Michael Vick has done such a poor job of picking financial advisers that the U.S. government wants to force him to accept outside help.
Vick, once among the world's highest-paid athletes, saw his fortunes crumble last year when he was convicted for his role in a dogfighting conspiracy, suspended indefinitely from the NFL and sentenced to 23 months in prison.
He filed for bankruptcy protection last month, only a few years after a 2005 Forbes Magazine list pegged the total income for the Newport News native over the prior 12 months at $37.5 million.
A habit of trusting the wrong people has contributed to Vick's current financial mess, the U.S. Trustee Program alleged in a motion filed this week.
The trustee program, which monitors the bankruptcy system, asked the judge in Vick's bankruptcy case to appoint an impartial person who "would be empowered to unravel Mr. Vick's financial situation."
The person, known as a Chapter 11 trustee, would help recover assets from third parties, the motion said.
"Mr. Vick has seriously mismanaged his financial affairs by continually relying upon untrustworthy persons for advice and giving those persons control over his affairs," the government said in its motion.
Peter Ginsberg, an attorney for Vick, said he will oppose the motion because it would add an unnecessary and costly layer of bureaucracy.
"We're well under way to getting our arms around Michael's finances and understanding what happened," he said.
The trustee's duties would be similar to what Vick wanted to bestow upon David A. Talbot, a man who described himself in court papers as a trusted adviser who was counseling Vick on financial and spiritual matters.
Vick's lawyers last week withdrew their request to have Talbot help after the New Jersey Bureau of Securities filed a civil complaint against him. The bureau accuses Talbot of helping swindle more than $500,000 from investors, including some who thought their money would help buy a church.
The government's motion for the trustee also questions the choice Vick made last year for a business manager. Vick's attorneys have said in court documents that Vick believes he gave about $550,000 in investment funds to the person, identified as Mary Wong of Omaha, Neb. They accused her of removing another $350,000 from Vick's defined benefit plan without his authorization.
In a document filed Thursday, Vick's attorneys said Vick gave Wong a general power of attorney last year so she could manage his assets while he was in federal prison.
"The Debtor is now learning that Wong betrayed his trust and engaged in numerous unauthorized transactions, often with entities in which she either held an ownership interest or exercised managerial control," the document said.
Vick's attorneys are now trying to get Wong and an Omaha investment firm named Campbell Wealth Management to turn over documents related to Vick's finances. In one motion, they submitted a 2007 decision by the New York Stock Exchange Hearing Board that barred Wong from membership in the NYSE because it found she received customer funds under false pretenses and misappropriated them.
Wong did not respond to an e-mail on Friday.
Ginsberg said he believes Vick met Wong through connections in the NFL.
In his work with Talbot, Vick had agreed to pay him $15,000 per month for his services and had given him a Mercedes-Benz before the accusations from New Jersey became public.
Unbeknown to Vick's lawyers, Talbot had filed for bankruptcy protection himself in 2002 and was facing an eviction notice from his landlord. Attempts to reach him through third parties and by e-mail have been unsuccessful.
Ginsberg said he has seen no evidence to suggest Talbot acted inappropriately with any of Vick's finances.
U.S. Bankruptcy Judge Frank J. Santoro has requested that Talbot be present for a court hearing with Vick's attorneys on Friday in Newport News. The hearing is for Vick's motion to withdraw his request to appoint Talbot as his financial advisor.
Santoro ordered that Talbot be notified of the hearing by personal service. He underlined "personal" and put it in bold letters.
Dave Forster, (757) 222-5563, dave.forster@pilotonline.com
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Bankruptcy Is A Form Of Wealth Redistribution
People who cannot control their own personal or family budgets are eventually forced into receivership as a debtor in possession. At which time the lawyers and trustees will gleen everything they can get their hands on that the creditors can't from the list you provide under threat of prison. Say you paid for a $50,000 diamond anniversary ring for your wife. It's goes on the auction block where those in the know, grab it for ten or twenty cents on the dollar and the examples go on and on. Homes, cars, non-retirement assets. If you cannot control your financial life, someone else will. And there is not a thing you can do except scream. Obviously here, some folks are afraid they won't get paid. Too bad Michael Vick didn't pursue Private Banking for wealthy customers when he got down to Atlanta. I guess that isn't taught in college.
GPA' & SAT scores
Since Michael Vick received a full scholarship from VPI, a Division 1 institution, he was covered by propositions 48 & 16. These required a student athlete to have at least a 2.0 high school GPA & at least 1010,(out of 1600),on the SAT. He could score as low as 820,(out of 1600), if his high school GPA was over 2.5. "W", wouldn't have qualified. By the way, Marcus scored over 1000 (out of 1600), on his SAT, & had a GPA well over 2.0. They both, were required by VPI & the NCAA, to maintain at least a 2.0 GPA, with a full college level academic load, while dealing with training, game & travel schedules. Just because a person has a lack of good judgement, doesn't mean they are stupid, in academics. Judgement is often learned through example.
