The United States District Court for the Eastern District of Virginia has ordered former Falcons quarterback Michael Vick to pay more than $2.5 million to the Royal Bank of Canada, the Atlanta Journal-Constitution is reporting.
The court granted a motion for summary judgment against Vick for default and breach of a promissory note from January 18, 2007.
According to the paper, Vick was found in default of $2,421,170.90 that he owes the bank. In addition, he owes $499 a day in interest since September 19, which is 231 days for a total of $115,269. Vick also must reimburse the bank for $11,950.97 in attorneys’ fees and costs.
The bank sent a letter to Vick on August 31, 2007 — four days after his guilty plea to federal conspiracy charges was accepted — demanding repayment of a line of credit that he’d taken out for a real estate venture. The bank’s lawsuit said Vick failed to provide a required personal financial statement and that an “adverse change” in his employment “could affect the borrower’s ability to repay the note.”
Wachovia Bank has also filed a lawsuit saying Vick defaulted on a loan. The Falcons tried to force Vick to pay back nearly $20 million in bonus money, but a judge ruled in Vick’s favor.
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May 8th, 2008 at 12:23 pm
So, this begs the question…Where’s the money? The man had a ton of money from a signing bonus and still took out loans?!?! I can’t believe all of the money went into buying and denigrating (thanks Tiki) dogs.
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May 8th, 2008 at 12:50 pm
Huge fan of this site, but could you please get off of Vick’s jock? I’m not ok with fighting dogs, but come on…the guy is in jail for it?!?!?! Meanwhile all of these “celebrities” are doing drugs on youtube and nothing happens, oh yea, and inncoent people are killed by the Police and its perfectly ok. Glad to know America has its priorities in check
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May 8th, 2008 at 12:52 pm
How much is 2.5 million in cigarettes?
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May 8th, 2008 at 1:09 pm
So how quickly will Vick be flipping burgers after his release from jail?
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May 8th, 2008 at 1:10 pm
wow, mike vick is establishing himself as the biggest loser to ever exist. he not only blew(possibly) a chance at a great career in the NFL, he lost his freedom, unspeakable amounts of money-that he had already made and endorsement deals for multiple millions- he lost respect of anyone that followed his career, and now he is defaulting on freaking loans from the bank of canada?!?!?!?! WHY WOULD THIS GUY EVEN NEED A LOAN? it appears to me that mike is no different from marcus, only a better hider. he is doing fantastic damage not only to his personal image, but to that of the NFL, the ATALANTA FALCONS, and
(i hate to say it)possibly alot of african americans.
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May 8th, 2008 at 1:11 pm
Huge monolithic banking corp vs animal abuser. Is there any good guy in this fight?
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May 8th, 2008 at 1:19 pm
An dats da way da cookie crumbles!
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May 8th, 2008 at 1:50 pm
Oddly, the loan check was endorsed to the Surrey County Prosecutors Belevolence Fund. Mike’s a very charitable guy!
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May 8th, 2008 at 1:55 pm
Those schools in whatever hellhole Mike came out of really helped him out a lot.
I think they deserve more money to be shoveled in, sort of like the boiler operators on the Titanic shoveling more and more coal in to try to change the inevitable outcome…
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May 8th, 2008 at 2:17 pm
Anyone else feel bad for Vick? I never thought he was much of a QB (never better than 10th best in the league), and I don’t condone the dog-fighting nonsense. For my money, knowingly transmitting herpes is worse….. But, dude’s getting villified like OJ. He may be a turd, but there are definitely lots of turds catching better breaks. Here’s hoping he can return and resurrect his football career. Viva Mexico!
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May 8th, 2008 at 4:41 pm
“Ya mind if that check is Post-Dated?”
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May 8th, 2008 at 5:41 pm
Banks are worse criminals than dog fighters.
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May 8th, 2008 at 6:56 pm
The good news for Vick is he owes them Canadian funds.
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May 8th, 2008 at 7:24 pm
Why does he need loans??
Its called zero capital investing. Because of the property that Vick owned and the large sums of money that he obviously had (and the money that he theoretically should have earned) Vick could have borrowed money at an extremely low rate. Also Vick would have been able to afford a fantastic asset/investment team. Chances are Vick had options for investments that had a return on investment (ROI) of lets say 35%. Well Vick could get that money on loan at 4% and make a healthy 31% return, while putting zero of his own capital at risk.
As far as why he did it in Canada; I have an idea but for the record this is complete speculation. Up until the end of fiscal 2008 Canada had a tax program called (im not 100% sure on this but) the International humanitarian fund.(Insert your George Costanza joke here) For the record it is the fund that Bono from U2 has been pimping for a while. Long story short it was a way to turn $100 into a $180 tax break, while at the same time supplying 3rd world countries with medical supplies. (Trust me, it was a GOLDMINE) Unfortunately revenue Canada has squashed the program, but Vick could have very easily used the IHF to turn some of his monster salaries/signing bonus into monster tax savings. Also there is a good chance that he also recieved some type of tax relief for a percentage of foreign investments.
Do I feel bad for the guy?
Not one bit, the guy made his own bed despite being given every opportunity to have a life that most could only dream of.
For the record, the federal reserve in your country is the biggest criminal of them all.
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May 8th, 2008 at 9:07 pm
from the bank’s standpoint i am sure they are also saying “free mike vick!”. they want cash, not license plates.
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May 9th, 2008 at 7:17 am
I can’t imagine the Falcons wanting him back, by the way. He’s not half the RB that OJ was…
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