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Bank claims Vick owes $940,000 in fees on loan used to open business

10/16/2007 - NFL Michael Vick

ATLANTA -- For the third time in less than a month, suspended Atlanta Falcons quarterback Michael Vick has been sued by a bank claiming that he has defaulted on a loan.

A federal lawsuit filed by Charlotte-based Wachovia Bank in the U.S. District Court in Atlanta two weeks ago claims that Vick and a business partner are in default on a $1.3 million loan that was used to open a wine store and restaurant.

According to the suit, Vick, partner Gerald Frank Jenkins and Atlanta Wine & Spirits owe nearly $940,000 in principal, interest and related fees. Jenkins is a retired surgeon who recruited Vick as an investor in the East Point, Ga., business.

The two men in March opened Atlanta Wine & Spirits and an adjoining restaurant named The Tasting Room. The grand opening of the restaurant, which occurred before Vick was charged in an illegal dogfighting ring, garnered considerable local media coverage.

The suit claims the men defaulted on the loan by failing to make monthly payments and that the quarterback's ability to do so are now "impaired due to recent events."

Vick has pleaded guilty to federal charges, still faces state charges in Virginia and has been suspended indefinitely by the league. In a recent arbitration hearing, a special master who presides over NFL grievance cases ruled that the Falcons are allowed to attempt to recover nearly $20 million of the $37 million in bonuses already paid to their banished star under terms of a 2004 contract extension.

On behalf of Vick, the NFL Players Association has appealed the ruling.

In mid-September, Vick was sued by the Royal Bank on Canada in a Virginia federal court, claiming that he had defaulted on a $2.3 million loan that was allegedly earmarked for real estate investments. Two weeks later, a South Bend, Ind., bank filed suit seeking repayment of a $2 million loan that was to have funded a car rental business.

Senior writer Len Pasquarelli covers the NFL for ESPN.com.