No matter what Vick was convicted of...
...if these people are found to have stolen or misused his money they should be prosecuted to the fullest extent of the law.
College Admissions, Forgiveness, Life, etc.,
Vick, as all Division 1 athletes, had to score well on boards, entrance exams, have a good high school GPA, maintain at least a solid C GPA in college courses,( to maintain eligibility), all while dealing with class, training, game & travel, schedules.
How ironic, that many with problems with Vick, have no problem with "W", a D+ student, being accepted to Yale. As a D+ student there, He was accepted to graduate school. This guy is now our 2 term president. Michael Vick set up friends in dogfighting. "W", started an unending, unnecessary war, causing the loss & maiming of thousands of our & our allies youth & 100,000's of innocent Iraqis. Be honest; which of these two has caused more harm to the world?
By the way, plant life has feelings, also. Plants are killed & eaten daily, cooked, or raw.
I agree
I do agree with last comment posted. What I can't figure out is how do you all make it day to day? Being racist is a hard job! LOL at all.... Post something positive, and teach your kids how not to think you all. Racism is something taugh, whether directly or indirectly, not something your born with.
kate43483
People who don't support vic are Christians kate! We're paying for his room and board aren't we as tax payers hehehe. AND he doesn't even have to pay us back. As for him being an unmarried father, don't think much of any of them, regardless of who it is. Not only did he wreck his own life, he helped create another who is not going to have an "equal" start in life. You can support this "guy" all you want, it's your choice. I prefer to support those who at least try to do the right thing not only for themselves, but their family, friends, community and Country....that's my choice and one I proudly make.
How exactly is it racist for
How exactly is it racist for someone not to be admitted to VT (or any other upstanding U) just because they don't meet the entrance requirements? The kids that get in work hard to get there. Besides, Vick DID go to VT, albeit on his athletic ability only. If you can't meet the requirements then you shouldn't be accepted. That goes for athletics, too. As for Bush, wake up. Daddy was a senator and the world isn't fair.
Biggots!!!!!
Ha ha ha!!!! I'm never amazed by the racists that posts comments on this blog daily. You guys will always be part of the bowels of society and it proves that Satan is always busy. Who are we to judge anyone!!!???? Yeah, what he did was a poor judgement call; however, his crime doesn't compare to the Jena Six injustice, lynching blacks, Holocaust, raping children and women, racial profiling by police officers/our Justice system, etc. Where are you biggots when these issues occur??? I know......you're assisting with many of these causes in the world. Last year PETA employees were caught not properly disposing of dead animals and burning them if I recall correctly. Where was the outrage????!!!!The idea that he's ignorant and would never be able to get in a school like VTECH shows racisism. George Bush, Jr. was able to go to Harvard and I'm sure he didn't score what is required to get in there. His
Culture Lesson from The Source is Unwelcomed
Spare me the tidbit of information about the Chinese eating dog meat. They also limit the number of children that parents can have and are generally a repressive society. American's love dogs! Michael Vick is NOT a victim here. The more people tell me to stop hating means to me that they don't think that Vick's bad behavior should stop. I don't hate Michael Vick and if he winds up playing in the NFL again, so what? Unless he really changes his way of looking at the world, he'll wind up blowing another few million dollars, and we'll still be hearing about what a poor victim he was.
Excellent point Mr. Goldfinch!
Michael Vick has had everything handed to him ever since high school football days. It's time to pay society back. ANd yeah he did make some stupid decisions. Like the time I was in a Sprint Store and he walked in with about 20 kids and teenagers and bought them all cell phones. Where is the wisdom in that? Did he really need to stroll around town in a caravan of 5-6 Chrysler 300M's rolling on 22's? Is that really financially smart? I'm not a hater, and I'm all for redemption. I'd be really impressed if Vick ended up being the National Spokesperson for the Humane Society when he got out. But since when did so many people care about someone who in the past wouldn't give you a pot to pee in? I hope for his own sake that he's changed, and not the typical "I found Jesus" kind of changed. He has quite a debt to society for making him who he once was. He destryoed the public's trust. He owes his very existence to the Vir
I'm sick of people talking about the guy
He's a dirtbag. So is most of the NFL, NBA, and MLB. They take drugs, squander fortunes, and generally set terrible examples for our children who love them. So what do we do? We keep talking about them so they're always on the front page. I think what he did was wrong, but he's not the first criminal athlete, or the worst. He's been tried, convicted, and sentenced, and he's doing his time. I don't think he should face more charges when he gets out, not because he's a great guy, but because he'd be a martyr to the "white" US legal system. Let it die folks. Let's start going after the other criminals, like the guys who start brawls, for our children to emulate. Anything we tolerate, we get more of.
he has made his bed now let
he has made his bed now let him lie in it....
