Skip to comments.Royal Bank sues Vick for alleged loan default
Posted on 09/27/2007 9:32:54 PM PDT by xp38
TORONTO -- The legal woes of former NFL superstar quarterback Michael Vick took an unexpected Canadian twist yesterday as the country's biggest financial institution, the Royal Bank of Canada, revealed in court documents it's suing the suspended Atlanta Falcons quarterback for more than US$2.3 million.
The Toronto-based bank, which also does business in the U.S. South under its RBC Centura banner, is arguing Vick's guilty plea on federal dogfighting charges and the resulting impact on his career have prevented him from repaying money he borrowed.
Vick borrowed $2.5 million from the Royal's private banking arm in January, with plans to use the money for real estate investments, the Toronto-based bank said in the lawsuit filed in U.S. District Court in Newport News, Va.
Vick, from the Virginia community, now lives in Hampton, Va.
Details of the Royal Bank lawsuit came yesterday as Vick was also indicted on state charges -- on top of his guilty plea last month on federal charges -- related to a dogfighting ring operated on his Surry County property in Virginia.
In its lawsuit, Royal Bank said the loan's terms specify any employment change reducing Vick's income constitutes a default on the loan.
"The defendant has been suspended by the National Football League from his employment as a quarterback for the Atlanta Falcons, or his employment is otherwise in jeopardy as a result of a plea bargain agreed to by the defendant in connection with criminal charges stemming from his involvement with a dog-fighting ring," the legal filing said.
Vick, the bank alleges, also failed to "promptly provide" a semi-annual personal financial statement, as well as disclosure of his liquid assets.
Yet Vick has taken certain advances from the term note, accruing interest and other fees or costs, the filings says.
Royal is demanding "immediate payment in full" of $2,313,694.37, plus $499 in interest a day, starting Sept. 19, as well as lawyer's fees
I gotta feel for the Vickster this time. Everybody coming out of the woodwork? That’s my divorce!
And he had so much to look forward to. Great career shot to hell.
He is much better off if he hasn’t spent the money investing in real estate anyways. Its doubtful that in this market he would have been doing well since he obviously has no knowledge of the subject.
But if I’m the Bank of Canada, I’m filing the default papers and going after my money before he spends it all on weed.
May he rot in hell.
I’d feel sorry for him, also, if he hadn’t been involved in what amounted to torturing dogs.
Do you really think we’ll get his IQ results? That would be interesting, what is the minimal IQ level to be a starting NFL quarterback?:)
Why? Banks would come after you and me in a heartbeat if we defaulted on ANY loan. No sympathy here. He knew the risks of his behavior and if he didn’t he is an idiot and testing positive for marijuana while awaiting sentencing pretty much confirms that!
Amazing how much money you can borrow when you’re already rich.
Lucky he didn’t borrow the 2.3 mil from Tony, the guy with no neck whose last name ends in a vowel. I think the default terms include being smashed to the ground, and being hung and electrocuted.
Smashing to the ground, hangings, and electrocuting? Does Tony hire based on experience with references?
If so, that might be a job opportunity for Vick after prison. Although it may be a while, because Vick's begging for a longer prison sentence with his marijuana positive drug test this week (see post 11).
Poor Vick...doggone the bad luck. Maybe next time he finds himself making multi-millions for playing a game he won’t be a criminal on the side. Boo-hoo for him.
Give him this, and so much more. And may he feel what they felt x 100.
Yea, I feel for him.
I feel that he is low-life.
I feel that he should never be allowed to play in the NFL again
I feel that his religious conversion is another Elmer Gantry moment.
I feel that he made his bed and should enjoy sleeping in it.
“But if Im the Bank of Canada, Im filing the default papers and going after my money before he spends it all on weed.”
That’s the “Royal Bank of Canada”, AKA RBC, a private corporation. The Bank of Canada is a crown corporation and serves much the same purpose as the Federal Reserve in the US.
You need to be real stupid to have to take out a big loan with that salary.
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