Threads / there were no threads about this so now there is Michael Vick getting sued.

takerprizon89

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A federal judge ordered imprisoned quarterback Michael Vick to repay more than $2.4 million to a Canadian bank for defaulting on a loan.

The Royal Bank of Canada sued Vick in September, arguing his guilty plea to a federal dogfighting charge—and the resulting impact on his career— prevented him from repaying the loan.

According to the suit filed in U.S. District Court in Newport News, the loan’s terms specify that any employment change negatively impacting Vick’s income constitutes a default on the loan.

Vick is serving a 23-month prison sentence at the U.S. penitentiary in Leavenworth, Kan., after pleading guilty last year to bankrolling a dogfighting ring. He was subsequently suspended indefinitely without pay and lost all his major sponsors, including Nike. He also faces 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 order Wednesday from U.S. Magistrate F. Bradford Stillman requires Vick to pay $2.4 million, plus $499 in interest per day, starting Sept. 19, 2007, and the bank’s attorneys’ fees and costs of $11,950 plus interest.

Vick’s attorneys did not immediately return phone messages seeking comment.

After the plea, the Atlanta Falcons also tried to recover about $20 million in bonuses Vick earned from 2004 to 2007. But a federal judge held that Vick is entitled to keep all but $3.75 million of the money paid to him for playing football through the 2014 season.

A default judgment for $1.08 million also was entered in January against Vick and a business partner in a lawsuit brought by Wachovia Bank over a loan for an Atlanta-area wine shop and restaurant.

posted on 12/5/08

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takerprizon89

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i just heard today sorry if it is late news.

posted on 12/5/08

tdot816

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yea I seen tht a few days back but its all good. Hey we gotta pay our loans so should he rite?

posted on 12/5/08

AllTalent

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why did Vick even need a loan? i would think with the kind of money that he was making from the falcons and endorsments he could pay for everything straight cash!

posted on 12/5/08

indyeagle308

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not to mention the money from the dog fighting

posted on 14/5/08

Old Raider Fan

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Well, it looks like he needs to pay then.

posted on 13/5/08

takerprizon89

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can he in prison?

posted on 13/5/08

Old Raider Fan

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A very good question. I am sure he has a money manager handling his money while he is in prison. Just my guess.

posted on 13/5/08

earnhart

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don't feelsorry for him at all. he needs to pay his loans, we have to when we get them

posted on 13/5/08

takerprizon89

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I never said i did he kills dogs and i have had dogs my whole life why would i feel sorry for him i even got a chew toy of him for my dog lol.

posted on 13/5/08

earnhart

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i feel the same way

posted on 13/5/08

takerprizon89

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Oh cool.

posted on 13/5/08

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