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
- 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
Breach of Contract Explained: Types and Consequences
Breach of contract disputes are the most common type of business litigation. Therefore, nearly all New York and New Jersey businesses will likely have to deal with a contract dispute at least once. Understanding when to file a breach of contract lawsuit and how long you have to sue for breach of contract is essential […]
Author: Brittany P. Tarabour
How to Dissolve a Corporation in New Jersey: A Step-by-Step Guide
Closing your business can be a difficult and challenging task. For corporations, the process includes formal approval of the dissolution, winding up operations, resolving tax liabilities, and filing all required paperwork. Whether you need to understand how to dissolve a corporation in New York or New Jersey, it’s imperative to take all of the proper […]
Author: Christopher D. Warren
Gross Lease vs. Net Lease: Understanding the Key Differences
Commercial leases can take a variety of forms, which is often confusing for both landlords and tenants. Understanding the different types, especially the gross lease structure, is important when selecting the lease that best suits your needs. One key distinction between lease types is how rent is calculated and paid. This article addresses the two […]
Author: Robert L. Baker, Jr.
What to Do If You Are Impacted by a Retailer Bankruptcy Part 2
Over the past year, brick-and-mortar stores have closed their doors at a record pace. Fluctuating consumer preferences, the rise of online shopping platforms, and ongoing economic uncertainty continue to put pressure on the retail industry. When a retailer seeks bankruptcy protection, a myriad of other businesses are often impacted. Whether you are a supplier, customer, […]
Author: Brian D. Spector
The Current Administration's Proposals for the Financial Services and Banking Industries Will Affect Your Business
Since his inauguration two months ago, Donald Trump’s administration and the Congress it controls have indicated important upcoming policy changes. These changes will impact financial services policies and priorities. The changes will particularly affect cryptocurrency, as well as banking rules and regulations. Key Regulatory Changes in Cryptocurrency For example, in the burgeoning cryptocurrency business environment, […]
Author: Dan Brecher
Tips for Commercial Landlords Impacted by Wave of Retailer Bankruptcies Part 1
The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]
Author: Brian D. Spector
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.