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Michael Vick, Former Atlanta Falcons Player, Seeks Bankruptcy


BlacksburgHokie
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July 8 (Bloomberg) -- Michael Vick, the former Atlanta Falcons quarterback serving a 23-month sentence for conspiring to run a dogfighting operation, filed for bankruptcy.

Vick, 28, sought bankruptcy protection after failing to "work out consensual resolutions with each of his creditors,'' according to court papers.

Several creditors including Joel Enterprises Inc. are obtaining judgments against Vick, who is serving his sentence at the United States Penitentiary at Leavenworth, Kansas, and have "commenced collection and execution activities.''

Vick listed assets of less than $50 million and debt of $10 million to $50 million in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Newport News, Virginia. The seven largest creditors without collateral backing their claims are owed a total of $12.8 million, court papers show.

The three biggest unsecured creditors are: Joel Enterprises Inc., owed $4.5 million for breach of contract; Atlanta Falcons, owed $3.75 million for "Pro rated signing bonus'' and Royal Bank of Canada, owed $2.5 million for a loan.

Vick, a three-time Pro Bowl choice with the Atlanta Falcons and the No. 1 pick in the NFL's 2001 college draft, has been indefinitely suspended by the league.

The case is In re Michael D. Vick, 08-50775, U.S. Bankruptcy Court, Eastern District of Virginia (Newport News).

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Totally self inflicted.  It reminds me of the man who goes out and buys 4th of July fireworks, only to get drunk and burn down his house.

You feel sorry for the man, but you know you just can't fix stupid.

Maybe all his great fans on this board will take up a collection for Mike?

Count me out.  :)

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he should be broke. he has the money. if he doesnt, then how stupid of him not to after all the money the falcons have given him. he should have at least 20-30 mil stashed away somewhere for a rainy day, and mike my friend, it sounds like a thunderstorm so u might need to get that money asap.

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this shouldnt surprise anyone, given that hes shown how irresponsible he is....hes still screwing the falcons & now hes screwing everyone else that did buisiness with him......his legs arent gonna save him on this one either....i do hope he learns from his mistakes & becomes a better human being, but its gonna be a long, long road

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crankthatbatman (7/8/2008)
he should be broke. he has the money. if he doesnt, then how stupid of him not to after all the money the falcons have given him. he should have at least 20-30 mil stashed away somewhere for a rainy day, and mike my friend, it sounds like a thunderstorm so u might need to get that money asap.

Unless he likes the federal pen, he better not have any money stashed anywhere that he hasn't/won't in the near future disclose to the trustee.  That is a federal no-no.

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oregonsfan (7/8/2008)
crankthatbatman (7/8/2008)
he should be broke. he has the money. if he doesnt, then how stupid of him not to after all the money the falcons have given him. he should have at least 20-30 mil stashed away somewhere for a rainy day, and mike my friend, it sounds like a thunderstorm so u might need to get that money asap.

Unless he likes the federal pen, he better not have any money stashed anywhere that he hasn't/won't in the near future disclose to the trustee.  That is a federal no-no.

what kind of lawyers do you think working for Mike Vick? These are top notch highly reputable attorneys, that's why he's filing bankruptcy protection - because he can afford to....did people forget that Martin is a helluva tax lawyer too? These are not low-budget we-can-file-your-bankruptcy-for-$199 lawyers. Vick paid one group a retainer of nearly $300k, they know what they're doing.

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1968again (7/12/2008)
oregonsfan (7/8/2008)
crankthatbatman (7/8/2008)
he should be broke. he has the money. if he doesnt, then how stupid of him not to after all the money the falcons have given him. he should have at least 20-30 mil stashed away somewhere for a rainy day, and mike my friend, it sounds like a thunderstorm so u might need to get that money asap.

Unless he likes the federal pen, he better not have any money stashed anywhere that he hasn't/won't in the near future disclose to the trustee.  That is a federal no-no.

what kind of lawyers do you think working for Mike Vick? These are top notch highly reputable attorneys, that's why he's filing bankruptcy protection - because he can afford to....did people forget that Martin is a helluva tax lawyer too? These are not low-budget we-can-file-your-bankruptcy-for-$199 lawyers. Vick paid one group a retainer of nearly $300k, they know what they're doing.

