Michael Vick files for bankrupty protection...

[Leisa]

How can a man that made this much money be so damn broke



RICHMOND, Va. (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.

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.

[AirMax95]

What can you say.....money damn sure doesn't make you smarter......

[Vteckidd]

Thats how most pro athletes are unfortunetly. They dont know how to manage their money.

Look at CHarles Barkley, he owes $400,000 in gambling debts to Ceasars Palace in Vegas. He was a multi multi millionaire and still works for TNT.

Poor money management, trying to bring the hood up with you, entourage, etc cost money.

[Vteckidd]

How can a man that made this much money be so damn broke



RICHMOND, Va. (AP) -

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.


i think that is a typo, JOEL ENTERPRISES is a sports agency that repped vick. Apparently he reneged on a endorsement deal.

He is being sued for 45 MILLION, not 4.5 million

http://hamptonroads.com/node/200141

[AirMax95]

Thats how most pro athletes are unfortunetly. They dont know how to manage their money.

Look at CHarles Barkley, he owes $400,000 in gambling debts to Ceasars Palace in Vegas. He was a multi multi millionaire and still works for TNT.

Poor money management, trying to bring the hood up with you, entourage, etc cost money.

I cannot agree more! One of my good friends/old college roomate is looking to help these lost rich people, lol. You would think the agents would have more influence.

[VIP Style]

i really dont think poor money management was a issue here, the fact that he was suspended without pay is what caused the problem. of course if he was still on the field, the bills would have been paid. man i feel a little bad for the guy, i meen he had so much you know.
Thats how most pro athletes are unfortunetly. They dont know how to manage their money.

Look at CHarles Barkley, he owes $400,000 in gambling debts to Ceasars Palace in Vegas. He was a multi multi millionaire and still works for TNT.

Poor money management, trying to bring the hood up with you, entourage, etc cost money.

[AirMax95]

i really dont think poor money management was a issue here, the fact that he was suspended without pay is what caused the problem. of course if he was still on the field, the bills would have been paid. man i feel a little bad for the guy, i meen he had so much you know.

You could be very correct, lol. But damn, all that money!!!! I hope he stashed something somewhere, I someone elses name, lol :taun:

[Vteckidd]

Um, hes made over 100million dollars in the last 4 years. For him to be filing bankruptcy is PURE CRAPPY MONEY MANAGEMENT.

Between his salary and his endorsements hes EASILY made over 100million. So hes sidelined for 1 season and all of the sudden hes broke?

What is he supposed to do play until hes 65 years old.

Come on if hes making that kind of dough, he shouldnt run out after 1 year.

So he lost a few million dollar settlements, he should still have PLENTY of money

[Vteckidd]

The Falcons' star quarterback signed a 10-year; $130 million contract extension that guarantees him an NFL-record $37 million in bonuses, and he wants to prove he's worth every penny

Thats 13 million a year plus he got to keep 17 million in his bonuses, plus he got reportedly over 100 million in endorsements over the last 4-5 years from Coca Cola, EA sports, Jersey sales, etc.

He was FORBES 33rd top celebrity in 2005


Vick's endorsement income from contracts from Nike, EA Sports, Coca-Cola and other top corporations had earned him 33rd place on Forbes' list of Top 100 Celebrities in 2005.

I mean we know he had legal fees an such, but i just dont see where almost 100 million dollars goes in 1 year.

He pleasd guilty so its not like he had a long drawn out trial like OJ did

[VIP Style]

well hes being smart of course, bankruptcy is protecting him from all those high interest rates lol
Um, hes made over 100million dollars in the last 4 years. For him to be filing bankruptcy is PURE CRAPPY MONEY MANAGEMENT.

Between his salary and his endorsements hes EASILY made over 100million. So hes sidelined for 1 season and all of the sudden hes broke?

What is he supposed to do play until hes 65 years old.

Come on if hes making that kind of dough, he shouldnt run out after 1 year.

So he lost a few million dollar settlements, he should still have PLENTY of money

[Vteckidd]

I honestly think hes hidden alot of his money and hes just trying to default on everything so when hes out of jail he can start clean.

[AirMax95]

I honestly think hes hidden alot of his money and hes just trying to default on everything so when hes out of jail he can start clean.

yep.........Can't agree with your points more.

[BABY J]

Um, hes made over 100million dollars in the last 4 years. For him to be filing bankruptcy is PURE CRAPPY MONEY MANAGEMENT.

Between his salary and his endorsements hes EASILY made over 100million. So hes sidelined for 1 season and all of the sudden hes broke?

What is he supposed to do play until hes 65 years old.

Come on if hes making that kind of dough, he shouldnt run out after 1 year.

So he lost a few million dollar settlements, he should still have PLENTY of money

I will find the quote from Donald Trump interview. He uses it as a TOOL to keep money he has. Bankruptcy for the "rich" is a tool used for very different reasons than the poor.


pablo wrote:

> Bankruptcy in the USA these days seldom leads to someone being
> broke. Sadly, these days bankruptcy is a tool to force re-negotiation of
> debt at favorable conditions (to the bankrupt entity), thanks to corporate,
> white-collar-crime-friendly laws.

