Good point. While not a UT fan, they do have a lot of smart people that he could've sought advice from. Isn't Joe Jamail a UT alum?
Yes he is and he would've been at the top of the list that I would have asked to be my advisor.
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Good point. While not a UT fan, they do have a lot of smart people that he could've sought advice from. Isn't Joe Jamail a UT alum?
Yes he is and he would've been at the top of the list that I would have asked to be my advisor.
why would he be a person at the top of the list you would ask to advise you on financial matters?
Right, I'm not defending the stupidity of VY here but, I went to school with a lad who plays football for a Championship club, he's spent one season in the Premier League and has double digit caps for Wales. His weekly wage is somewhere in the region of £10-20k.
Now, as soccer is a game where you will be lucky to reach 35 still earning that kind of money, and you aren't really qualified to do anything else once you finish, he has a financial advisor taking care of his assets, and he hardly sees any of his money right now, enough to live a comfortable life certainly, but he doesn't have the cash to hand for any kind of brash purchases, its all in holding for when his extremely short career comes to a close.
So, say you finally reach the end of your career, and you decide to work out exactly whats left over for the first time and come to some sort of budget for the rest of your life, you can see how maybe that'd be the first time you realise a sizeable portion is missing, especially if clever accounting has hidden it from the baseline figures thus far.
Taking Vince on his word, I hope he gets his money back, much rather see a lazy, arrogant fool as a rich man than a thief.
Vince Youngs attorney said Thursday he hopes that newly obtained evidence in a dispute involving the former University of Texas quarterback and his former financial advisers will help convince a judge Friday to delay efforts by a New York firm seeking to enforce a $1.8 million judgment against Young.
Austin attorney Trey Dolezal said he has new information supporting Youngs claim that he did not ask for and did not receive the proceeds from a $1.8 million loan taken in his name from Pro Player Funding in 2011.
Pro Player Funding, which has a judgment in New York state against Young for non-payment of the loan, last week obtained a temporary restraining order in which the former NFL quarterback was ordered not to hide, dispose of or waste personal assets. The company also is asking for a receiver to be appointed to seize Youngs assets to enforce the judgment.
Dolezal, however, said statements obtained during recent depositions will bolster Youngs case that the loan was obtained fraudulently and that others conspired to take advantage of their relationship with Young to use money loaned in his name for their own interests.
Trial in Youngs lawsuit against his former financial advisers, Ronnie Peoples and Major Adams, and against Pro Player Funding, is set for Dec. 2, and Doelzal said he hopes to delay any efforts to seize property from Young while that case is still open.
Both cases are before State District Judge Sylvia Matthews, who is scheduled Friday afternoon to hear arguments on four motions in the two cases.
What's my name???
DUDE!!! Dude, I'm seriously considering having "Texan_Bill" tattooed on my back... That would be sweet!![]()
No matter how much money you have or who is taking care of it you should review your statements at the end of every month or quarter whenever they are generated. If you do this you make it much harder for someone to steal from you over a long period of time or to allow bank errors to exceed the amount of time the bank is responsible for them
Too late! I already have it and underneath is a naked chick wrapping herself around a 6 foot tall vertical beer bottle. When I do it it's a Bill homage...if you did it, it would just make you look like a conceiter jerk...
Okay, apparently the black nuveau riche no longer listen to the Queen of the Universe (aka Oprah). Don't give ANYONE unfettered access to your money! Oprah has to sign off on EVERYTHING that goes through her production company no matter HOW small. Toni Braxton went broke a few years back and OPRAH had her on her show to say: "Don't give anybody else the ability to sign checks with your name on 'em." Vince's major problem (no pun intended) was the fact that he ASSUMED he was going to have a LONG, FRUITFUL high paying career. To that end he spent like a drunken sailor in a bordello and trusted idiots with his money. THAT is why he's broke
http://blog.chron.com/ultimatetexan...elay-judgment-against-vince-young/?cmpid=hpts
It will be interesting to see if this new evidence impacts both cases
You could also hire an auditor to ensure everything is on the up and up. It's costs money but if it discovers fraud the money is well spent. What a pathetic story.
Regardless, I'd think preserving/freezing Young's assets in an amount to satisfy the debt & collection efforts would be prudent -- even if it is a hardship on Young -- until the Young's lawsuit is cleared.
