Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Former Heisman Trophy Winner Decided to File for Bankruptcy
Author: Joel R. Glucksman
Date: January 30, 2014
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There was a time when Vince Young, was the most popular man in college football.
He was a Heisman Trophy-winning quarterback from the University of Texas, who had just led the Longhorns to a BCS National Championship against the powerhouse USC Trojans. Young proceeded to be drafted 3rd overall by the Tennessee Titans in the 2006 NFL Draft. However, he never lived up to expectations, and didn’t last long in the league.
Young’s troubles didn’t end with being a failed first round draft pick, as he recently filed for protection under Chapter 11 of the bankruptcy law. The former NFL quarterback listed between $500,001 and $1 million in estimated assets, and liabilities between $1 million and $10 million.
“Vince is trying to stay low and just wants this over with,” Trey Dolezal, Young’s Austin-based personal attorney, told the Austin Statesman. “He was so happy and relieved when we reached a financial settlement, but Vince is owed several million dollars, and that has not been paid. I would say he is very frustrated.”
Unable to secure a backup job in the NFL, and facing multiple lawsuits, Young has been facing financial troubles for quite some time. During the NFL lockout in 2011, Young took out a $1.8 million loan in his own name, which has led to many costly lawsuits, as he now owes Pro Player Funding – the company that offered the loan – $2.5 million.
In response, Young filed a lawsuit against his former financial adviser, as he claims he never saw the funds from the $1.8 million loan. He said Ronnie Peoples – his former adviser and agent – conspired with Pro Player Funding to defraud him
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