Michael Vick Goes Bust, Owes Millions

(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.

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 suspended Atlanta Falcons quarterback "will seek to rebuild his life and career" upon his release, according to the filings.

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.

[babeaut57]

This fools lawyers and real estate agents are clueless if they think the economy is what is holding back the sale of Vick's mansion. People do not want anything this person has touched. He's an inhuman barbarian, and his sentence was way too light. An eye for an eye. Either set dogs to attack him with him tied down and let him see what it's like, or do exactly, act for act to him as he did to those poor dogs. If he would do it to a defenseless animal, he'll do it to a human. And those of you who are so ready to excuse him and let him be on his merry way would be the first to yell if it was you or one of yours that he tortured.

[blackyowe]

The man was inhumane and arrogant and I do not feel sorry for people like that. He made his bed and now he can lay in it!

[avigil2]

To annestivacti: apology accepted.

[frankbowers]

Vicks needed a longer sentence than what he got just think of all the young black boys who looked up to him, they now think it is okay to kill an animal or what ever for amusement. Frank.

[annestivacti]

OOPS! The comment to which I refer was ascribed to the wrong person, apparently. It appears that the poster to whom I took offense at the inane comments was sassalin at 12:00 PM : Jul 09, 2008

My SINCERE apologies to Avigil2

[annestivacti]

Avigil2 at 01:12 PM : Jul 09, 2008 and others who seem to be oblivious to egregious suffering and death of innocent victims, here''s a news flash! Non-humans feel pain and every other emotion just the same as most humans. In the case of people like you, non-humans are obviously superior, because they would never do to one another what you so flippantly ascribe as . . . well . . . . stuff that just happens. Wake up and smell the peonies, or better yet . . . try sniffing them from six feet under and make some room for people on earth who will make a positive contribution to the lives of others.

[mercyme884]

I simply can''t understand some of the stupid, ignorant and inhumane comments posted in this column. God will surely tire of you jerks soon and maybe if he is good he will turn you all into dogs and put you into pens owned by Michael Vick and his cohorts .

[whiskyrocker]

So he made a mistake. Give him a break. Everybody makes mistakes once in awhile. He need''s to get back on the field where he belongs.

[avigil2]

Michael Vick deserves what he gets. He''s a poor excuse for a human being.

[sassalin]

The media made a big deal out of nothing. Humans kill and harm eachother in the most horrible ways possible. Things normnal people could never dream of and this guy gets two years and his life is ruined

I love animals. I have a dog that my daughter adores but they are ANIMALS. Nothing more.

His actions were wrong but people commit, EVERYDAY, worst crimes against humans and I don''t see them being treated like this.

Maybe if society took this example and applied it to drug dealers, killers, rapist and *** offenders the crime rate in the US would drop.