Reply Un- married father
Yes he is un-married Father and now will probably not be able to pay child support, and for the dogs it was wrong to Kill them as they did nothing and Dogs are a living thing and it is never rite to take a life Human or animal. One more thing he is human and I believe he is finding out he should have probably not hung around with some of the deviates he did so with, give him a chance to prove he is a good person as there is good in everyone somewhere. If he screws up again then he has learned nothing and it will be his own fault. As to the government helping him I am sorry I have debts just like everyone and have to make my own due...
hmmmm...
Makes me wonder, maybe it is time that colleges hold some responsibility for accepting and graduating someone who appears to be so stupid. It appears to be the case a lot of times that academics are secondary to athletics.
"bad decisions"
We all make bad decisions. I made one the other day when I chose the fish over the chicken. THAT is a bad decision. Choosing to murder animals for is own amusement is not a bad decision. It is the mark of a well-protected sociopath. And to hell with forgiveness. Let him rot. If there is an afterlife he'll be punished there, too.
Mike Vick
I totally agree with Glengatti. Mike Vick made some bad decisions; but, come on, who hasn't? What happened to the christian ethos of forgiveness?
I think it's great!
The idiot has never done anything right! He screwed up everything he ever started. His trusted friends rolled over on him like a steam roller, stole his money and generally took advantage of an uneducated,stupid man. NO ONE is worth the kind of money they paid him. I'll bet he winds up back in jail within a year after he gets out. Anyone that stupid needs to be in jail.
M. Vick
Everyone of you that are Vick haters will feel sorry when he gets out and start turning his life around.He is human and all of us have made mistakes that we wish we could take back.He will be a better man a better athlete and he will be back in the NFL!He will probley write a book or someone will make a movie of his life.So don't hate and let him get on with his life!
Do NOT Lighten Up... It is Our TAX Money
I disagree with the person who says, "lighten up." Michael Vick has been a drain on the U.S. tax payers ever since he got free lunch in school, free tuition to a state university, and now possibly free financial assistance to straighten out his self-induced mess. Just remember when I use the word "free" that it really means "no cost to him but paid by us the tax payer."
unmarried father
What does being an unmarried father have to do with anything. I think everyone has lost sight of what is real. They are only dogs, dog meat is eaten in china. Everyone needs to lighten up
he's a FELON
This piece of ---- is a convicted felon who imho probably has money stashed in other's names all over the place and is trying to avoid paying his debts. He's hung with the wrong crowd for probably most of his life, has lied, been an unmaried father, a dog fighter/killer and who knows what else is below the radar of common decency. I feel no sympathy for him, his own actions got him in trouble, not mine. Do the crimeS, serve the time...seems pretty simple. He needs to pay ALL of his debts and committments...anything left after that, I really could care less and I could care less what happens to him
Hey Beach boy, it's all about BEAMERBALL.
Va. Tech does not require it's "Athletes" to even "Take", much less "Pass" an SAT. If they did, the "Hokie" football team would not be able to beat Duke and UNC on a regular basis. You see, players at Duke and UNC must pass the SAT's. Having to have a Brain tends to weed out many of the best "Athletes".
A Former VA Tech Student-Athlete
I would love to know what Vick really scored on his SAT. No way he legitimately gets into a college.
Ginsberg is a pig
because HE wants to be able to run up the billable hours to get some of the cash! Of course he doesn't want an outsider sorting through this mess. Bring in an educated trustee to get to the bottom of this and who cares if it costs Vick more--he deserves to pay! As a bankrupt individual he looses the right to start making demands. Oh, and what about all the promise money to rehab those dogs of his? Who is going to pay for that? Bet he gets out of that obligation too. The crazy judge should have ordered those dogs put down!
It's "Bonfire of the
It's "Bonfire of the Vanities" all over again....
"A Habit of Trusting the Wrong People"
Again, the man knows no right from wrong and felt entitled due his newfound fame. Now it's the trusted ones fault? Vick and his family are all just milking the system. No different than your local daytime TV lawyer, who seems to be his representative.
Vicks problem is in his upbringing being fed by the good old welfare system. Then In feeling he was above the law he did whatever he wanted, and when the law interefered, he thought his money would pay off his ignorance of the law.
VICK
I have no sympathy for this man who had everything and threw it away. I wish I could have made some of the money that he did. Of course I worked at a 40 hr. week job and was happy with my benefits. He had the world and trashed his life by himself. Let him stay where he is and lose everything. He deserves nothing.
i see the peanut gallery is
i see the peanut gallery is in attendance this evening...glad you guys could make it...take a seat, take a seat.....since we're all kicking a man while he's down, make sure to tighten up your steel toes...
smh...get a life people....really....
i think the troubles that he is going through right now are going to make Vick a stronger and wiser young man...without the legal troubles of his past, he wouldnt have realized that the ones he "trusted" weren't beneficial to his future...everything happens for a reason...
this is a wake up call and i hope you've truly learned your lesson Mike...i look forward to you getting out of prison and making a positive difference for not only yourself, but for your family and your community...good luck, homey...
vick needs help?
Oh brother! He needs more than financial help! What a waste!
on and on and on
And to think, Vick is still a role model to many. How much more crazy can this get?