It's in the article you posted...what grounds would you currently have to freeze assets?
Pro Player Funding, which has a judgment in New York state against Young for non-payment of the loan, last week obtained a temporary restraining order in which the former NFL quarterback was ordered not to hide, dispose of or waste personal assets. The company also is asking for a receiver to be appointed to seize Youngs assets to enforce the judgment.
It's in the article you posted...
Former NFL and University of Texas quarterback Vince Young has been ordered by a Harris County district judge not to hide, dispose of or waste personal assets as he faces a court hearing this week that could result in seizure of his property to pay a $1.8 million court judgment.
State District Judge Bill Burke last week signed a temporary restraining order sought by attorneys for Pro Player Funding, which obtained a judgment in 2012 in New York state ordering Young to repay a $1.8 million loan obtained during the 2011 NFL lockout.
Attorneys sought the order by claiming Young may deplete and may continue to deplete his assets prior to a Friday hearing during which Pro Player Funding will seek a turnover order that will allow it to seize Youngs property to satisfy the judgment.
Young is prohibited from secreting or wasting assets, dissipating any personal assets, including but not limited to transferring or withdrawing money out of personal or business accounts and or selling, transferring or gifting personal property to others.
Exactly right.
Say for a moment that Vince got swindled (Ok, we all know he got swindled but allow me to continue). Now lets imagine that we live in a world where Vince wins his case and some "judge" somewhere orders a big ol' baliff to hold the other guys upside down and shake them until $19 millions dollars falls out.
Now lets further imagine that it actually happens and Vince gets his $19 million dollars back. How long is that going to last VY? That's what? 2 years worth of making it rain, parties, and limos?
I feel bad for him but he's his own worst enemy.
I do not feel sorry for anyone that [allegedly] throws themselves a $300,000.00 birthday party.
The day I start feeling sorry for stupid people is the day that I've lost my mind.
I skipped right over that part
I do not feel sorry for anyone that [allegedly] throws themselves a $300,000.00 birthday party.
The day I start feeling sorry for stupid people is the day that I've lost my mind.
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.
Vince Young (or someone using his name) borrowed $1.9 million at 20% interest. Do that math on that. Staggering.
I wrote about the lockout loans Vince Young and other #NFL players took out in 2011. Coming back to haunt them now: http://www.thepostgame.com/features...d-nfl-players-seeking-high-risk-lockout-loans
Rand Getlin ‏@Rand_Getlin
Compound interest, or simple interest?
I read somewhere that he now owes $2.5M. That's a big jump in just under 3 years.
According to a financing source, these interest rates range from 18 percent to 24 percent, and upon default, they can rise as high as 36 percent.
Legal and financial sources with ties to players say many affiliated with the high-risk loan industry are soliciting individuals close to cash-strapped players.
"[They] are your gray-area guys who aren't agents, aren't managers, aren't financial advisors," the financial adviser said of the loan industry middlemen. "And [theyre] getting fees of $100,000-$150,000 for getting players to sign off on the loans."
In order to ensure payment on the loans, financial sources say lenders are also requiring that players purchase insurance policies which guarantee payment in the event a player gets hurt. Sources say the premiums on those policies may reach as much as $200,000, which also provide additional kickbacks for middlemen.
I read somewhere that he now owes $2.5M. That's a big jump in just under 3 years.
It's not as bad as many New York Banking Credit card rates which approach 30%. This is why I will never deal with Citigroup or Chase again. They play gotcha with their penalties and interest by pulling shenanigans with moving their payment centers making regular payers 'late' and boosting interest and penalties.
Attorneys for Vince Young said Friday that the former NFL quarterback has settled his legal dispute with a New York lender and asked a federal judge to dismiss Youngs voluntary Chapter 11 bankruptcy petition filed two weeks ago.
According to the six-page motion filed with U.S. Bankruptcy Judge David R. Jones, Young filed for bankruptcy protection Jan. 17 primarily to forestall debt collection efforts by Pro Player Funding, a New York lender that had a judgment with interest totaling about $2.5 million against Young stemming from a loan taken in his name during the 2011 NFL lockout.
Young has reached a resolution with Pro Player Funding, according to the motion, and therefore is asking for the Chapter 11 case to be dismissed...