RICHMOND, Va., July 8, 2008
Michael Vick Goes Bust, Owes Millions
Disgraced Ex-QB Files For Bankruptcy; Cites Debts Of Between $10-$50 Million
-
Can you spare a dime? Former Atlanta Falcons quarterback Michael 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. (AP Photo/Ric Feld)
-
Timeline Vick Dogfighting Case Star NFL quarterback Michael Vick in hot water over dogfighting operation.
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.
© MMVIII The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.
Add a Comment See all 121 Comments
- 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.
- Reply to this comment
- 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!
- Reply to this comment
- To annestivacti: apology accepted.
- Reply to this comment
- 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.
- Reply to this comment
- 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 - Reply to this comment
- 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.
- Reply to this comment
- 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 .
- Reply to this comment
- 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.
- Reply to this comment
- Michael Vick deserves what he gets. He''s a poor excuse for a human being.
- Reply to this comment
- 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. - Reply to this comment
- The Chinese abused and killed thousands of U.S. dogs with their poison Pet Food and only received a smack on the hand! Michael Vick got destroyed by comparison! Both killed dogs, end result was the same! The punishment should fit the crime!
- Reply to this comment
- Vick doesn''t deserve to be prison. Put him back on the football field where he belong''s.
- Reply to this comment
- I own two wonderful pit bull terriers....two cats and two pot belly pigs...it''s so funny at bedtime, they all snuggle up together and snore, lol blissfully through the night. Mr Vick deserves his incarceration and punishment and loss of career. Shame on him!
- Reply to this comment
If you could save just one from drowning, your pet dog or a strangers kid ( make it a fat kid!) WHO would you save ??- Reply to this comment
- This is ridiculous. I love dogs. I think he should have gotten punished for the dog fighting nonsense. But to this extent? Murderers get less punishment!
Vick has learned a very valuable lesson here.....you can do a lot of things in life and get away with it.....being cruel to animals is not one of them! - Reply to this comment
- I heard that all his dogs were sent to Dog Town, I saw it on TV, they were all saved, it was so nice to hear. Even the worst of them, especially the female who had her teeth filed down, she got a new owner, and is doing fine. Im so happy for them all.
- Reply to this comment
- Could not have happened to a nicer guy :-; I wonder if he ever felt sad for the dogs he was killing?
- Reply to this comment
- He should never play sports again.
If you are cold hearted enough to kill animals for sport
you are not worthy of being a sports star. - Reply to this comment
- I really don''t believe that Vick comprehended the seriousness of what he was doing. He had to have known that dog fighting was illegal but not to the extent of losing his career and spending considerable time in prison. I don''t believe he was so stupid that he would have taken the chance if he had known the consequences. His thinking was if he had gotten caught it would have just been a slap on the wrist or a heavy fine, nothing more. Either way, it was incredibly stupid.
- Reply to this comment
- And most of these Arab cities deserve to be bombed for their criminality. Posted by IUPhockey14
Cities are criminal? Gee, I thought it was individuals who are criminal. How frigging Christian of you. - Reply to this comment
