More Fuel to Michael Vick’s Fire

Posted on - By

Categories: Lawsuits, News, Sports

Posted by Bossip Staff

michael-vick.jpg

Damn, there isn’t a day that goes by where we don’t have to hear this dude’s name. Michael Vick can’t catch no breaks, no wonder he stay chiefin on the reefer. Now there is a 2.3 Million dollar lawsuit against him:

Royal Bank of Canada is suing Vick for more than $2.3 million (U.S.), alleging the suspended NFL star’s recent guilty plea on federal dogfighting charges has caused him to default on a loan. The lawsuit was filed Sept. 20 in U.S. District Court in Newport News, Va. According to court documents, Vick obtained a $2.5 million line of credit from the bank’s Global Private Banking office in New York City in January and drew on that loan to invest in real estate “which is not a primary residence.” The documents provide no other details of that investment but specify the proceeds were not to be used for “personal, family or household purposes.” As of Sept.19, the balance due from Vick was $2,313,694.37, the filings said. Royal Bank is seeking repayment of that amount plus $499 in interest charges per day and legal fees.

“The criminal charges and resulting impact on the defendant’s employment constitute a material adverse change in the employment, performance, condition (financial or otherwise) or prospects of the defendant which materially affect the his ability to repay the term note, and therefore constitute an event of default,” the bank said in court papers. Meanwhile, in Sussex, Va., yesterday, Vick and three co-defendants were indicted by a grand jury on state charges related to a dogfighting ring operated on Vick’s Virginia property. The grand jury declined to indict the three on eight counts of killing or causing to be killed a companion animal. Vick, who already pleaded guilty in federal court to a dogfighting conspiracy charge and is awaiting sentencing Dec.10, was indicted on one count of beating or killing or causing dogs to fight other dogs, and one count of engaging in or promoting dogfighting. Each count is a felony, punishable by up to five years in prison. Royal Bank alleges that Vick is in default for “numerous reasons,” including his failure to promptly provide a semi-annual personal financial statement, a disclosure of his liquid assets and because of a “material adverse change” in his employment. Vick was sent a letter by the bank’s lawyer in late August demanding full payment by Sept. 10 but he still failed to pay, the documents said. The allegations have not been proven in court. A Royal Bank spokesperson declined comment yesterday citing client privacy reasons, adding the matter is currently before the courts.

Source

blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 10,413 other followers