OT - Vince Young Close to Broke

Submitted by MLaw06 on

Vince Young spends nearly all of $26 million guaranteed contract (and approximately $30 million of endorsement proceeds); claims close associates took advantage of him....!  Pleads for understanding because of financial illiteracy (including agreeing to a $1.9 million dollar loan at 20% interest to bide him through the NFL lockout).

Six years after entering the NFL as the third player taken in the draft, Vince Young finds himself without a team and with just a fraction of the money he received from a contract that guaranteed him $26 million.

http://www.cbsnews.com/8301-400_162-57515781/qb-vince-young-out-of-the-game-and-out-of-money/ 

Vince argues that he just executed signature pages, but never read the agreements or schedules/exhibits attached thereto (which actually happens all the time in the real world).  Essentially, he seems to have given signing authority to his uncle and some criminal defense lawyer who used that privilege to spend down assets and amass additional liabilities under Vince Young's name. 

Now that Vince is out of the NFL and the collection calls are streaming in, Vince is looking for hail mary passes that will get him out of this mess. 

Does anyone have a job for Vince Young??!

[ED-BiSB: Per ZL's edit, you can't just copy and paste entire articles]

[OP ED - Second try...]

MGoBoard
Football
NFL
vince young

justingoblue

September 28th, 2012 at 10:15 AM ^

to CBS News and the author to just copy/paste all of their work.

That said, wow. I'm pretty sure my first order of business if I'm a first round pick is to find an agent out of CAA or something, and take my money to a place like Goldman Sachs. You can chage the names in question there, but I would be looking for large and established companies to handle that amount of money (especially when a professional football career has a max of fifteen years or so, at the absolute most).

Joined: 11/16/2010

MGoPoints: 29741

MichiganManOf1961

September 28th, 2012 at 10:40 AM ^

"password protected so thought it was better to copy it into the post?" 

I guess you didn't take any classes regarding intellectual property, did you?  If we all acted like some unnamed nations who disregard patents and the rule of law, there would be no incentive to continue to create.  The article was password protected for a reason, to incentivize consumers to purchase the product to be able to use it.  Not for unscrupulous individuals to steal the information and disseminate it to non-participants.

Excuse me, I just re-read and it appears that the article is now free. 

You should still be chastized for initially wanting to use the article illegally.

Also, it appears that the WonderPick people may be on to something, maybe there is some relationship between score and (financial) performance.

~Herm

Joined: 05/18/2012

MGoPoints: -805798

MLaw06

September 28th, 2012 at 10:48 AM ^

umm, it's an AP post.... which means it's publicly available for all the world with "Google" technology....

I meant "password protected" as in.... my link to the WSJ posting of this AP article did not work because the link itself required my WSJ user password in order to access the webpage...  Therefore, I linked to the same article on the CBS website which does not require my password.

Again, the underlying story itself is not password protected... I only meant that my WSJ link would not work unless you have my password, therefore, I linked to CBS as a work-around.

Is that ok according to your understanding of IP rules, sir?

Further, I never took an IP law class, but I don't think that has any relevance here.  In addition, perhaps contract law would apply more directly to a breach of website access rules.

Finally, I never stated that I was a know-it-all lawyer... The opposite, actually.  I just listed my username as MLaw06 since that was my affiliation w/ the university.  Maybe I'll change it... to RollDamnTide or something.

Joined: 02/29/2012

MGoPoints: 6223

the unsilent m…

September 28th, 2012 at 2:28 PM ^

news, International News v. Associated Press, you just can't copy news/articles word for word, Copyright Act of 1976.  In at least one state, you can even repeat sensitive news if it is considered "hot news".  I'm not sure where the law would stand if you missapropriated RollDamnTide's username.   

Joined: 09/22/2012

MGoPoints: 172

State Street

September 28th, 2012 at 10:13 AM ^

Clay Travis had a really good write-up on this trying to put it in perspective.  How anyone could blow $20+ million on mostly liquid assets in this amount of time is insane.  It's not even stupid, just sad.

Joined: 07/09/2011

MGoPoints: 15316

Perkis-Size Me

September 28th, 2012 at 10:13 AM ^

We always wonder, how with our modest earnings (compared to a professional football player), that someone who makes millions of dollars a year can possibly go broke? It looks like it'd be pretty damn easy. Especially when you spend $6,000 at a TGI Fridays in one night.

Not really sure if I feel bad for him. He brought it all on himself.

Joined: 11/30/2011

MGoPoints: 105404

LSAClassOf2000

September 28th, 2012 at 10:21 AM ^

There have been a few articles out there with some of the highlights of his spending as well, which included $5,000 per week at the Cheesecake Factory, $600 shots of Louis XIII Remy Martin (classy indeed), thousand-dollar tabs at T.G.I. Friday's and numerous instances of paying people to do things he could easily do himself, such as carry his luggage. There was a report as well that detailed how Young once bought 120 seats on a Southwest flight, leaving room for exactly ten people lucky enough to have purchased their tickets before he did.

Joined: 01/07/2011

MGoPoints: 130561

His Dudeness

September 28th, 2012 at 10:28 AM ^

Anyone who claims they can't blow 20 MIL has never had 20 MIL. It's easier than you think especially given the 2008-2009 year of magical disapperaing moneys. Hell, nearly everyone lost 40-50% net worth not even including home value, etc. Add into that poor investments and the "helping out everyone and their brother who ever knew you" aspect of being famous/a pro and I can see this happening easily. This guy especially, dude got a -12 on the wonderlic.

It is really easy for all of us everymen to scoff at the rich guy who lost it all and say "That would never happen to me" but chances are it would happen to you as well. You may not have lost all of it, but you would have lost a good portion of it just like VY did. A wise man once said "scared money don't make money." Sometimes you are Charles Woodson/Magic Johnson and sometimes you are VY. The line is just a  few unlucky/poor decisions.

 

EDIT: Maybe this is all bullshit. Dude spent $6000 a week on shitty food? Hope he had $6000 a week worth of Pepto.

Joined: 11/24/2008

MGoPoints: -973290

MLaw06

September 28th, 2012 at 10:37 AM ^

Celebrity steakhouses are typically horrible. 

Michael Jordan's in Grand Central, for example, is one of the worst steaks I've ever eaten...  Overcooked with lots of salt on top for no good reason.

Also... it's a train station and in the summer-time it is blistering hot... and no AC, except for a few portable fans.

Joined: 02/29/2012

MGoPoints: 6223

MichiganTeacher

September 28th, 2012 at 2:42 PM ^

Heading far into OT territory here, but yeah holy schnikes is Michael Jordan's in Grand Central bad. Anyone going through there, you're better off going to the market (go out on 42nd, head east to Lexington, go half a block north on Lex, re-enter Grand Central, and you're in the market) and just making your own from the stuff there. Or eat at one of the million other places in midtown Manhattan.

Joined: 10/06/2011

MGoPoints: 9263

goblue20111

September 28th, 2012 at 10:39 AM ^

God the people constantly bitching about what others post makes this place unbearable, which is sad since there are a lot of smart fans on here.  Take a fucking midol and relax. 

Joined: 10/31/2010

MGoPoints: 7251