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View Full Version : Football This is why football players go bankrupt.


Rain Man
08-22-2012, 09:23 PM
I'm not sure what to think about this. My first thought is that Vince Young is a complete idiot, but if he had a financial advisor who let him get this loan, the advisor should be shot. And then you get to the last paragraph and you don't know who's signing what. And the big question is, where is the money and who got it? It's very confusing.

(I highlighted the bold parts.)

http://espn.go.com/nfl/story/_/id/8294315/buffalo-bills-vince-young-seeks-protective-court-order-stop-pro-player-funding-collecting-loan

Vince Young seeks court order
Updated: August 22, 2012, 9:35 PM ET
Associated Press

BUFFALO, N.Y. -- Vince Young filed a request seeking a protective court order to stop a company from collecting nearly $1.7 million on a loan the Buffalo quarterback said he has no knowledge of taking out.

In papers filed in New York State Supreme Court in Manhattan on Monday, Young said he never dealt with the loan company, Pro Player Funding. He added, he has no recollection of agreeing to or signing documents to take out a $1.877 million loan in May 2011.

And Young said in an affidavit that he is unaware of who took out the loan in his name and that, to his knowledge, he never received any money from the loan.

In filing the motion, the quarterback's attorneys are asking the court to stop Pro Player from attempting to collect money and also bar the company from approaching the quarterback during training camp.

Young said a person tried to approach him at training camp in suburban Rochester earlier this month in an attempt to serve him papers to appear for a deposition regarding the loan. The person, Young said, was turned away by security officials.

The papers, the quarterback said, were eventually left with Bills officials and forwarded to Young.

Young's motion comes in response to Pro Player's claims that the quarterback defaulted on the loan by missing a payment in May shortly after signing a one-year contract potentially worth $3 million with Buffalo.

The company filed a motion in the same court on June 6 claiming it was legally obligated to begin collecting $1.695 million it's owed by Young

Among the documents Pro Player filed was what's called an affidavit of confession of judgment that included papers signed by Young as proof the player was aware of the terms and conditions of the loan. The short-term loan was to be repaid by January 2013 at an annual interest rate of 20 percent. That rate jumped another 10 percent if Young missed a payment.

Pro Player attorney, Sean Bellew, declined comment when reached on his cell phone Wednesday evening.

An exchange of emails between Bellew and Young's attorney Trey Dolezal are included in the court documents filed Monday in a bid to show the court that the quarterback was attempting to deal with Pro Player in good faith.

In an email dated Aug. 11, Bellew writes he might have no choice but to involve sheriff deputies to force Young -- "even if that means forcibly removing him from practice," he wrote -- to appear at a deposition that had been scheduled for Aug. 21.

Bellew added that Pro Player has tied up at least one of Young's bank accounts and intends to do the same with others.

"We are going to get our client's money, so your client should stop compounding his problem and pay us immediately," Bellew wrote. "Your client was not in camp several months back when this issue first came to a head and he decided to thumb his nose at us. The time to talk is past."

Dolezal responded two days later accusing Bellew of being "overly zealous," and noted Young is tied to his practice schedule because there is no guarantee of him making the team. He suggested the deposition be scheduled at a later date.

Dolezal eventually warned of his intention to seek court-ordered protection for Young.

A preliminary hearing on Young's request has been tentatively set for Sept. 13.

Dolezal previously has alleged that Pro Player worked exclusively with Young's former financial adviser, Ronnie T. Peoples, in taking out the loan. Though Peoples acknowledged he initiated the loan, he maintained that Young was involved.

Peoples and Young's former agent, Major Adams, are accused in a lawsuit the quarterback filed in Houston in June of cheating him out of at least $5.5 million. Young alleged the two conspired to commit fraud by forging his signature and falsifying documents to misappropriate money the quarterback was supposed to have earned from his five-year, $54 million rookie contract and through endorsement deals.

Adams and Peoples have both denied the allegations.