NFL PING
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This is a fairly high volume ping list
Posted on 07/08/2008 4:44:41 PM PDT by abb
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.
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(Excerpt) Read more at ajc.com ...
ping
Does ANYONE in America live below their means besides me?
It couldn’t happen to a nicer guy.
I did up to recently, but with the cost of fuel, food, real estate taxes (Florida) and insurance (Florida) going though the roof.
I'm about breaking even now............ time to redo the family budget, cancel some cable, review car insurance levels, maybe sell a car that is rarely used
I was living on about 75 % of my household income
He’s going to need some dummy in the NFL to give him a huge contract just so that he can repay his debts.
I do. I was just remarking the other day that the minute my wife and I could afford to buy new cars, we started buying used ones.
Too bad, so sad.
Maybe he could QB a prison football team that decides to play some NFL stars. They win and a hit movie is made, which earns Michael enough to pay off everyone!
doggone it -— dog ate my house...
Vick cites debts of between $10-50 million dollars. He also cites assets in the same range.
So why can’t he sell off the assets to pay the debts? Am I missing something here??
That’s a big range from 10 to 50. Maybe he owes 50 and has 10 in assets.
What a bum. I hope he ends up working in a car wash.
Darn, I thought he was in the process of paying his debt to society for the cruelty to animals. I did not realize that it was for the federal prosecution.
What a loony lawyer.
Vick is a thug. But the fact that the Federal Government drove the guy the ruin over dog fighting is obscene.
Paging Al Davis......
why God?...why.....
I agree...of all the crimes that should be pursued....
but maybe between the FBI and the NFL and the IRS, there was a bigger case against little Micheal..maybe one that would send shivers down the backs of the NFL.....maybe a huge gambling ring on GAMES or throwing games, etc...
I do remember it very curious that Micheal Jordan just suddenly retired the year after his brush with the law.....coincident?...don't think so...
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