was for $350,000, but the lawsuit says the missed payments left the lender out more than $364,000. For the Charleston location, the immediate issue is not the loan's structure but the fact that the business name, its owner and related entities are now tied to a payment dispute that is already in court.