Vick agrees to repay $3 million in defaulted loans

Posted to: News Norfolk

By Tim McGlone
The Virginian-Pilot
© May 8, 2008

Disgraced NFL star Michael Vick has agreed to repay $3 million in loans that he defaulted on after his arrest last year on dogfighting charges.

The Newport News native and suspended Atlanta Falcons quarterback had taken out the loans to invest in car dealerships and real estate.

A federal magistrate judge in Norfolk signed an order Wednesday stating that Vick has agreed to pay the Royal Bank of Canada more than $2.5 million in principle, interest and attorneys fees for a 2007 real estate loan.

An Indiana federal magistrate judge also signed an order last week stating that Vick has agreed to pay just under $500,000 to 1st Source Bank to settle the car dealership loan.

Wachovia Bank in Atlanta is seeking more than $1 million from Vick for a loan that was intended to finance a wine shop and restaurant there.

Vick is currently serving a 23-month federal prison term following his conviction last year in a dogfighting conspiracy. Vick had largely financed the operation at his Surry County home.

Vick remains under indefinite suspension by the NFL. A federal recently ruled that Vick can keep about $16 million in bonus money that the Falcons tried to recover.

Poor Michael

Submitted by fanofcart on Thu, 05/08/2008 at 9:22 pm.

I believe that $3 million was just three months gross pay for him.

my two cents worth......

Submitted by stevenm48348 on Thu, 05/08/2008 at 8:03 pm.

who cares............

HOW?

Submitted by laura eichbaum on Thu, 05/08/2008 at 6:55 pm.

Exactly how is he going to pay these loans? If he is not working then where's the money coming from? Another lie. These creditors won't see a cent for some time, if at all.

leave this guy alone...finally

Submitted by D Kent on Thu, 05/08/2008 at 6:50 pm.

As a law and order straight laced type, I am hard on criminals and love catpital punishment and harsh sentences. I think this guy was railroaded, piled on, and given a PETA sentence (animal life is more valuable than human life). This man should have be fined and forced to support measures to protect animals, etc. He should have never been stripped of his career and suffered worst penalities than a child molester of drug dealer. President Bush should end this nasty business and cut him free!