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Vick Is Paying Back The Falcons


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Guest Fibonacci

http://philly.citybizlist.com/2/2012/3/14/Eagles-QB-Michael-Vick-Pays-Back-Most-of-20M-Owed-after-Declaring-Bankruptcy.aspx

After filing for Chapter 11 bankruptcy in 2008 for nearly $20 million, former Atlanta Falcon and current Philadelphia Eagles quarterback Michael Vick now owes around $350,000, according to Forbes.

Vick had 45 claims against him totaling $18.97 million, including $6.5 million owed to the Falcons to pay back some of his signing bonus and another $6 million to his former agent.

"Vick also owed $2.5 million to the Royal Bank of Canada for defaulting on a real estate development loan and $1.1 million to Wachovia Bank on a loan he received to set up a wine shop and restaurant. Vick has turned all of that around now ... Of course, the financial comeback was preceded by a football resurrection. After being released from jail in June 2009, Vick signed with the Philadelphia Eagles and spent a year on the bench. In 2010 he got his first chance to start and took advantage, leading the Eagles to the playoffs," said Forbes.

Vick inked a new contract last year worth a reported $100 million over six years, with $35 million in guaranteed money.

ok few questions. when does he have to pay?

when can we use it?

and will it be less the 350,000? Since he claimed chapter 11

-or is this going to be where he pays it back through time and means it sucks to be on the recieving end?

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Can't blame Blank for Vick being an absolute idiot when it comes to managing his finances but I thought we were supposed to get some kind of future cap relief.

Got to hand it to the Eagles.... they do a great job with their cap because I remember Vick's $ 100 million contract gave us all kinds of cap issues.

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Shouldn't this go back to our cap?

As soon as the money hit Blank's bank account, it can be added right onto the salary cap, but not before.

how do you know this? why would the commissioner add salary cap to atlanta's total for money owed in a signing bonus from years ago? that sounds to me like it's simply money back in the owner's pocket.

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Guest Fibonacci

how do you know this? why would the commissioner add salary cap to atlanta's total for money owed in a signing bonus from years ago? that sounds to me like it's simply money back in the owner's pocket.

cause we gave it to him that hurt our salary cap and kept us away from getting other players. that is why. if we did not get our money back to use on a player in one year (or split it any way with two years. this is what they usually come out and give the option to do), then they should be fine with the idea of dallas and reskins in what they did in 2010. understand now?

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how do you know this? why would the commissioner add salary cap to atlanta's total for money owed in a signing bonus from years ago? that sounds to me like it's simply money back in the owner's pocket.

The money came out of our cap at the time and remained in limbo, impossible for Vick to return, while he was in bankruptcy. The money, when returned, was supposed to go into salary cap credits. I suspect the Saints, Cowboys and Redskins have kept the league from finalizing and issuing a statement on this matter.

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