FanHouse
http://301url.com/cf2
Suspended Falcons quarterback Michael Vick is being sued by the Royal
Bank of Canada, which claims that when he ceased receiving paychecks as
an NFL player, he violated the terms of a $2.5 million loan.
The Daily Press reports that the loan contract Vick signed has a clause
that says if Vick experiences an employment change that might affect
his ability to repay the loan, that constitutes a default. An
indefinite suspension, without pay, certainly seems to qualify.
The complaint filed by the bank says that Vick owes $2.3 million, plus
$499 of interest a day, and the bank wants Vick to pay its legal fees.
This and other financial issues facing Vick raise the question of
whether he will be forced into bankruptcy. Although he's already made
tens of millions of dollars, the Falcons are seeking to force Vick to
repay more than $20 million that they had previously given him in bonus
money, money he almost certainly doesn't have anymore. Remember: Mike
Tyson declared bankruptcy after an athletic career in which he earned
much more money than Vick has made.
