Pressured by creditors who say he owes millions, Michael Vick filed for bankruptcy protection this week while he sits in prison and plots an NFL comeback.
Vick had paperwork filed on his behalf on Monday for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in his hometown, Newport News. The move could help the former NFL star save some of his current assets but put his future earnings in play, a law professor familiar with bankruptcy proceedings said.
Vick is serving a 23-month prison sentence in Leavenworth, Kan., on a federal dogfighting charge. Peter Ginsberg, one of his bankruptcy attorneys, said Tuesday that Vick is staying in shape and hopes to return to professional football after his release.
In the bankruptcy filing, Vick listed both his assets and his liabilities at between $10 million and $50 million. He listed 30 creditors, including the Atlanta Falcons, his former team, which is seeking $3.75 million in disputed signing bonus money.
Richmond-based Joel Enterprises, the company of Vick's former sports agent, has the largest claim, according to the filing. The agency is seeking $4.5 million from a breach of contract dispute.
Vick will have to give a more detailed account of his assets as the case proceeds.
Chapter 11 will allow Vick to keep his current assets while he tries to settle his debts by arranging a repayment plan with creditors, said Nathan Oman, an assistant professor who specializes in contract and commercial law at the College of William and Mary's Marshall-Wythe School of Law.
"Bankruptcy is a way of essentially stopping the creditors in their tracks," Oman said. "They've got to go through bankruptcy court to get at the assets."
Chapter 7, another common form of bankruptcy, would have liquidated Vick's assets to repay as much of his debts as possible, Oman said.
Repayment plans through Chapter 11 can extend for years, and in Vick's case, the creditors will likely try to gauge his chances at returning to the NFL while negotiating a deal, Oman said.
Also in the bankruptcy filings is a description of a relationship Vick has built with a financial consultant named David Talbot. Vick signed to grant power of attorney to Talbot in June.
In an affidavit, Talbot said he has advised several professional athletes, entertainers and business executives in the past, and he has represented Vick for several months. His resume lists clients, including comedian Dom DeLuise.
Talbot wrote in court papers that he has "earned the trust of Michael's entire family" and added that Vick is "learning the importance of obedience to scriptural precepts."
Talbot wrote that he is arranging fellowship for Vick with several high-profile people, including former NFL star Deion Sanders, Indianapolis head coach Tony Dungy and Pastor Kevin Jonas, the father and manager of the popular Disney boy band the Jonas Brothers.
Talbot, who wrote that he has offices in Hackensack, N.J., and Miami, said in the court papers that the only payment he has received from Vick for his services in the past year is a Mercedes-Benz "physically transferred to me by the Debtor."
He also received $35,000 from Vick's qualified defined benefit plan to be used for the living expenses of Vick's dependents, including his mother and girlfriend, and some of Talbot's expenses, he wrote.
An agreement signed by Vick says Talbot will receive $15,000 per month in fees to act as the "responsible person" on Vick's behalf during the bankruptcy proceeding.
Dave Forster, (757) 222-5563, dave.forster@pilotonline.com







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get your facts straight
Umm... SCUD missiles were Soviet missiles, not American.
Are you serious?
I understand you are upset about the dogfighting ring Vick was responsible for. But I'm white and see a lot of racism in over 50% of your comments. It's really funny that most of you beleive he will not receive another endorsement deal...please. Are you serious? Beleive it or not he probably has a deal made for him when he is released from prison. Be for real, you may hate him, but the NFL can't wait until he is released.
How many people forgave President Bill Clinton, who didn't serve time for lying to america about not having sexual relations with Monica in the White House? (The President)
How many people forgave the 15 year old boy who killed his parents and two youger siblings because he wanted freedom and wrote it off as he just needed help? (4 human lives was taken)
How many people forgave Oliver N. for selling the secret to the scud missles? (Remember, Reagan who really couldn't remember) Someone close to my family served in that war and was killed by one of our own scud missles.
Now ask yourself, Does Michael Vick's crime compare to any of these? If you answer yes, you are racist and need help.
Boats
The only record Vick had any chance of destroying was rushing attempts and rushing yards by a quarterback. He wouldnt have remotely approached any passing record for a season or a career.
CORRECTION
Your right bobby316 on Chandler taking the Falcons to the Super Bowl. My error. I do believe as a sophmore the bowl game against Florida State was for the national championship in which VA Tech lost. Regardless, I believe he will be in uniform again somewhere, someday.
Oh well....
.....I still find it hard to understand that such a wealthy athlete had to take out loans?????
Why is this considered news?
As someone who is struggling through bills and rising food/gas prices on a monthly basis, I feel absolutely zero compassion or pity for someone who squandered away over 50 million dollars.
MV#7
Everyone makes great points here. But I gotta stick with my boy from VA! Free MV!
Michael Vick when you get out make VA proud. Everything else will work itself out! You paid the price and eventually you will be forgiven by all.
