Pets.ca - Pet forum for dogs cats and humans 

-->

Michael Vick files for bankruptcy

ancientgirl
July 8th, 2008, 12:29 PM
Boo Hoo

~*~*~*~*~*~*~

NEW YORK Michael Vick, the former star National Football League quarterback serving a 23-month prison sentence for his role in a dogfighting ring, has filed for bankruptcy protection, court papers show.

Vick had debts of between $10 million and $50 million, according to a Chapter 11 petition filed on Monday with the U.S. bankruptcy court in Newport News, Virginia. His assets also totaled between $10 million and $50 million. The petition did not offer more specifics.

The filing came after Vick failed to resolve a legal dispute with one large creditor, Joel Enterprises Inc., which is owed $4.5 million for breach of contract, court papers show.

According to papers filed by Vick's lawyers, "the hope" is that Vick "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."

Vick, 28, was the No. 1 pick in the 2001 NFL draft and a three-time All-Pro quarterback with the Atlanta Falcons.

He pleaded guilty last August to conspiracy in connection with an interstate dogfighting enterprise on his property in rural Virginia.

Vick may be released next summer from the U.S. Penitentiary in Leavenworth, Kansas, court papers show. He had faced a maximum five years in prison.

The NFL has suspended Vick indefinitely. Vick has lost an estimated $100 million in salary and endorsements from companies such as Nike Inc.

According to court papers, other large unsecured creditors include the Falcons franchise, which claims it is owed a $3.75 million pro-rated signing bonus, and Royal Bank of Canada, owed $2.5 million on a loan.

14+kitties
July 8th, 2008, 01:17 PM
So once again someone gets carried away buying stuff based on what his "future potential earnings" will be, does something illegal (horrendous in his case), gets caught, and gets out of having to pay back anything by filing bankruptcy. Ain't the justice system just grand!
It is my express hope the NFL will never give him a job in any category. I don't know how he will be able to "clean his image up" when he has commited so many atrocities. Just my :2cents:

ancientgirl
July 8th, 2008, 01:45 PM
Yeah, the first thing I thought was just that, here he goes hiding behind bankruptcy. Thanks to the wonderful justice system he will wind up not having to pay diddly.

He has money, that's obvious, but how to get that money is another story.

It's not enough he's spending way too little time behind bars, now this?:loser:

Dog Dancer
July 8th, 2008, 02:26 PM
Sadly this doesn't surprise me at all. The man has no morals to start with, so this is just him screwing somebody else.

wdawson
July 8th, 2008, 04:35 PM
he got a large fine also....did he not....on top of te jail time....if so then fines are exempt from a bankruptcy.

kathryn
July 8th, 2008, 04:35 PM
This guys still alive?:mad:

Love4himies
July 8th, 2008, 05:09 PM
Well at least he may have problems getting a loan for a while and he does have to go through more public embarrasment.

I hope he gets so out of shape that he won't get back into the NFL.

ancientgirl
July 8th, 2008, 05:46 PM
I'd like to think no one would even want to be associated with him in the future.

Jim Hall
July 8th, 2008, 07:54 PM
i would think the fine, if not already paid would not be discharged in a volutary bankruptcy, you have to pay off creditors on a schedule and I would assume that the fines have been already paid anyway

grumpyman
July 8th, 2008, 08:04 PM
anybody got a spare barrel