Posted on 11/19/2017 11:44:44 AM PST by Colonel Kangaroo
Former NFL quarterback Michael Vick made the final $1.5 million payment to creditors on Thursday, meaning he paid back $17.4 million of the $17.6 million that he owed when he filed for bankruptcy in July 2008.
The payment and final payouts were confirmed by Joseph Luzinski, a senior vice president at Development Specialists Inc., a management consultancy firm and the liquidating trustee in Vick's bankruptcy.
"Paying 99 cents on the dollar, which he did, is remarkable," Luzinski said. "It happens in, maybe, one out of 100 cases."
Vick elected to file for Chapter 11 bankruptcy instead of Chapter 7, which would have allowed him to liquidate his assets and not owe any more. Vick, who served 548 days in jail for taking part in an illegal dogfighting ring, took the rare step of kicking in future income to pay off his creditors.
"I didn't want to stiff people who never stiffed me," Vick told ESPN in 2014.
In the five-year period from 2010 to 2014 in which he agreed to go on a restrictive budget to pay back his creditors, Vick earned nearly $50 million during four seasons with the Philadelphia Eagles and one with the New York Jets. Vick played his final games in 2015 with the Pittsburgh Steelers and now works for Fox Sports as a studio analyst for its NFL coverage.
All the creditors were made almost completely whole by Vick, although the Atlanta Falcons, which gave him a retirement ceremony this year, lost out on their big bet.
The Falcons were owed $6.5 million from Vick in a salary settlement negotiated in 2009. Less than two years later, the Falcons sold that liability to Fortress Capital, the investment firm co-founded by Milwaukee Bucks co-owner Wesley Edens.
What Fortress paid in hopes of getting the $6.5 million back is unclear, as the documentation of the transaction submitted to the court doesn't disclose the amount. But Luzinski said it is assumed they bought it at a significant discount.
"That was like playing the lottery," Vick told ESPN three years ago, when he had paid off 85 percent of the debt. "They didn't know if I was going to fully come back, and if you were to ask me, I would have done the same thing. But that's just how God worked in this situation."
“When you pay your full debt, that is a truly good thing to do.”
LOL! He paid his debt in order to save his #20 million in assets which he would have had to liquidate except for this special deal he got which also allowed him to come back and get a $49 million contract.
You are a fool for sucking up to MV!
LOL! Suck it up, fool!
“Agree. Good for him.”
Dude, his lawyers made the deal. It was part of the bankruptcy settlement which allowed him to pay off the $17 million in debts to save his $17 million in assets and keep open the option of the $49 million contract he would get!
Why are so many here sucking up to MV?
All you can come up with is an ad homonym attack? So sad...
“hominem”
Remember he killed dogs. They’re animals. No different than cows or pigs. That said, I’m glad to see that Vick learned from his lessons. I wish him well for the rest of his life, I’m rooting for him.
See reply #46.
“That said, Im glad to see that Vick learned from his lessons. I wish him well for the rest of his life, Im rooting for him.”
What did he learn? He learned he could beat and kill animals and run a gambling ring and the NFL would still give him a $46 million contract!
“All you can come up with is an ad homonym attack? So sad...”
See my dozens of posts! I am so tired of seeing MV fanbots suck up to this loser.
See reply #48.
“’Remember he killed dogs. Theyre animals. No different than cows or pigs.”
I learned young that those that tortured animals were just a step away from whacking humans.
Good job Ron Mexico
” Im rooting for him.”
You’re rooting for the dude that is rooting for Kaepernick?
Do you lie in every post? You're repeating the guaranteed $49 million lie pretty often. Here's his actual timeline:
APR 2001 - Drafted, 6 yr, $62 million
DEC 2004 - Extension, 9 yr, $130 million
AUG 2007 - Prison, Suspended without pay (meaning all $130 million is gone)
AUG 2007 - Arbitrators award Falcons $20 million of the 2004 $37 million signing bonus, as well
JUL 2008 - Bankruptcy filed
MAY 2009 - Released from prison
JUN 2009 - Rights released by ATL
AUG 2009 - PHI signs Vick after release, 1 yr, $1.6 million
MAR 2010 - PHI exercises 1 yr option, $5 million, $1.5 million bonus, even though Vick is only a backup QB to McNabb
AUG 2011 - PHI extension, 6 yr, $100 million, $40 million guaranteed.
FEB 2013 - PHI restructures deal, 1 yr, $10 million
MAR 2014 - NYJets, 1 yr, $5 million
AUG 2015 - PIT, 1 yr, $970k
Get that, liar? Declared Bankruptcy in 2008... In 2009, he was released from prison and from ATL, with no promises for anyone... in 2009, he was given 1 year by a different team... in 2010, he was given 1 more year...
Not once from 2007 until 2011 did he have ANY guarantees of making big money again, from the time of filing in 2008, and going to prison, until 2011, when he earned his way back into the big contracts, with a different team.
It was ‘almost 40’ plus 10 is close to 49
“Not once from 2007 until 2011 did he have ANY guarantees of making big money again, “
Or any requirement to pay back the money unless he made big money!
Dude got a sweet-heart bankruptcy deal. Follow the money. See who his creditor was!
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