Kudos to Pilot...
I wrote this yesterday:
“He's been punished enough. Stop posting his business and concentrate on locals that stole millions from the Hampton Roads Economy (CMT Development) and many others.”
It’s funny how the next day the front page of the pilotonline is…:
“Baldwin used the money to pay back prior investors, fund trading losses and pay personal expenses, including the purchase of the Van Ki Pass, police said. Losses from the nine Virginia Beach investors totaled almost $2.2 million:
Way to go pilot! Let’s look at the real issues that affect our neighbors and hard working people in Hampton Roads. What’s more relevant people? A persons animal cruelty mistakes (let’s not forget PETA people killing animals and dumping the bodies in dumpsters just a few years ago…) or someone taking $100k to $1.6 million from hard working people?
Kudos to the Pilot… today….
The saga continues
For the Vick defenders, MV signed a statement of FACT, admitting the crimes he committed because his so-called friends ran to the courthouse to get a deal and save themselves-that's "keepin' it real!" MV when asked if he was involved, attempted to blame others, "Oh, that was my family takin' advantage of me!" Great, he's throwing his family under the bus and lying through his teeth-so are you going to believe this man right up until the last lie he tells you? Most dog fighters get much harder time than Vick got and have no assets to recover/pay for the care of the animals, so the taxpayers pick up the tab for the mess they make. Then the animal shelters have to finish the job and usually euthanize the animals whose only crime was falling into the hands of a thug like Vick. I wish that MV had "manned up" and gone to trial, taking the plea deal was the ONLY smart thing he's done recently, but he shouldn't ha
Ban for life
I don't think for a minute that the NFL will stop Vick from coming back. Yes, he was phenominal as a QB. No doubt he would have destroyed most records, now he has a permanent record that he will never be able to get rid of. I just hope that he learns from this and matures.
Major sports has proven that through history. Examples are Darryl Strawberry and his coke habit, Mike Tyson, pacman and all of their legal achievements. The majors cater to all those who commit felonies and allow them to continue. I wonder where the problems wity our youth stem from. Some begin with the though of "If they can do it, why not me."
I agree that anyone convicted of a felony should not be allowed to ever play in any professional sport. He also needs to pay his debts and not pass them off.
Off scott free?
Yes...isn't that something...just declare bankruptcy and you're in the clear again...he will be able to get credit again...in fact, if in a couple of years he's offered a $20 million contract he doesn't have to pay dime back. Bankruptcy, what a wonderfuly law.
Super bowl 1999
Hey David-73 ,
Vick did not take the Falcons to the 1999 Super Bowl vs the Denver Broncos , The quaterback that season for them was Chris Chandler and Vick in 1999 took VT to New Orleans for i believe the Sugar bowl vs FSU,
Vick is a great quaterback and just made some bad decisions and i hope to see him back in the NFL soon.
Hope He Comes Out OK
The man is definitely paying some big time dues. We're all going the same place. They are as I once was or could be presented with the exact same choices.
1999 super bowl
chris chandler was atlantas qb vs denver in sb XXXIII. vick was in hs. led tech to 99 season title game in jan 2000 as freshman.
I'm soooo torn...
Being a Bad Newz native and a Virginia Tech graduate, Michael Vick was my hero. I used to have framed photographs of him hanging in my home and office. However, after the scandal, I tossed them in the attic and pondered about selling them as dog-chew-toys and donating the proceeds because of my tremendous love for animals.
I've read all the arguments and I'm torn. It's difficult for us to be impartial because we all have our individual biases. We should remember, however, the Bible quote: "Let he who is without sin, cast the first stone." Think what you will about the man- he's paying the price in prison, he's having to file bankruptcy, and he's hopefully, learned from his mistakes. How many of you have gotten away with something illegal and/or sinful? I think all of us have; and we'd yearn for the same understanding and forgiveness had we been indicted.
Thugs abound...
Some one said that he is a embarassment to Hampton roads. Well, he is in good company - Iverson, Tim Montgomery, Marion Jones, Marcus and the list grows, No excuses, brake the law, go to jail.... The justice hear was accurate... Same as the common person, Equal and just.
Good Grief
Ok. The whole death penalty comment was absolutely out of line. These were animals not people. The man screwed up, finally admitted he screwed up and is now paying the price for that huge mess he's made of his life. I am an animal lover, I have both cats and a dog as pets, but I can tell you this, they aren't people and never will be. True the animals did not deserve the treatment they received but Michael Vick does not deserve to be treated like John Wayne Gacey for his crimes. He is not a child molester, rapist, serial killer etc.
There is some serious hate going on about his income. There is much to be said about the human condition when we feel the rich deserve to be treated more harshly than the poor/working class. Sorry but IMHO they do the same crime they should get the same time.
Good lord, resq, calm down!
