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 ...
They didn’t drive him to ruin. He is the author of his own predicament and deserves everything he’s gotten.
From creditors, employers, corporate sponsors: Fine. This guy is not in NFL prison or Nike prison. Please show me where the Constitutions empowers the Federal government to prosecute dog fighting.
It’s irrelevant - he’d be in the same fix had he pleaded guilty to state charges, which may yet be brought.
The investigators used and all the time, money and other resources spent did not come from the state. Where would this thing be without the Feds? Do you consider yourself conservative? If you do and you believe Constitutional limits to Federal power are irrelevant then you have some explaining to do.
If you don't consider yourself conservative then why are you here?
"Conservatives" have bought this animal rights crap hook, line and sinker. It is just Marxism. If there is a limit to Federal power at his point I sure would like to know what it is.
www.surrycounty.govoffice2.com
you will find a feedback form to voice your opinion. I told them I thought the prosecutor who did this deal should be put, along with Vick, in the ring to face the dogs that were abused.
Carolyn
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