One week after a judge ordered jailed NFL quarterback Michael Vick to repay a $2.5 million loan to the Royal Bank of Canada, another financial institution has won a lawsuit against the athlete seeking payment for a defaulted loan.
In an order filed Tuesday in United States District Court for the Northern District of Georgia, Vick was ordered to repay more than $1.1 million to Wachovia Bank for a loan that went toward the opening of a winery in College Park, reports the Atlanta Journal-Constitution.
The suspended Atlanta Falcons quarterback and Gerald Frank Jenkins borrowed money to open Atlantic Wine & Spirits, and the adjoining Tasting Room restaurant, on Camp Creek Parkway in College Park in March of 2007.
According to court documents obtained by the newspaper, a summary judgment in favor of Wachovia against Vick was granted in the amount of $1,117,908.85. The figure represents the initial principal balance outstanding ($937,907.61), interest accrued as of Dec. 4, 2007 ($14,596.97), additional interest accruing from Dec. 4, 2007 to May 13, 2008 ($32,507.51)“ 161 days at $201.91 per day), outstanding fees ($305.83), overdrawn accounts ($34,064.72) and attorneys fees ($98,526.21). Further interest could be accrued.
Summary judgments in the case have already been entered against Atlantic Wine and Jenkins.
According to court documents, in May 2006 Wachovia agreed to loan Atlantic Wine $1.3 million. To secure the loan, Vick personally guaranteed the payment of all principal, interest, late charges, loan fees and collection expenses. Vick's NFL income and earning potential were the primary bases on which Wachovia extended credit to Atlantic Wine, according to court documents.
Vick is currently serving a 23-month federal sentence in Leavenworth, Kansas for felony charges related to dogfighting. He failed to contest Wachovia's motion for summary judgment, according to court documents. Vick filed a list of defenses, but the court found he failed to provide support for the defenses.
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