This is an opinion board. It wouldn't be much of a discussion if we all had the same opinion, now, would it? However, I would appreciate it if you kept your posts civil...you are going to get this discussion shut down if you keep on in this vein as personal attacks are "verboten"!
Vick didn't deserve what he got
Mike Vick was a victim of the current climate where dogs and cats are elevated to the status of homo-sapiens. It's sickening to see people mourn the loss of a pet for months, like a child died. Make no mistake about it, I love animals, but we take it too far. Mike Vick should have been fined heavy, and put on probation. Instead nobody was happy until we ruined this man completely.
David
You and I both know that high school and college arent remotely the pro game. The fact remains, Vick has a career passer rating of 75.7 and a completion percentage just above 50%. Hes never once eclipsed 2500 passing yards, and only managed 1 season playing all 16 games. He is one hard take down away from being absolutely worthless.
He is an embarassment to himself, Hampton Roads and Virginia
I feel sorry for him and his mother. He could have lived a charmed life, one most of us will never know. But he blew it. Now the name Vick is a joke. He might land a job in the Canadian Football League or in the arena league, but his days as an NFL Quarterback are over. I derive no joy from his misfortune. This is a sad statement about college football and the ludicrious lifestyles of professional athletes. The only good to come of this is that some of the dogs ended up in loving homes.
Annes
Surely if I knew anyone who had their life "saved" by a doctor, theyd also be in debt about 100k or more to them as well. Nice trade off. I think Id have to go ahead and choose to die then be paying a doctor for the rest of my life for "saving" me. As for those poor pitiful surgeons working occassional 24 hour days, theyre also pulling down in the high 100k's a year for their "sacrifice".
Vick's Playing days
I disagree with you Coolguy81. Vick was always better than marginal. He won in High School, Took Virginia Tech to the National Championship game as a Sophmore and took Atlanta to the Super Bowl in the 1999 game. I will agree with you when he loses his legs and speed it may be over for him, but I don't think he will have lost that speed yet at 28 years old. You know all he is doing now is working out. Barry Bonds is a bad comparision. Barry is 44 years old later this month and wants millions to play. Also Barry is looking at Jail time and that is a big distraction to any baseball team, whereas Vick is alreay in jail and will be out before you know it. I don't think Vick is going to be able to get high dollar, (No bargening power) and that is why I think a team out there will take a chance on him. I am not endorsing Mr Vick, I am only making the argument that I think you will see him in uniform again somewhere, someday.
He's broke?
I need my grass cut.
coolguy81
I suspect, coolguy81, you have never had anyone in your life whose own life was saved by a doctor or surgeon. When you have an experience such as that, you do see that doctor as a hero, and no matter the cost, you are happy to have the person that was saved. You say they don't sacrifice their lives? Tell that to all the wives and children of surgeons who wait patiently for them to come home after a 24 hr shift at a hospital. Tell that to the doctors and surgeons who lose many people in their lives because of the dedication they possess for their careers.
I say some of the people
I say some of the people posting here are pure haters of Michael Vick. The brother should be able to file bankruptcy - Chapter 11.
Elsie
Nope, missed that one! OK - generally speaking, nobody expects Vick to get harsher punishment than Joe Shmoe.
(Death penalty for dog fighting? Somebody needs help...)
jmo
ELSIE ASKED
"It's comments like this that make me believe this isn't just about the dog fighting. Are you sure it's not more about resentment towards his former income and lifestyle?"
Perhaps the issue is that this man was given a gift, and trashed it. M Vick always carried himself in public in a manner that screamed of entitlement, and he shared/fostered that attitude with his younger brother. Americans do not like to watch people be yanked from poverty, only to tell us how much better they are than us. Remember it was M Vick, that displayed his middle finger to the very people who made his success on the field pay so highly. So I think you may have a point, this is not about dogs for me. The dog fighting thing was only a symptom of this low life's character. How many young men in the ghetto get his kind of opportunity? Hopefully future stars plucked from bad situations will choose to lift up their community, rath
Cool guy
Cool guy I was with ya until your last comment Barry Bonds was black balled because he is a cheater. You must not know much about sports. Michael Vick is an exellent QB and he will be back in the NFL to prove it.
Don't feel bad for him at all
I'm sorry, I don't feel bad for him at all. It's a shame that someone worked very hard at his craft (football) and seemed to have such a bright future ahead of him, for himself and his family, but blew it on something so heinous. I mean it's bad enough to be cruel to another human being, but to be cruel to a dog? That's a real man for you. He wasn't just mean to these dogs by making them fight. They were tortured, their conditions that they lived in were deplorable... and for what to get his kicks and make some money? What in the heck did Michael Vick need more money for? I hope he loses everything... he should. He shouldn't be treated any different just because he was a football star, and what good friends he had that turned against him in an instant.
I'm not a PETA person or anything, but I do have dogs as pets, and reading about what these dogs were subjected to just made my stomach cringe. It was against the law