Vick Sued For Over 2.3 Mil

[Back Country]

How does an athlete formerly worth over $100,000,000 figure they need to take out a loan for 2.5 mil from a bank?

.... what a sh*t head

Canadian bank demands $2 million in lawsuit against Michael Vick

September 25, 2007

NEWPORT NEWS, Va. (AP) -- Royal Bank of Canada has sued suspended Atlanta Falcons quarterback Michael Vick for more than $2.3 million.

The bank argued that his guilty plea to federal dogfighting charges and the resulting impact on his career have prevented him from repaying a loan.

Vick borrowed $2.5 million in January with plans to use the money for real estate investments, Royal Bank of Canada said in the lawsuit filed in U.S. District Court in Newport News on Thursday.

The loan's terms specify that any employment change negatively impacting Vick's income constitutes a default on the loan, according to the lawsuit.

Last month, Vick pleaded guilty to bankrolling a dogfighting ring at a property he owned in Surry County, near his hometown of Newport News.

Vick faces up to five years in prison when he is sentenced in December, has been indefinitely suspended without pay and has lost all his major sponsors, including Nike. On Tuesday, he was indicted on state charges related to dogfighting.

"The criminal charges, and resulting impact on the Defendant's employment ... materially affect his ability to repay the Term Note," the bank said in the lawsuit.

The bank is demanding $2,313,694.37, plus $499 in interest per day, starting Sept. 19, as well as attorney's fees.

Vick's attorneys did not immediately return phone messages Tuesday.

http://sports.yahoo.com/nfl/news?slu...v=ap&type=lgns

[Big Pimpin]

that is unreal....lmao


dude really is broke

[The Judge]

Originally Posted by Back Country

How does an athlete formerly worth over $100,000,000 figure they need to take out a loan for 2.5 mil from a bank?

As the article stated, real estate investments.

[shaggy]

He needed some new properties for the dog fights. just joking!!

[revnecro1273]

Originally Posted by The Judge

As the article stated, real estate investments.

why take the loan out for investments? if one is worth so much money, 2.5 million for a loan is stupid...why pay interest on money you dont need to make a purchase?

[The Judge]

Originally Posted by revnecro1273

why take the loan out for investments? if one is worth so much money, 2.5 million for a loan is stupid...why pay interest on money you dont need to make a purchase?

The interest on loans of this type is very low. Very few people risk their liquid assets on real estate investments as there is no point in tying up your funds like that.

[Back Country]

Originally Posted by The Judge

The interest on loans of this type is very low. Very few people risk their liquid assets on real estate investments as there is no point in tying up your funds like that.

As i previously stated, hes worth over 100,000,000. 2.5 mil is not sh*t to him, he could afford to front that no problem.... well, maybe not anymore.

[Romanowski]

everybody thinks they are a finance experts