[BABY J]

When you find a decked out Mike Tyson in anything less than a $2000.00 suit let me know.

When you find O.J Simpson in anything less than a $5 or $ 10 Million dollar home in FL let me know... and nothing but time on his hands to golf in the company of the richest people on the planet.

[Vteckidd]

oh i agree its used differently, but thats now what im talking about.

Vick owes money for lawsuits he LOST, he owes some Canadian Company (RBC) i think 4 million and he was ordered to pay back the falcons 3.75 million of his signing bonus.

Hes being SUED by Joel Enterprises but i dont think hes lost that yet.

Legal fees, he probably had around 1-2 million TOPS cause his case was short lived. Id find it hard if it was that high anyways.

He owes 4 million for some restaurant business deals supposedly and banks are going after him for it.

Im not even close to 20 million yet in debt. I mean can he really be that badly off that he cant pay that back?

[Vteckidd]

When you find a decked out Mike Tyson in anything less than a $2000.00 suit let me know.

When you find O.J Simpson in anything less than a $5 or $ 10 Million dollar home in FL let me know... and nothing but time on his hands to golf in the company of the richest people on the planet.

OJ was broke for some time, and the only thing he has now is handouts because of his former name. They did a special on him and hes not living like he used to. Most of his stuff is out of charity, not wealth. ANd when he lost that civil suit he liquadated everything and hid his money well.

Tyson, same thing as OJ, and he owes close to 50 million in debts i last heard.

[AirMax95]

OJ was broke for some time, and the only thing he has now is handouts because of his former name. They did a special on him and hes not living like he used to. Most of his stuff is out of charity, not wealth. ANd when he lost that civil suit he liquadated everything and hid his money well.

Tyson, same thing as OJ, and he owes close to 50 million in debts i last heard.

OJ has money, its not in his name. Every penny that he gets will go to the Goldmans, IIRC. Civil suit owns his ass :idb:

[Vteckidd]

yeah im not too familiar with OJs stuff but i had heard that his "money" was given to someone else to keep it from going to goldman, and that Goldman had only received like 1/100th of what he was owed

[BABY J]

Yeah - kinda like "broke" Wesley Snipes "magically" coming up w/ $10 million (CASH) to keep from going to prison for tax evasion - lol. Gotta love it.

The f*cked up thing is, the worst, stupidest idiotic celebrities who have worn their welcome out in the U.S are still like Gods in Europe and other countries -- and can still command a ridiculous salary for mediocre-level work/appearances.

[Vteckidd]

Yeah - kinda like "broke" Wesley Snipes "magically" coming up w/ $10 million (CASH) to keep from going to prison for tax evasion - lol. Gotta love it.

The f*cked up thing is, the worst, stupidest idiotic celebrities who have worn their welcome out in the U.S are still like Gods in Europe and other countries -- and can still command a ridiculous salary for mediocre-level work/appearances.


Yeah haha i remember that , it was recently wasnt it?

Tyson still drove a Mclaren to the gym in AZ when he was supposedly "broke".

[JConner]

he's not broke. he is doing this to skip out on paying the money back to the falcons

[Black4DrEK]

I have some very rare MIke Vick nike shoes... ill let them go for 500$ probly be worth alot in the future!!

[BBanks357]

There is a diffrence between Bankrupt & Bankrupcy Protection.

Protection means he is is giving power of attorny to a certain amount of his money so he can pay off his debt's while in prison so they don't go to collections.

He is not broke.

[BABY J]

http://sports.yahoo.com/nfl/rumors/post/Vick-spent-3-6-million-in-three-months-before-g?urn=nfl,127558

[VIP Style]

yeah, alot of folks dont know that, just because they see the word "bankruptcy" they think somebody is broke. if you think vick is flat broke, you smoking some good sh++ lol.
There is a diffrence between Bankrupt & Bankrupcy Protection.

Protection means he is is giving power of attorny to a certain amount of his money so he can pay off his debt's while in prison so they don't go to collections.

He is not broke.

[nreggie454]

man i feel a little bad for the guy, i meen he had so much you know.

Yeah, it is like people are treating him like he is some piece of shit felon.



Wait.....



OH YEAH!


HE IS A PIECE OF SHIT FELON!

[VIP Style]

lol but you are forgetting this is america, the land of 2nd and 3rd and 4th chances lol. yeah he broke the law and is now paying for it, so why not give the man his life back. that would be unamerican to keep asking for the mans head.
Yeah, it is like people are treating him like he is some piece of shit felon.



Wait.....



OH YEAH!


HE IS A PIECE OF SHIT FELON!

[VIP Style]

lol but you are forgetting this is america, the land of 2nd and 3rd and 4th chances lol. yeah he broke the law and is now paying for it, so why not give the man his life back. that would be unamerican to keep asking for the mans head.
Yeah, it is like people are treating him like he is some piece of shit felon.



Wait.....



OH YEAH!


HE IS A PIECE OF SHIT FELON!