Michael Vick Goes Bust, Owes Millions

Disgraced Ex-QB Files For Bankruptcy; Cites Debts Of Between $10-$50 Million

(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.

[welshwoman-2009]

Mr. Vick brought it all on himself. He was told repeatedly throughout his college years to give up this illegal and immoral activity and he chose not to. Hang him high!

[beader59]

WAAAAAH!

[tireslinger]

If there is a such thing as having -0 sympathy for Mr. Vick, then that''s what I have. He is learned hopefully, that sometimes there exists more than just immediate consequences for our behavior. He made his bed, if you will. When he is released, he can continue to lie in it.

[whatsup49]

waaah waaah waaah. he brought this on himself. he deserves all the bad things he can get. what goes around comes around. in my opinion, 23 months was not long enough,

[luvcomments]

I just can''t muster up any sympathy for somebody who practiced such extreme cruelty with absolutely zero compassion for any of those poor animals beyond hope. What did he think it meant that we are to be stewards? He was one of many sadistic people on this earth. At best, perhaps his present situation and his past behavior are enough for him to examine himself and resolve to do far better things with the rest of his life. It can happen.

[texanforlogi]

Karma will get you.

And thankfully so!

[mswolfestock]

I''m glad he''s broke. That is obviously a bigger punishment (well-deserved) than his light-weight 23 month sentence.

Then he will be just another ex-con with very few job prospects, BOO HOO HOO!!!!! Maybe they will let him scoop dog p**p from the streets, ha!

Right this minute I am loving American justice as it has been (and will be) applied to this sub-human creature.

When he dies and goes to hell I expect that he will be torn apart by vicious dogs for eternity.

[observer2020]

Yeah, he gets everything he deserves, except declaring bankruptcy. That will allow him to just forget all the creditors and he''ll be able to start with a financially clean slate. Personally? That''s a whole different story. I don''t think anyone will hire Mike Vick for anything except as a human pooper-scooper...which is all he deserves.

[watcher269-2009]

Just ask the FED to help bail you out - I''m sure they will.

[mark46n]

Well if being locked up in Fort Leavenworth doesn''t straighten him out nothing will that is a very scary looking place. It is a maximum security prison and some of the worst of the worst are locked up there. I really don''t know why they put him there but if anybody deserved it he did.

[kutyadog1]

I would not support any team who would hire him. May he rot. I hope he looses everything he holds dear. Make him pay every dime owed.

[southpaw651]

There are a few lessons that can be learned from this:1. The justice system works ( mostly ) 2. When you become a professional athlete don''t let your idiot buddies talk you into financing something illegal, and 3. Don''t let your forementioned idiot buddies drag you down,bring them up or get new buddies! The way we put these so called professionals on pedistals is pathetic.And for anyone out there that would say " I''d like to see you do what they can do on the field! " I''ll respond with " No,thanks I''ll keep my real job and concentrate on the issues in America,not keep up with stats on someone I''ll never meet in person!"

[vranger]

I think the question of him making it back to the NFL is pretty dicey. As as quarterback, he was a good scatback. He was overpaid, and obviously overspent anyway.

I can''t really cry for the loan happy lenders who are now stuck. You make million dollar loans without proper security to a guy you already know isn''t very smart, you learn a lesson when you get burned.

[drputt45]

Sounds like he made a few bad bets.

[tmn]

Guess his life has really gone to the dogs...

[a8151947]

Some of the things people say here are down right stupid.

[j_bhwy151]

He should have just stuck with killing babies, then he would have been held up as a hero by some. Heaven forbid he kills or hurts an animal. Pretty crazy when animals are protected more than innocent people.

[ringading3]

Absolutely no sympathy to anyone who loaned or gave money to this person. They enabled and encouraged his arrogance and life style. Stiff them all, esp the NFL.

[morganbarber]

He''ll make a good bartender when he gets out. You can bet on it.

[reads_a_lot]

I rememember the news talking about dog rape stands on Vick''s property.

Killing dogs in torturesome ways like:
1. wetting them down and electrocuting them
2. drowning dogs
3. shooting dogs
4. hanging dogs
etc.

Michael Vick has no soul and is a psycho-nutter. I wish the very, very worst on him for the rest of his sorry life.

[kennedy7955]

I hate dog fighting, no doubt. But to lock this guy up after he lost his career and everything he had in the world is a waste of taxpayers money. He has been punished enough.

[jackp32]

Bankruptcy! Couldn''t happen to a nicer dog killer. Vick got involved in this because he is a hoodlum. His acts of misconduct are numerous and well documented. He should be permanently barred from the NFL but look for him to return for the ''09 season following a dismal ''08 Falcon season. The fickle Falcon fans will welcome him back with open arms. The management of the team has this all mapped out.

[whatsup49]

maybe the bankruptcy judge will tell him no way, he has to pay. one can only hope. to those who think he hasn''t been punished enough . . . you''re entitled to your opinion. personally, i think he should have gotten the max

[horndviking-2009]

Hey, Vick! Life is ''rrruufffff, isn''t it!

[boffo1962]

How does a person owe between $10 and $50 million? That range seems a bit broad to me.

[navyjimfl]

how the mighty have fallen

[informedone1]

Couldn''t happen to a nicer sad*st. They should throw some of the pitbulls into the cell with Vick and see how long he lasts. This dirtbag should''ve been fined all his money to begin with and it should have been given to animal shelters and animal rights groups. He should also be convicted on state charges. And he wants to start his career over when he gets out!? LOL The NFL should have barred Vick (and Clinton Portis, Chris Samuels, and all the other *** thugs that support dogfighting) for life, not just given him an indefinite suspension. It will be poetic justice when the only job Vick will be able to get when he is released from prison is cleaning up after the dogs that he so callously tortured, maimed, and slaughtered.

[newtagagain]

I certainly hope the great God football doesn''t forgive him and he has to find himself a real job as a ex-con when he gets out. Unfortunately, the NFL has a short memory when it comes to talented players.

Boffo1962 - I believe the wide range of his debts are due to diputed bonus with the Falcons. If he''s paid he owes 10 - if he''s not he owes 50.

[element51]

I consider myself a compassionate person but I just can''t get past the images of what he did to those animals. Some say, "they were just dogs" but to that I say that they deserved to be treated in a kind and gentle way. I am a dog lover, have four of them, and they bring such joy into my life that I cannot inagine not having them. This man had gifts that most of us only dream of and he chose to throw them away. I do hope that he can turn his life around and come to realize the error of his ways.

[apndrgn]

Dog fighting is big in Afghanistan and Iraq. I wonder what it would feel like to stand in front of a mirror with a curved mogul sword and chop off the loser dogs head while saying ''god is great'' in a supermarket at rush hour with a suicide bomb backpack. it is a world gone crazy that keeps the woman in chains.

[ponco seno]

This is SAD!

[xmanborg]

10 to 50 Million dollars, Thats quite a Range between 10 and 50.

[craigh9]

Unbelievable that time and time again atheletes like this don''t have the basic smarts to put enough money away to insulate themselves from failed investments. If he put $2M in an extremely safe, low risk investment he would earn around $80,000 a year - more than enough to live on -IF YOU HAVE TO.... He could have played games with the rest of huis fortune if he wanted to and lost it all and still lived confortably. If he had a financial manger he should sue him for everything he is worth.

[ladyephesus1]

Aww Vick,

I hope that you figure out your calling in life.

I hate to see this happen to you.

Have to understand that God is still in control.

[teekaa1]

I don''t feel one bit sorry for a man like Mike Vick!! I can''t imagine doind to animals what he did and live with myself. My dogs think they are little children, and the thoughts of them being abused makes my flesh crawl! Ihope he is banned from ever owning an animal of any kind for te rest of his life!!!!!!!!!

[cheddarboy82]

maybe he will committ suicide after prison, that would be funny. *** Vick

[cheddarboy82]

god I hate him..

[rgrxx175]

if only he had more of bush''s tax cuts

[sistatee-2009]

Another victim of the thug lifestyle, favored by pro athletes.

[liberalme]

Good, now all they have to do is ban him from football---any kind of crime committed by a sports figure is not a good example to the kids we raise to be honest God fearing responsible adults!

[xmanborg]

Mike Vick will bounce back somehow

[taddles3]

Wouldn''t it just suck if his debt collectors (read bookies, dealers and loan sharks) came to "talk" to him with some dogs...

[reads_a_lot]

Hey ladyephesus1,

This did not just "happen" to Vick. He made a choice all by himself to torture many, many dogs over a very long period of time. It is not like he did it once and realized he had made a horrible mistake.

I do not understand the "bleeding hearts" for Michael Vick!!!

[xmanborg]

Posted by SistaTee at 03:06 PM

Thats not fair to say: Another victim of the thug lifestyle, favored by pro athletes.

Its only a few bad apples & athletes lately are beting targeted for DUI and Other stuff because they think they are above the law with so much $$$$$$$.

[candy-apple]

He''ll file bankruptcy and still walk away with millions. Seems to me if he files bankruptcy, he should have to pay what he can at the time and pay the rest as he goes. Bankruptcy should not clean the slate and allow the RICH to start over at the expense of the little man. They claim that they are broke and walk away with more than the average person will see in their lifetime. Explain to me how that means he''s broke. Pay your debts like everyone else!!

[cyberus-2009]

Sad part is ... while law abiding citizens are being put out on the streets by current economics, this nimrod will never miss a meal or lack the comforts of home even *bankrupt*

[liberty631]

I am amazed at all this compassion for dogs. We in this country butcher babies in the womb everyday, our government has no problem dropping bombs on arab cities. I do not view MR. Vick with as much contempt as most of you leaving comments. Maybe you should look in the mirror, "he without sin cast the first stone"

[barbaraf4]

He suffers from moral and spiritual bankruptcy.

[reads_a_lot]

The ones that are thugs before becoming professional atheletes mostly remain thugs. Some become thugs as a result of the huge salaries. Look at the statistics. Everyone knows their names from the news of their arrests. Their statistics have a lot of commonality/similarities. Same kind of folks - thugs!

Drugs, alcohol, their physical violence towards mostly women and rape of women ... all this speaks for itself. They are just overpaid thugs!

[reads_a_lot]

Liberty631,
How you can bring "butchering babies" into this discussion is beyond me. We are talking "apples" here and leave it to one of you bible toters to bring "oranges" into the discussion.

I am dodging the stones you are throwing from your religious pedestal on my way out.