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Old 01-22-2014   #74
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Default Vince Young files for bankruptcy

Vince Young files for bankruptcy
Quote:
Vince Young, the former University of Texas and NFL quarterback from Houston who has been involved in a pair of lawsuits stemming from financial issues that arose during the 2011 NFL lockout, has filed for Chapter 11 bankruptcy protection.

Attorney Brian Kilmer of Houston filed the petition last week in a Houston federal bankruptcy court on Young’s behalf, listing Young with estimated assets between $500,001 and $1 million and liabilities between $1,001,000 and $10 million. No specific details on Young’s assets and liabilities were immediately available.

Over the last year, Young, 30, has been locked in a pair of lawsuits stemming from a $1.8 million loan obtained in his name during the 2011 lockout.

A New York state court has granted a judgment against Young to Pro Player Funding, a New York company that made the loan, which along with interest has grown to more than $2.5 million, according to a Pro Player attorney.

Pro Player Funding has made several efforts in a Harris County state district court to enforce collection of the judgment, but those efforts remain pending.

In the wake of the New York case, Young sued a group that included his former financial adviser, Ronnie Peoples of Raleigh, N.C., and his former agent, Major Adams II of Houston, claiming that the defendants defrauded him and conspired with Pro Player Funding to obtain the loan and that Young himself never received the money in question. Lawyers in December said a settlement had been reached in the Peoples case, but that agreement has not been finalized.

Documents filed in the Peoples case include a financial statement as of July 2013 that listed Young and his wife, Candice, with assets totaling $1.8 million and liabilities totaling $2.5 million, including the New York state judgment. Young’s assets included five cars, his home, NFL annuity and 401(k) funds and jewelry valued at about $200,000.

While the state case continued, a Harris County district judge granted a temporary restraining order that prohibited Young from wasting or dissipating assets and limited him to $25,000 in monthly household expenses, including child support.
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