Wachovia Bank became the third bank to sue Michael Vick for defaulting on loans.  This time the original loan was for $1.3 million.  Vick had an outstanding balance just under $1 million when he and his Atlanta wine partners apparently stopped making payments and the banking covenants were broken due to Vick getting into trouble and getting sacked and all.  Wachovia has added up the interest, principle and fees and is looking for $1.8 million.

Another Crime Kicker for Vick – Check Fraud?

The loan might ultimately get thrown into a Michael Vick bankruptcy, but the kicker here is that the bank has indicated that Michael Vick has checking accounts that are more than $34,000 over drawn.  They did not say that he wrote bad checks, but how else do you get $34,000 over drawn?  (Please enlighten me if you know!)

If he’s out there writing bad checks, he may be in for a date with an Atlanta judge for check fraud sometime soon and who knows what else.

Here is a run down of Georgia’s Bad Check Laws

Georgia. Check for less than $100, fine of not more than $500 or imprisonment not to exceed 12 months or both. check for $100 or more but less than $300, fine of not more than $1,000 or imprisonment not to exceed 12 months or both. Upon conviction defendant required to make restitution of the amount of the check together with all costs, which are presumed to be $20.

When more than one check is involved and such checks were drawn within 90 days of one another and each is in an amount less than $100, the amounts of such separate checks may be added together to arrive at and be punishable as above.

Check for $500 or more; a fine of not less than $500 nor more than $5,000 or by imprisonment for up to three years, or both.

alternatively if he wrote them in Virginia too?

Virginia. $200 or less fine or 10 days to 12 months in jail, or both. One to five years in the penitentiary or fine and jail, or one to ten years penitentiary in discretion of court.

Wachovia Bank sues Vick over business loan | ajc.com

We’ve all talked about how Michael Vick seemed to waste over a hundred million in potential earnings and contracts.  Potential earnings, even though they could have been real are still just potential.  Its one thing to lose your potential earnings.

Hey Joe, “It’s been a bad year for GM this year and we are going to cut the pay raise we were thinking about giving you next year.”

Joe, “Well that sucks, but I never had it to begin with.  Guess, the writing is on the wall, and I need to find myself a job with more stability or start my own company as there are millions of people from China gunning for my job at 5% of my own salary and this company hasn’t been able to get it together since the sixties.”

Its another thing to lose money out of your bank account.

Hey Joe, “Its been a bad year at Ford.  We lost $12 billion dollars and we are going to garnish back $20,000 direct deposit out of your bank account, your 401k, your kids college fund, your credit card, or your home equity, in that order.”

Joe, “YOU Sons of ****es, You can’t take my money!”

You get the picture.   

Michael Vick lost the first round of his legal fight against his former team the Atlanta Falcons.  A mediator decided that Michael Vick would have to repay about $20 million in bonuses to his team.  This decision will of course be appealed by the players union representing Vick.

The next round of legal battles will move out of mediation (that worked well) and straight into a Denver Federal Court where a Federal judge will be in control following an anti-trust fight dating back 20 years to 1987 and the players strike back then.  The Falcons claim (as we have pointed out here on this site) that Vick was in breach of the contract he signed with them as he used his earnings to fund the illegal dog fighting business almost at the same time he signed the contract. 

Breach of Contract in Simple Terms

Hey Joe, “We’ll give you a signing bonus of $20k if you agree to work with GM and not break the law in your spare time outside of work.  We want you to be a stand up representation of what a great GM worker is and that is part of the requirements of this contract you will sign and the reason why we’ll pay you a $20k bonus.”

Joe, “Sure, where do I sign?”  (To himself, these dumb fools, Guess they don’t need to know about my work as a bookie on the side, nor my blood lust to kill puppies with a GM logo shaved on their backs).  What they don’t know won’t hurt them.)

That’s not the Only Group Gunning for his Money (If it is his money)

As we mentioned before the Bank of Canada is after Vick for defaulting on a loan and so is a bank in Indiana.  That ratchets up another $4.3 million right there.  Putting Michael Vick’s real wealth at risk by $24.3 million approximately, and I suspect you can add at least $1m for legal expenses.

Then There’s Another Slap in the Face for Vick

Vick’s own high school added insult to his injury (turn about is fair play in high school) by removing his jersey from their show case.  That’s got to be one of the more symbolic gestures that might hit home the most.  Think of it, if your own high school can’t forgive you, then who can?

Seriously, I think that is a great example for the kids, showing them even if you reach the exalted level that Michael Vick did, if you are a sick bastard that kills dogs for sport, we won’t leave your jersey in our show case.  After all, if a current student at the school were caught killing dogs, I suspect they wouldn’t celebrate that at the school either.