Did Vince Young take out a loan for a $300,000 party? A former adviser says yes.

[Dino Velvet]

http://sports.yahoo.com/blogs/nfl-sh...7296--nfl.html

Did Vince Young take out a loan for a $300,000 party? A former adviser says yes



By Jay Busbee | Shutdown Corner – 3 hours ago


The sports world is rife with tales of fiscal mismanagement, but this might just set a new mark: a former financial adviser for Vince Young testfied that the former quarterback took out a seven-figure, high-interest loan during the 2011 lockout in part because Young wanted to throw a $300,000 birthday party for himself. The revelation came amid depositions for a case in which Young is challenging a $1.7 million judgment against him by Pro Player Funding LLC. Pro Player is a boutique lender which specializes in lending to professional athletes. Young had borrowed $1.9 million at 20 percent interest in May 2011.
According to Ronnie Peoples, president and CEO of Peoples Financial Service, Young had already paid for the party and sought the loan from Pro Player, with Peoples' assistance. However, Young's attorney, Trey Dolezal, said Peoples' recollections were inaccurate or incorrect. "I have no idea what he's talking about with the birthday party," Dolezal told the AP, "and neither does Vince."
At issue are documents that Young signed; Peoples said the documents were loan closure instruments, whereas Dolezal said they were banking instruments.
Young is one of many athletes who took out high-interest loans to tide themselves over during the lockout. As Yahoo! Sports reported in 2011, many lending agencies offered loans to players at interest rates ranging from 18 to 24 percent, with default rates as high as 36 percent.
The problem for Young, Peoples testified, is that the quarterback had erratic and unpredictable expenses. "It's almost like I can have a $30,000 [monthly] budget that I know we had to pay here," he testified, "but then, you know, I get an invoice for a Ferrari that he just bought for $176,000, and they want their money."
Young has not played professional football since being cut by the Buffalo Bills before last season, and as Shutdown Corner noted in September, his financial problems have been persistent. In a related suit, Young has charged that Peoples and his former agent misappropriated $5.5 million. He has also filed suit against Pro Player, calling it "a predatory lender with a history of loaning funds to football players on extraordinarily onerous terms."
Even with the $26 million in guaranteed money Young received from the contract he signed with the Tennessee Titans in 2006, the quarterback was in a financial bind after five seasons in the NFL, according to Peoples. Asked to describe Young's financial situation in May 2011, Peoples replied: ''Not good.'' -Follow Jay Busbee on Twitter at @jaybusbee.-

The man knows a bargain when he sees one.

[youngblood61]

Guy is an absolute head case, what a waste of talent.

[Dino Velvet]

Guy is an absolute head case, what a waste of talent.

I lived in Austin when him and Ricky Williams played for the Longhorns. Weirdos for sure.

[youngblood61]

I lived in Austin when him and Ricky Williams played for the Longhorns. Weirdos for sure.

[fivekatz]

No pun intended but too young, too much money.

But the sheer fact that nobody cares that there are predators out there that will loan that kind of money at 20% to somebody so young and immature is sad.

[TSPornFan]

Guy is an absolute head case, what a waste of talent.

What talent? He was a very inaccurate passer. He didn't make anybody better.

[fivekatz]

What talent? He was a very inaccurate passer. He didn't make anybody better.

He probably came out of college too soon, the Titans used him at QB too soon and he got too much credit for the team's success in his early starts.

As a college player he had maybe the greatest single game in the BSC game against USC. He threw for more yards than USC's Heisman QB and ran for more yards than USC's Heisman tailback, in the same game and Bush and Leinert had good games that night.

[Dino Velvet]

As a college player he had maybe the greatest single game in the BSC game against USC.

I agree about the SC game. Never seen anything like that. Unstoppable.

[MISTERCEE]

Gotta love a guy who had 26 million $ needing a loan and then calling them predatory lenders.These pro athletes are high risk borrowers.

[fivekatz]

Gotta love a guy who had 26 million $ needing a loan and then calling them predatory lenders.These pro athletes are high risk borrowers.

The irony here is that this story comes from his financial advisor. How in the world do you call yourself an advisor and let a guy take out a loan at 20% APR?

Yeah, he was stupid, he was immature, but it appears he was paying an advisor. One who was so bad at his job that he couldn't either talk Young off the ceiling or get him a better rate than 20%.

Yeah, its easy to condemn 22 year old kids making multi-millions for pissing it away but for all their mistakes there are a lot of snakes wiggling around them sadly. Just because the guy makes a lot of money and is stupid with it does not mean there aren't predators around him and that some how the fact that Young acted stupidly does not make the "snakes" very laudable characters.