Former NFL
quarterback Michael Vick files for bankruptcy protection
Former
Atlanta Falcons quarterback Michael Vick, who is currently
serving a 23-month prison sentence, has filed for bankruptcy
protection in Newport News, Virginia on Monday. According to
court papers, Michael Vick has debts between $10 and $50
million, while his assets also totaled between $10 and $50
million. The seven largest creditors of the disgraced
quarterback were owed a total of $12.8 million, but the Chapter
11 petition did not provide any further details. According to
the bankruptcy petition, Vick 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."
The bankruptcy protection petition came
as a result of Vick's unsuccessful attempt to settle a $4.5
million debt to Joel Enterprises Inc. for breach of contract.
Prior, the Royal Bank of Canada sued Michael Vick and a federal
judge ordered Vick to repay about $2.5 million to the Canadian
bank for defaulting on a loan. And in January a default judgment
for $1.08 million also was entered against the former NFL player
by Wachovia Bank over a loan for an Atlanta wine shop and
restaurant. The Atlanta Falcons also tried to recover $20
million in bonuses, but a federal judge held that Vick is
entitled to keep all but $3.75 million of the money.
Michael Vick is currently serving a
23-month prison sentence in Leavenworth, Kansas for his guilty
plea in federal felony charges related to dogfighting with
release date of July 2009. Vick also faces state charges related
to the dogfighting ring he pleaded guilty of bankrolling. He was
subsequently suspended indefinitely without pay and lost all
sponsors.
Published on
07/08/2008
Related News:
E-mail:
news@ogpaper.com