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Michael Vick files for bankruptcy protection

Discussion in 'Chargers Fan Forum' started by sdbound, Jul 8, 2008.

  1. sdbound

    sdbound Well-Known Member

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    RICHMOND, Va. (AP)—Imprisoned quarterback Michael Vick filed for bankruptcy protection while serving time for federal dogfighting charges, saying he owes between $10 million and $50 million to creditors.

    Vick filed Chapter 11 papers in U.S. Bankruptcy Court in Newport News on Monday. The seven largest creditors listed in the court papers are owed a total of about $12.8 million.

    The suspended Atlanta Falcons quarterback hopes he “can, after the conclusion of the bankruptcy case, rebuild his life on a personal and spiritual level, resurrect his image as a public figure, and resolve matters with the NFL such that he can resume his career,” according to the filings.

    Vick is serving a 23-month prison sentence at the U.S. Penitentiary in Leavenworth, Kan., after pleading guilty last year to bankrolling a dogfighting ring. He was subsequently suspended indefinitely without pay and lost all his major sponsors, including Nike. He also faces state charges related to dogfighting.

    The debt includes part of a signing bonus that the Falcons are seeking to recover.

    After the plea on dogfighting charges, the Falcons tried to recover about $20 million in bonuses Vick earned from 2004 to 2007. But a federal judge held that Vick is entitled to keep all but $3.75 million of the money paid to him for playing football through the 2014 season.

    According to the filings, Vick’s other debts include $4.5 million owed to Richmond-based Joel Enterprises Inc., and $550,0000 owed to Radtke Sports Inc. for breach of contract.

    In May, a federal judge ordered Vick to repay about $2.5 million to a Canadian bank for defaulting on a loan. The Royal Bank of Canada had sued Vick in September, arguing his guilty plea to a federal dogfighting charge—and the resulting impact on his career—prevented him from repaying the loan.

    A default judgment for $1.08 million also was entered in January against Vick and a business partner in a lawsuit brought by Wachovia Bank over a loan for an Atlanta-area wine shop and restaurant.



    *And yet I still don't have my beer.
     
  2. SanDiegoRon

    SanDiegoRon BoltTalker

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    legal fees are a *****... :yes:
     
  3. Kwak

    Kwak ....

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    Dude is fuked unless he has some $$$$ stashed off shore.

    Hopefully when he did things like buy mom a house, he put it in her name.
     
  4. boltmanbz

    boltmanbz Well-Known Member

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    yah exactly, thats what i would be doing
     
  5. Lightning's Girl

    Lightning's Girl Mod Chick =) Staff Member Moderator

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    Gee, I wish I could muster some sympathy for the poor sonofabee, but I guess I'm a quart low. Michael Vick deserves every rotten, stinking thing that happens to him, IMHO.:icon_evil:
     
  6. henryqjr2001

    henryqjr2001 BoltTalker

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    People always wonder how somebody that rich can be bankrupt. But like they say, the more you make the more you spend!:icon_shrug:
     
  7. Eat My Boltage

    Eat My Boltage Well-Known Member

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    I often wondered how someone that well off could be that STUPID! It sounds like he is finally getting exactly what he deserves. I just hope that when he gets out ,goddell doesn't let him back in the NFL. What a loser!!!:icon_rofl:
     
  8. Ride The Lightning

    Ride The Lightning Join the Dark Side, we have cookies.

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