Bronco Billy Posted July 9, 2008 Share Posted July 9, 2008 link Vick files for bankruptcy protection Attorney says imprisoned Falcons QB is in a "precarious financial position" By D. ORLANDO LEDBETTER, STEVE WYCHE The Atlanta Journal-Constitution Published on: 07/08/08 Just seven months after Michael Vick was sentenced to federal prison, the fallen Falcons quarterback found himself in a "precarious financial position" and filed for bankruptcy protection. One of his creditors is the Falcons. In Chapter 11 documents filed in federal court in Virginia on Monday, Vick cites debts of between $10-50 million dollars. He also cites assets in the same range. In the court documents, Vick lists seven creditors, including the Falcons, that are owed a total of $12.8 million. The debt to the Falcons is for $3.75 million, listed as a pro rated signing bonus. The documents indicate the claim is disputed. A Falcons spokesman said the team would not comment on Vick's bankruptcy. Vick is currently serving a 23-month prison sentence in Leavenworth, Kan. for his guilty plea in federal court to felony charges related to dogfighting. His release date is July, 2009. "He is in the process of paying his debt back to society for the federal prosecution," said Peter R. Ginsberg, Vick's attorney with the New York firm of Crowell and Moring. "This will give him the opportunity when he gets out to start his life fresh." The largest of Vick's creditors is Joel Enterprises with a claim of $4.5 million. Andrew Joel, a Richmond sports agent, filed a lawsuit against Vick in 2006 claiming he reneged on an endorsement deal agreed upon after leaving Virginia Tech early for the NFL. Another creditor listed is Radtke Sports, of Woodstock, for $550,000. According to the attorney for Radtke, Vick had an exclusive autograph deal with the company and that he can no longer fulfill his obligation due to his imprisonment. Court documents also lists three banks as creditors. Two of the banks, Wachovia and Royal Bank of Canada, recently received judgments against Vick. According to court documents, Vick's "goal was to avoid bankruptcy and work out consensual resolutions with each of his creditors who, other than Joel [Enterprises], have been quite cooperative." Quote Link to comment Share on other sites More sharing options...
Big John Posted July 9, 2008 Share Posted July 9, 2008 2 threads in the Tailgate on this already. Quote Link to comment Share on other sites More sharing options...
Bronco Billy Posted July 9, 2008 Author Share Posted July 9, 2008 2 threads in the Tailgate on this already. The Tailgate? I thought that was just a mythical place... Quote Link to comment Share on other sites More sharing options...
i_am_the_swammi Posted July 9, 2008 Share Posted July 9, 2008 I thought that was just a mythical place... ....and filled with mythical creatures. Quote Link to comment Share on other sites More sharing options...
Bronco Billy Posted July 9, 2008 Author Share Posted July 9, 2008 Ah, well. For as long as it was shoved down our throats what a great QB Vick was, it's a well earned payback to be able to wallow in his downfall a bit. I'm not the type to wish ill will upon a person, but if they put themselves in a situation like this after years of being told by sports "experts" how Vick was going to redefine the position of QB for eternity with his greatness, it is a bit cathartic. Quote Link to comment Share on other sites More sharing options...
The Irish Doggy Posted July 9, 2008 Share Posted July 9, 2008 Its the most exciting chapter 11 in the league. Quote Link to comment Share on other sites More sharing options...
Bachi Boy Posted July 9, 2008 Share Posted July 9, 2008 I will never forget that press conference after the game for his one and only four passing TD performance. There, I have passed for four touchdowns today. Now I don't ever want to hear you guys say I'm a one dimensional quarterback anymore. I still think his punishment should have been dropping him in the octagon and having him fight Rampage Jackson or Chuck Liddell every day for a few years. Quote Link to comment Share on other sites More sharing options...
Bronco Billy Posted July 9, 2008 Author Share Posted July 9, 2008 I still think his punishment should have been dropping him in the octagon and having him fight Rampage Jackson or Chuck Liddell Jack Bauer or Chuck Norris every day for a few years. Fixed Quote Link to comment Share on other sites More sharing options...
BeeR Posted July 9, 2008 Share Posted July 9, 2008 Ah, well. For as long as it was shoved down our throats what a great QB Vick was,?? What non-ESPN employee mental midget was doing this? I'm not the type to wish ill will upon a person, Given his crimes, I wish him a truckload. Pref the truck being filled w/him and a lot of very aggressive, very hungry pit bulls. Quote Link to comment Share on other sites More sharing options...
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