AP: Indiana Bank Sues Vick Over Business Loan

It’s raining and pouring on Michael Vick.  I never imagined blogging about his demise, but this news report from today actually is relevant to the commercial foreclosure area, not to mention interesting on a number of levels.  It would appear Vick received a $2.0 million loan secured by 130 vehicles.  To the extent there are any follow-up stories on this matter, I’ll update this post. 

10-1-07 Update:  Here’s a .pdf of the Complaint filed in the South Bend division of the USDC for the Northern District of Indiana – .pdf.  Vick is alleged to be a guarantor of borrower Divine Seven, LLC’s loan.  Vick also is alleged to be a member of the LLC.  If you’re wondering how Vick, apparently a resident of Virginia, can be sued in South Bend, look for my post this week about Indiana jurisdiction over out-of-state guarantors.