Subscribe Now


Search
  Search Archive

Exclusive Reports

Wachovia pursues Vick on $1.3 million business loan

Disgraced NFL star is part-owner of Atlanta restaurant, wine store

Charlotte Business Journal - by Will Boye Staff writer

Michael Vick is being blitzed by creditors, with Wachovia Corp. joining the list of banks demanding loan repayment from the disgraced NFL star.

The Charlotte bank has filed suit against Vick and a business partner for nearly $940,000, claiming the two have defaulted on a $1.3 million loan for a restaurant and wine store in Atlanta.

Vick invested in The Tasting Room, an upscale restaurant that opened this year, and Atlantic Wine & Spirits, an adjoining wine store in the East Point area of Atlanta.

Frank Jenkins, a retired surgeon, founded Atlantic Wine & Package in 2004 and brought Vick in as an investor for the East Point operation.

Atlantic Wine is also named as a defendant.

In its suit, Wachovia contends Atlantic Wine borrowed $1.3 million in 2006, and Jenkins and Vick both signed personal guarantees on the loan.

Both the restaurant and the wine store remain in business. But the bank says Atlantic Wine has defaulted on the loan by failing to make its monthly payments.Vick's circumstances are also a factor in the default, the suit contends.

Atlantic Wine's ability to make good on the loan and Vick's guarantee have both been "impaired" by recent events, the suit contends.

The bank seized $370,000 from Atlantic Wine's checking accounts, but the company still owed principal of $937,907, plus interest and fees of $1,876 through Oct. 2.

The interest expense on the loan continues to accrue at a rate of $201.91 per day, according to the suit. Wachovia notified Jenkins and Vick last month that the loan was in default, the bank says.


Business Directory

Find local business services by clicking on a category

More Services:

Extra

America's Fun Cities

We pick metros where good times roll

Search Press Releases

Search by Company, Organization, or Keyword

Content provided by PR Newswire. Learn more about this service.

Search for Jobs     powered by onTargetJobs

View Atlanta Jobs - 1285 jobs today

Business Resources

Email Alerts

Get the latest local business news delivered to your inbox. Sign up Today!

Featured Jobs

powered by onTargetjobs

Atlanta Real Estate


Sponsored Links