Former advisor says Vince Young needed $300k loan for birthday party - Dallas Cowboys Forum

RS12 · 02-12-2013

Last September, weeks after the Bills cut Vince Young, the attorney for the former first-round pick suggested that Young was close to broke even though he signed a contract in 2006 that guaranteed him $26 million. (In related news: reportedly spending $5,000 a week at the Cheesecake Factory doesn't qualify as a sound financial plan.)

Young's story isn't unusual; in fact, it's often the all-too-familiar conclusion to what happens when fame, fortune and all that goes with it are thrust upon 20-something athletes with no idea how to deal with either. (ESPN's 30 for 30 devoted a documentary to the phenomenon.)

Also not unusual: Young's situation will get worse before it gets better. Which brings us to the latest revelation, courtesy of Young's former financial advisor, who said that he arranged a seven-figure, high-interest loan for Young during the 2011 lockout so the quarterback could throw himself a $300,000 birthday party -- even though Young was low on funds at the time.

First, what does a $300,000 birthday party look like? There better be real-life transformers and time machines because anything less than that is a rip-off. Second, who's the financial advisor that greenlights a seven-figure loan knowing full well that his client is pretty much broke? That sounds more like your drunk college roommate who thinks using the last $20 in your bank account to buy six cases of Milwaukee's Best is a great idea -- except 15,000 times worse.

Anyway, we know about Young's predicament because the Associated Press obtained a transcript of the deposition given by Ronnie Peoples, president and CEO of Peoples Financial Service Inc. Peoples said last month that he contacted Pro Player Funding LLC about the loan after learning that Young had already paid for the party.

"'I think we still would have been OK to go ahead and survive until the next season, but (Young) had a birthday event coming up that he paid 300 and some thousand dollars for,'' Peoples testified. ''That's what prompted that call (to ProPlayers Funding).''

http://www.cbssports.com/nfl/blog/eye-on-football/21693626/former-advisor-says-vince-young-needed-$300k-loan-for-birthday-party

**Idgit** · 02-12-2013

Trying to muster up some sympathy. Failing.

Muhast · 02-12-2013

Why do you need to have a $300,000 bday party?

Muhast · 02-12-2013

Quote:

Originally Posted by RS12

Last September, weeks after the Bills cut Vince Young, the attorney for the former first-round pick suggested that Young was close to broke even though he signed a contract in 2006 that guaranteed him $26 million. (In related news: reportedly spending $5,000 a week at the Cheesecake Factory doesn't qualify as a sound financial plan.)

Young's story isn't unusual; in fact, it's often the all-too-familiar conclusion to what happens when fame, fortune and all that goes with it are thrust upon 20-something athletes with no idea how to deal with either. (ESPN's 30 for 30 devoted a documentary to the phenomenon.)

[View Full Quote]

lmao, I couldn't help but laugh at that

dexternjack · 02-12-2013

Did he rent out the Eiffel Tower and transport his posse across the ocean?

Tricked · 02-12-2013

http://sports.yahoo.com/news/ex-advi...4746--nfl.html

apparently Young is challenging this allegation

Quote:

Young's attorney, Trey Dolezal, said Peoples' account contains numerous inaccuracies, including the statement regarding the birthday celebration.

20 percent interest on a $1.9 million dollar loan?!?!?! I wouldn't even get a basic credit card with that high of interest.

Quote:

Young is challenging a $1.7 million judgment obtained against him in New York last July by Pro Player. The sum represents the balance of $1.9 million borrowed at 20 percent interest in the former University of Texas star's name in May 2011. Young, who has been out of football since he was cut by the Buffalo Bills before last season, was one of more than a dozen NFL players who obtained loans from Pro Player during the lockout.

SkinsandTerps · 02-13-2013

I always find it odd when people pay for their own birthday parties to begin with.

Less is more when it comes to personal days like that.

Throwing some big bash that you pay for is for everyone else...not you. Get a clue Vince.

lostar2009 · 02-13-2013

How can you blow 5,000 at the cheescake factory???

lostar2009 · 02-13-2013

Quote:

Originally Posted by SkinsandTerps

I always find it odd when people pay for their own birthday parties to begin with.

Less is more when it comes to personal days like that.

Throwing some big bash that you pay for is for everyone else...not you. Get a clue Vince.

Yes exactly.. especially when you have to buy your own liquor too.

SkinsandTerps · 02-13-2013

Quote:

Originally Posted by lostar2009

How can you blow 5,000 at the cheescake factory???

Buying the bar for people. And doing that on a regular basis.

Hell, I think at that time the average per guest was only about 20 bucks. That's 250 (worth of) people per week he was paying for.

Sure the bartenders/servers probably let the other guests know...Vince has your bill...and they went all out.

He would have been better served stocking up on fine liquors, and ordering Cheesecake food to go if he loved the place that much. Surely that is less than over a quarter mil.

Stryker44 · 02-13-2013

What was his Wunderlich score?

Tricked · 02-13-2013

Quote:

Originally Posted by Stryker44

What was his Wunderlich score?

Low enough for him to demand a recount

bigdnlaca · 02-13-2013

Quote:

Originally Posted by SkinsandTerps

I always find it odd when people pay for their own birthday parties to begin with.

Less is more when it comes to personal days like that.

Throwing some big bash that you pay for is for everyone else...not you. Get a clue Vince.

I find it odd in this situation but with everyone else, you have to factor in the reasoning and/or what class that person is in.

A lot of folks pay for their own birthday parties because they probably see it as a gathering instead of a party and can afford that to happen. Others use their birthday party as a way to make a profit by renting out a place and then charging people who attend or buy drinks.

In this case, it is odd because this was a loan to fund this party instead of his own money.

SkinsandTerps · 02-13-2013

Quote:

Originally Posted by bigdnlaca

I find it odd in this situation but with everyone else, you have to factor in the reasoning and/or what class that person is in.

A lot of folks pay for their own birthday parties because they probably see it as a gathering instead of a party and can afford that to happen. Others use their birthday party as a way to make a profit by renting out a place and then charging people who attend or buy drinks.

In this case, it is odd because this was a loan to fund this party instead of his own money.

I disagree. I find that most people that throw these lavish parties for themselves on their own dime are simply ignorant and out of touch with their surroundings.

I could afford to throw a huge bash, A Vince type of bash...but really do I need that kind of attention for a stupid birthday ? That is irresponsible.

When they have these bashes at clubs...the club is paying for them (I know some club owners and promoters). I went to one a few weeks back that had open bar for a couple hours (no cover). The birthday boy didn't spend a dime. The club writes it of and it is promotional.

DBOY3141 · 02-13-2013

Is anyone really surprised. You see this all the time with athlete's.

I don't feel sorry at all for him.