Friday, July 26, 2013

Vince Young may have possessions seized to pay off $1.7 million loan

The fall of Vince Young continues. Harris County (Tex.) police arrived at his home in Houston this week to inventory his possessions in preparation for an auction to pay for aa $1.7 million judgment against him.
Young took out a $1.9 million loan during the 2011 lockout from Pro Player Funding of New York. However, he defaulted on that loan, and the next summer, Pro Player obtained a $1.69 million judgment against him. Attorneys for Pro Player called the inventory and sale of Young's possessions a last resort, according to local Houston news station KHOU. Young would be able to keep $60,000 in personal possessions, but the remainder of his furniture, artwork, memorabilia and other possessions would go on the auction block.
However, Young has fought the judgment, contending that he didn't know what he was signing and blaming his former financial advisor.
Young's fall has been precipitous. As Shutdown Corner noted last fall, Young signed a contract in July 2006 that, in theory, could have set him up for life. The No. 3 overall pick of the 2006 NFL draft, Young's six-year contract with Tennessee was worth just over $48 million, had a maximum value of $57.79 million, and contained $25.74 million in guaranteed money. Of that initial contract, Young earned over $30 million, as well as another $4 million from Philadelphia in 2011. He'd tried to catch on with Buffalo before the 2012 season, but Bills officials hinted that Young's financial troubles, and the concern about their effects on his psyche, were part of the reason he was cut.
The Pro Player loan was only part of Young's financial problems. He has contended that his former agent, Major Adams II, and former advisor, Ronnie T. Peoples of Peoples Financial Service, conspired to misappropriate at least $5.5 million of his money. Young's attorneys contend that Adams and Peoples falsified documents and forged his signature.
Peoples countered that the loan was, in part, to pay for a $300,000 birthday party Young threw for himself, and that Young's erratic buying habits made budgeting impossible. "It's almost like I can have a $30,000 [monthly] budget that I know we had to pay here," he testified in February, "but then, you know, I get an invoice for a Ferrari that he just bought for $176,000, and they want their money."
Pro Player loaned Young the $1.9 million at 20 percent interest. Young was one of many athletes who took out high-interest loans to make ends meet, or more, during the lockout. As Yahoo! Sports reported in 2011, many lending agencies offered loans to players at interest rates ranging from 18 to 24 percent, with default rates running as high as 36 percent.
In positive news, Young earned his degree from the University of Texas earlier this year. However, no NFL team has shown interest in him at this point.

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