beevomav
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Welcome to another Saturday With Uncle Beevomav.
I finally finished my computer upgrade. had the HP tower but yesterday I added a 22" Samsung LED HD monitor and new CRX speakers. So what does it mean to you? Well we can start with more blogs and go from there.
Vince Young is not the first and won't be the last athlete to earn a lot of money and go broke.
Six years after signing a rookie contract with the Tennessee Titans, Vince found himself out of work and broke. Amazingly he went through his rookie contract that guaranteed him $26 million.
Young is suing his former agent, Major Adams, and a North Carolina financial planner, Ronnie Peoples, alleging that they misappropriated $5.5 million of the $26 million.
The two have filed a countersuit in which they castigate Young for allowing his uncle to serve as his business manager despite having no expertise in the field.
During the lockout of 2011, Young, like many other players, borrowed $1.9 million for a group called Pro Player Funding. Now here is the really bad part. The loan was a 20% interest, and VY had to pay $693 million Up Front.
Young says he had no knowledge of the loan, but PPF has Young's notarized signatures and signed an agreement with the Eagles where he paid them and additional $1 million during the 2011 season.
The numbers are mind boggling. He borrowed $1.9 million but due to an upfront interest payment, he only received a shade over $1.2 million. He later paid PPF and additional $1 million and yet he still owed them $1.7 million when they seized his possessions on Wednesday.
Young states that PPF showed up a The Buffalo Bills training camp and threatened to call the Sherriff is he didn't pay up. Vince now claims these actions were part of him being released.
This from Vince's attorney, Treu Dolezal.... "I wasn't in the room when they (the Bills) made a decision, but what would you think? It certainly wouldn't help me if I'm the owner or the head coach knowing all this is going on with Vince and then he goes out and plays poorly," Dolezal said.
Vince is hardly alone in taking out these short team loans.
MSNBC recently did an investigative piece, and they claim the 380 of the 1700 NFL players live from paycheck to paycheck, Pro Player Funding is but one of many that offerer high interest loans with future earning as collateral.
Although the original loan came with 20% interest, there is a clause inserted that if the loan goes into default, the rate rises to 36%.
MSNBC determined that as many as 10% of NFL players took out one of these high risk loans. That's 170 players whose credit was so bad they had to borrow huge sums of money. PPF in managed by the cousin of Roc-a-Fella Records co-founder Damon Dash, just in case you were wondering who is their target audience.
