Imprisoned
Vick
Files for
Bankruptcy Protection
(Video)
 (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.
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