Results 1 to 3 of 3

Thread: How Michael Vick Spent $17.7 Million In Two Years

  1. #1
    Join Date
    May 2006
    New Jersey U.S.A.
    Thanked 12,901 Times in 4,518 Posts
    Rep Power

    Default How Michael Vick Spent $17.7 Million In Two Years

    How Michael Vick Spent $17.7 Million In Two Years

    Friday, November 14, 2008 – updated: 12:51 pm EST November 14, 2008
    RICHMOND, Va. -- Imprisoned NFL quarterback Michael Vick expects to return to pro football, according to his bankruptcy attorneys who filed papers that detailed how the disgraced former Atlanta Falcon ran through $17.7 million in just two years.

    "The Debtor has every reason to believe that upon his release, he will be reinstated into the NFL, resume his career and be able to earn a substantial living," Vick's attorneys wrote in a disclosure statement filed before a hearing Thursday in U.S. Bankruptcy Court in Norfolk.

    The former Atlanta Falcons star is serving a 23-month sentence in a federal penitentiary for bankrolling a dogfighting ring in rural Virginia and is scheduled to be released on July 20.

    Once the NFL's highest-paid player, Vick has assets of $16 million and liabilities of $20.4 million, according to the court filing in which attorneys wrote in extraordinary detail about Vick's dizzying financial mess -- listing a fleet of vehicles, properties, businesses and the extended family he supported.

    READ: Vick's Financial Report

    The papers listed ten cars owned by Vick, including two Land Rovers, two Infinitys, two Cadillacs, two pick-up trucks, a Mercedes Benz and a Chevrolet Impala.

    One Infinity is kept in Leavenworth, Kansas, where Vick is imprisoned, for use by his fiancee, Kijafa Frink, when she visits him in prison.

    More than $1.1 million in check were made out to "Cash." One check to Vick's mother for $1,000 includes the memo "chump change."

    RELATED: Vick Dogs On Wine Labels

    The court record also lists Vick as the owner of five horses.

    A Vick attorney said a committee representing all his debtors has proposed a plan to pay off his debt. A judge scheduled a hearing for mid-December on the appointment of a trustee, which Vick's attorneys oppose.

    "The committee attorney acknowledged that there's been a lot of progress, so we're hopeful," Peter R. Ginsberg told The Associated Press.

    Vick still faces two state felony counts -- dogfighting and animal cruelty. They carry maximum prison terms of 10 years, but under a plea deal, Vick would serve a suspended sentence and a year of probation.

    He is scheduled to appear in Surry County Circuit Court on Nov. 25.

    Paul K. Campsen, another Vick attorney in the bankruptcy proceeding, said he had not had any contact with the NFL, nor had Vick. While Vick still has a contract with the Falcons, NFL Commissioner Roger Goodell would have the final say on his return, which he is counting on after he is released.

    "That's the hope," Campsen said in an interview. "I think efforts will be made once we get past this."

    The attorneys laid out a payment plan to Vick's creditors that includes expected NFL earnings and possible signing bonuses.

    Campsen said the reorganization plan involves those expected payments and liquidation of his larger assets.

    The assets include four homes in Virginia and Georgia valued at a total of $6 million; an interest in two farms; and an interest in more than 20 businesses, from a horse farm to liquor stores.

    Ginsberg said if the sides can't agree in December, another hearing will be held in January. Vick was ordered to attend.

    Similar Newsgab Articles:
    “Life is hard; it's harder if you're stupid.” -John Wayne
    "With age comes the realization of mortality" -Tom Woods

  2. #2
    Join Date
    Mar 2009
    SF Bay Area
    Thanked 0 Times in 0 Posts
    Rep Power


    When these guys come from nothing and suddenly are making money hand over fist they spend it on frivolous things. That's why you see so many former famous people dead broke once their star dims.

  3. #3
    Join Date
    Feb 2009
    Chino, CA
    Thanked 0 Times in 0 Posts
    Rep Power


    That's an insane amount of money to spend in two years but Gee3 you hit the nail on the head. A ton of these rags to riches types just dont have the intelligence or common sense to handle the money responsibly... pretty sad.

Tags for this Thread


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts