BlackPerspective.net
Discussing the Diaspora as seen through an internal Black lens
Michael Vick files for Chapter 11 bankruptcy
July 9th, 2008
Ask me if I’m crying.
How the hell you gonna be bankrupt with a 110 million dollar contract; not counting multimillions of dollars in endoresment deals?
Why was this fool taking out millions of dollars in loans, when he was making 11/12 million dollars a year.
I guess that dog fighting kennel business of his didn’t workout to good. Must not have been very profitable.
As has been said, money only amplifies who you are. If you’re dumb as hell without money, you’re going to be dumb ass hell with money.
They ain’t lying when they say “a fool and his money are soon departed.”
Michael Vick files for bankruptcy protection
By MICHAEL FELBERBAUM, Associated Press Writer
Tue Jul 8, 12:20 PM ET
RICHMOND, Va. - 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.
The suspended Atlanta Falcons quarterback hopes he “can, after the conclusion of the bankruptcy case, rebuild his life on a personal and spiritual level, resurrect his image as a public figure, and resolve matters with the NFL such that he can resume his career,” according to the filings.
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 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.
Popularity: 13% [?]
posted in Sports, Social Commentary | | | View blog reactions | Print This Post
Related Posts:
One Response to “Michael Vick files for Chapter 11 bankruptcy”
Leave a Reply
About The Blog
Yobachi Boswell is creator and publisher of BlackPerspecitve.net. I’m a writer, activist and political watcher based in Nashville, Tennessee. I’ve also been know to do some spoken word and MCing in my day.
I created this site to give new voice to socio-political issues that are in need of thoughtful consideration and redress.
Click the "More About The Blog" link for rest of this statement.
Also, if you like what you see, subscribe for a once a day email to be sent on days when we post; by entering your email address in the feed burner subscription box below.
- More About The Blog...
Subscribe via email
Buy Obama
Blogroll
Site Meter
Meta
Subscribe Via RSS
Recent Posts
- Thabo Mbeki Accused of Responsibility for 330,000 AIDS Deaths
- Preliminary Thoughts on Jeremiah Wright’s ‘Africans Who Shaped Our Faith’
- Who Is Eric Holder, Obama’s Attorney General Pick
- World AIDS Day Is Coming
- Political Satire On Obama Victory
- Watch Outfoxed Video
- Video of 60 Minutes Interview With Barack and Michelle Obama
- Hillary Clinton For Secretary of State, Why
- William Ayers Speaks Out On Good Morning America (video)
- To The Black Woman
Podcast
Podcast Commenting
Taser Abuse Awareness
Yikes, that’s an insult to all of the people who really are going bankrupt and are having serious troubles. What is wrong with people these days?
Sorry about not being able to attend the voice thing
Good luck with it and let me know if you still want me to post it on my blog 
Oh, I was going to ask you and Francis L. Holland to fill me in on the African American perspective on–well, I just wrote a post about it, there’s not much to it because Darla said it far better than I and I didn’t feel it was my place to assume anything because, well, I’m not black so I can never claim to know your perspective. So I’m very interested in your perspective on the matter, basically it’s about Christianity and how it was used to control slaves, and why many blacks still follow it. If you have any time, I’d love some feedback on the matter.
And have fun!