1968, I am a lawyer and I'm fully aware of the reputation of Vick's lawyers.  However, it will matter not who Vick's lawyer(s) is if he does not disclose all his assets.  If he tries to defraud the court and creditors, he will be civilly and criminally liable.

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oregonsfan (7/13/2008)
1968again (7/12/2008)
oregonsfan (7/8/2008)
crankthatbatman (7/8/2008)
he should be broke. he has the money. if he doesnt, then how stupid of him not to after all the money the falcons have given him. he should have at least 20-30 mil stashed away somewhere for a rainy day, and mike my friend, it sounds like a thunderstorm so u might need to get that money asap.

Unless he likes the federal pen, he better not have any money stashed anywhere that he hasn't/won't in the near future disclose to the trustee.  That is a federal no-no.

what kind of lawyers do you think working for Mike Vick? These are top notch highly reputable attorneys, that's why he's filing bankruptcy protection - because he can afford to....did people forget that Martin is a helluva tax lawyer too? These are not low-budget we-can-file-your-bankruptcy-for-$199 lawyers. Vick paid one group a retainer of nearly $300k, they know what they're doing.

1968, I am a lawyer and I'm fully aware of the reputation of Vick's lawyers.  However, it will matter not who Vick's lawyer(s) is if he does not disclose all his assets.  If he tries to defraud the court and creditors, he will be civilly and criminally liable.

You are acting like Vick's lawyers are unaware of these laws, when they are obviously on a whole other level than you are. You are bringing up basic laws as if his lawyers may not know them. You haven't said anything that isn't standard. They are filing Chapter 11 because their success rate for clients with Vick's assets are stupidly high. You want people to think you have more knowledge than the firm that got $280k and ranked in the top five for these type cases? All you have said is the basic regulations anybody can look up.

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Since you have no idea who I am, your assumptions regarding my legal ability is without merit or a factual basis.

Beyond that, I have no idea who peed in your cornflakes this morning (other than it wasn't me), but I'm certainly not going to sit here and put up with 'tude...lots of it, and all bad.

Have a good day.

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oregonsfan (7/13/2008)
Since you have no idea who I am, your assumptions regarding my legal ability is without merit or a factual basis.

Beyond that, I have no idea who peed in your cornflakes this morning (other than it wasn't me), but I'm certainly not going to sit here and put up with 'tude...lots of it, and all bad.

Have a good day.

So now that you been called out you get mad? :P  Dont get upset. Stop perpetrating like you some $500 an hour lawyer on a falcons message board. :hehe:

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1968again (7/13/2008)
oregonsfan (7/13/2008)
Since you have no idea who I am, your assumptions regarding my legal ability is without merit or a factual basis.

Beyond that, I have no idea who peed in your cornflakes this morning (other than it wasn't me), but I'm certainly not going to sit here and put up with 'tude...lots of it, and all bad.

Have a good day.

So now that you been called out you get mad? :P  Dont get upset. Stop perpetrating like you some $500 an hour lawyer on a falcons message board. :hehe:

It's actually $650.00 an hour for me.  If you want to pay $500 an hour, you'll have to work with a second- or third-year associate. 

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oregonsfan (7/13/2008)
1968again (7/13/2008)
oregonsfan (7/13/2008)
Since you have no idea who I am, your assumptions regarding my legal ability is without merit or a factual basis.

Beyond that, I have no idea who peed in your cornflakes this morning (other than it wasn't me), but I'm certainly not going to sit here and put up with 'tude...lots of it, and all bad.

Have a good day.

So now that you been called out you get mad? :P  Dont get upset. Stop perpetrating like you some $500 an hour lawyer on a falcons message board. :hehe:

It's actually $650.00 an hour for me.  If you want to pay $500 an hour, you'll have to work with a second- or third-year associate. 

Yeah right :hehe: all $650 an hour lawyers hang out on message boards in the middle of the week all up in the middle of the day. :w00t:

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:P now you mad cuz you got called out as a message board lawyer only? Yeah, all the big time attorneys spend all day on message boards mon thru fri! :P Vick's lawyers need to listen to you! No way they will be successful with this Chapter 11 thing! No way!

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