Michael Vick defaulted on a credit line for $2.5m carrying a balance of $2.3m from a Canadian Bank.  The bank called in the debt when Vick lost his job.  The loan covenants required payment of the debt in the advent of a detrimental change in his employment.

Getting indefinitely suspended from the NFL, sacked by Nike, and facing multiple prison sentences, its probably safe to say that his employment prospects are not terribly hot.  Regardless, he borrowed the money in January and when the debt was called in at the beginning of September, he did not pay.  He’s now in default and his creditors in addition to the law are going to be after him.

List of People after Vick

• Federal Prosecutors
• Federal Drug Testers
• Virginia attorney Poindexter
• North Carolina Sheriff investigating a possibly related murder
• Atlanta Falcons looking for a refund
• The NFL still refuses to burn their Vick bridge however

Vick defaults on $2.5M loan from Canadian bank, suit says | ajc.com

Michael Vick’s public apology appears to have been back by little commitment or substance.  Much like the athletes skills, his promises to reform and do better seem to be more hype than action.  The court found that his urine sample submitted on September 13th tested positive for marijuana.

As a result, Michael Vick is no longer allowed to leave his home between the hours of 10 PM and 6 am and must undergo regular random drug screening between now and his sentencing on December 10.  Failing to live up to the courts expectations already may or may not have an impact on his federal sentence.

NFL’s Vick fails drug test, gets new restrictions

Gerald Poindexter brought indictments against Michael Vick and his co-defendants to a Grand Jury this week and the Grand Jury agreed to indict vick on two counts:

• Beating or killing or causing dogs to fight other dogs
• Engaging or promoting dog fighting

Each count is a felony in Virginia and punishable by up to 5 years in prison.  Plus Poindexter is asking for $50k to bond each of the co-defendants, including Michael Vick.  The bonds could be set next week on October 3rd.

Is this Double Jeopardy or a New Down for Vick?

Vick’s attorneys will argue that they can not be tried for the same crimes in both Federal and State courts.

Vick defense attorney Billy Martin indicated in a statement he would fight the state charges on the grounds that his client couldn’t twice be convicted of the same crime. – Vick is indicted in Virginia

But the County prosecutor will argue that he is charging Vick and his co-defendants with different crimes.

However, legal experts said the state would argue that its case hinged on the actual dogfighting, whereas the federal case was for conspiracy. – Vick is indicted in Virginia

There is no federal crime for the counts above, and the feds therefore prosecuted under conspiracy charges.

Opening the Door for North Carolina Charges against Michael Vick?

These charges if allowed by the courts, might also open the doors for North Carolina prosecutors investigating dog fighting connections and a potentially related murder charge which seems more likely to happen as more information in the murder investigation in Catawba County, NC keeps coming out..