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
Key Contacts
Back
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
- Industries: Entertainment & Media
- Practices: Corporate Transactions & Business, Bankruptcy & Creditors' Rights, Bankruptcy Litigation
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Failing to Comply With NJ Rent Control Exemption May Prove Costly
What Developers Need to Know About New Jersey’s Rent Control Exemption Law to Ensure Entitlement to Exemption for Newly Constructed Multi-family Housing. A property owner in Jersey City is facing a $400 million federal class action lawsuit alleging that the landlord did not follow the procedural steps required to be eligible for exemption from local […]
Author: Patrick T. Conlon
Crypto Securities Law: When Tokens Become Investment Contracts
The application of traditional federal securities laws to crypto assets continues to evolve. In some cases, the Securities and Exchange Commission (SEC) considers tokens and other digital assets to be securities. This makes them subject to federal securities law, including the Securities Act of 1933 and the Securities Exchange Act of 1934. This classification has […]
Author: Bryce S. Robins
The Due Diligence Process for NY Condominiums and Cooperatives
While the New York City real estate market can be extremely competitive, moving too quickly often backfires. Before purchasing a condominium or cooperative in New York City, it is important to do you homework. Purchasing property in NYC can involve a dizzying number of legal issues. These include condo and co-op rules, rent restrictions, and […]
Author: Jesse M. Dimitro
Smart Contract Legal Issues: Drafting Agreements for Blockchain
Smart contracts feature a unique blend of legal agreement and technical code. This innovation has the potential to reshape how business is conducted. At the same time, smart contract legal issues around enforceability, jurisdiction, identity, and compliance are common. The legal framework for these self-executing agreements is still evolving. What Are Smart Contracts? Smart contracts, […]
Author: Bryce S. Robins
Are Stay Interviews the Key to Retaining Top Talent?
Retaining top talent continues to be one of the greatest challenges facing employers today. Even in an employer’s market, the loss of a key employee can disrupt operations and result in significant costs. While compensation plays a role, long-term retention often depends on workplace culture, communication, and employee engagement. One increasingly popular strategy for improving […]
Author: Angela A. Turiano
Why Secured Transactions Are Important
Secured transactions form the backbone of a wide range of business dealings, including business loans, mortgages, and inventory financing. Because the stakes are often high and relatively minor oversights can have drastic consequences, lenders and borrowers should thoroughly understand how to form an enforceable security agreement that protects their legal rights. What Is a Secured […]
Author: Dan Brecher
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.