Tuesday, October 16, 2007

Vick Woes Continue

Wachovia Bank sues Vick over business loan

By Mike Morris, The Atlanta Journal-Constitution

Wachovia Bank has filed a federal lawsuit alleging that Falcons quarterback Michael Vick has defaulted on a $1.3 million loan for a wine store.

According to the suit, filed in U.S. District Court in Atlanta on Oct. 2, the bank loaned Vick, partner Gerald Frank Jenkins and Atlantic Wine & Package LLC the money on May 23, 2006, and that a default exists "when a material adverse change has occurred in the business or prospects of Defendant Vick, financial or otherwise, as determined by the bank in its sole discretion."

Vick and Jenkins opened Atlantic Wine & Spirits, and the adjoining Tasting Room restaurant, on Camp Creek Parkway in East Point last March.

The suit claims that Atlantic Wine has defaulted by failing to make monthly payments of principal and interest, and that Vick's obligations "are impaired due to recent events involving Defendant Vick."

Wachovia said in the suit that Vick, Jenkins and Atlantic Wine & Package owe $937,907.61 in principal, along with interest and fees that totaled $1,876.60 on Oct. 2.

The suit also claims that Atlantic Wine has multiple checking accounts with Wachovia, and that two of those accounts were overdrawn by a total of $34,680.85.

Wachovia is at least the third bank to file suit against Vick since his indictment earlier this year on federal charges relating to dogfighting.

Royal Bank of Canada claimed Vick defaulted on a $2.3 million loan, while 1st Source Bank of South Bend, Ind., claimed Vick hasn't repaid a $2 million loan.

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