Former NFL QB Michael Vick is being sued for $1.2m over 2018 loans | Launderer’s report
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Former NFL quarterback Michael Vick is being sued for $1.2 million over a loan he received in 2018 from Maryland.
By David Ovalle of the Miami Heralda deposition is scheduled for August 5 after a group of creditors filed a lawsuit in Broward County Circuit Court.
Arthur Jones, Vick’s attorney, did not dispute Vick’s debt, but questioned the validity of the band’s calculation of how much he owed in a statement included in Ovalle’s report:
“Michael Vick takes these matters seriously and is aware of the process and will ensure that all parties entitled to receive payment are paid. However, usurious calculations that produce absurd results should not be tolerated by the courts of Florida. Therefore, all appropriate defenses will certainly be employed. Further comments on the shenanigans that lead to situations like this may be made available at a later date.
According to Ovalle, Florida law protects the home that Vick and his wife live in in South Florida.
Plaintiffs could demand other assets Vick owns, including cars, jewelry and sports memorabilia.
Atlantic Solutions sold Vick’s debt to SMA Hub, a group that split the interest on his loans and divided it into six people he would never have paid, who took legal action against him.
Vick received reportedly received $400,000 in loans in 2018 from Atlantic Solutions, which is based in Bethesda, Maryland, and acted as an intermediary between Vick and NV Partners.
NV Partners signs “current and former athletes who needed immediate money, in exchange for future income,” according to Ovalle.
According to a 2020 story by Dan Morse of the Washington PostVick received a loan based on an agreement that the company would receive “up to three years of Vick’s earnings, including those he receives as a television football analyst.”
Morse reported that Vick promised to repay the company at least $100,000 by March 1, 2020.
Under a settlement plan agreed to by Vick and Atlantic Solutions at the time, Vick’s debt was nearly $2 million, but his total repayment would be reduced to $1.3 million if his initial payment of $100,000 was compensated.
Daniel Wright, NV Partners’ attorney, told Ovalle that Vick “didn’t pay anything.”
Per Ovalle, this latest lawsuit for Vick “stems from two completely separate loans, also with Atlantic.” He was supposed to repay the money from the sale of his former home in Broward County, as well as funds from his NFL retirement and pension accounts.
Vick has struggled financially since his time in the NFL. He was $17.8 million in debt when he filed for bankruptcy in 2008. The four-time Pro Bowler made his final payment on this debt to creditors in November 2017.