When Falcons quarterback Mike Vick enters federal court this week for a hearing on his pending bankruptcy case, there’s a high potential for entertainment value.
Tim McGlone of the Virginian-Pilot sets forth lots of details regarding Vick’s proposed bankruptcy plan, and the extent to which some creditors are objecting to it.
Vick is hoping to retain millions of dollars worth of real estate, vehicles, and household luxuries, and to pay off his debts with money that he earns in the NFL.
In addition to homes and cars, Vick wants to keep “tens of thousands of dollars in jewelry, clothing and household goods, including a golf simulator, fitness machines, a Ms. Pacman arcade game, 10 televisions and the aquariums.”
As previously reported, Vick proposes keeping all of the first $750,000 he earns. Above $750,000, he would pay only 20 percent to creditors — and thus keep 80 percent. For all income above $2.5 million, 25 percent would go to creditors. Above $10 million, the amount paid to his creditors increases to 33 percent.
Per McGlone, Vick has $10 million in assets and $22 million in debts.
Though some creditors realize that, as a practical matter, getting a piece of Vick’s future earnings might provide their only chance at receiving anything of value, some parties are objecting to the plan, including the U.S. Department of Labor, the Virginia Department of Taxation, the Internal Revenue Service, the U.S. attorney’s office, the U.S. bankruptcy trustee, and Joel Enterprises, Vick’s former agent.
Agent Andrew Joel holds a whopping $4.6 million judgment against Vick.
Vick’s current agent, Joel Segal, reportedly is expected to testify at the upcoming hearing regarding Vick’s prospects of returning to the NFL.
For a more accurate depiction of Vick’s chances, the feds should have subpoenaed the man who will ultimately decided whether Vick gets back in — Commissioner Roger Goodell.
Now that would have been entertaining.
We’ll settle for seeing Vick on the stand, since he has been ordered to appear personally at the hearing, so that the judge can personally assess Vick’s credibility.
Vick Bankruptcy Hearing Shaping Up To Be A Circus
Posted by Mike Florio on March 28, 2009, 11:21 PM EST
43 Responses to “Vick Bankruptcy Hearing Shaping Up To Be A Circus”
Just call him Slick Vick
“Vick is hoping to retain millions of dollars worth of real estate, vehicles, and household luxuries, and to pay off his debts with money that he earns in the NFL.
In addition to homes and cars, Vick wants to keep “tens of thousands of dollars in jewelry, clothing and household goods, including a golf simulator, fitness machines, a Ms. Pacman arcade game, 10 televisions and the aquariums.””
If declaring bankruptcy means being able to wipe out your debts and keep all your shit, then sign me the hell up.
McGlone is the last of real reporters. As a former journalism student/fanatic (it doesn’t pay enough) I appreciate this article.
I think Vick should be allowed back. God wants us to repent and forgive. Vick has repented, and I have forgiven.
This debt paying stuff is a judgement I can not make because I am not qualified. I just hope the people who screwed him financially are brought to justice too.
Considering the direction Chris Rock’s movie career is headed, maybe he could do a “made for BET” movie of the week about Vick’s exploits….
As someone who previously defended Mike Vick’s right to have an opportunity to redeem himself and get a chance to play in the NFL in the last Vick story, this guy is an absolute moron. Being allowed to keep the first $750,000 he makes when he owes millions to creditors is nuts, only paying 25% of whatever income he makes over 2.5m is just criminal. Then you see that he wants to keep multiple homes (Cause you can live in two places at the same?), cars (because a single person needs multiple cars?). Then he wants to also keep his jewelry (Gotta keep looking fly for the ladies!) and 10 TVs (Someone should really clue Vick into TiVo). The guy needs to come back down to reality ASAP, and it seems to me that Goodell will be doing that any time now.
10 million? How bout we see if this s-head even earns 1 mill ever again. (Slinging rock does not count) Everyone acts like employment at any job is a given right. If that’s the case, how bout you guys go out and get a job, commit a heinous crime that draws national attention and ire and lets see #1 hoe fast you get fired, and #2 how long it takes you to find another job.
For whatever team that signs Vick will know multiple things will follow that will ruin the fabric of the team:
#1 The media will be insane
#2 The backlash from the fans will be huge
#3 The team will be split as to who will be on board with him
#4 The protests will cause problems
#5 They are a target at every road game and the The non POS players will catch it.
#6 What kind of penalty will the team get if he screws up?
#7 What sponsors will be lost?
#8 How much money would you even think of investing in a SHort hopping QB who has not thrown a ball competetively in 2 years?
#9 An arrogant criminal of a QB makes for a bad leader and face of the team.
For all of you Idiots promoting him back in the league, this isn’t a video game. This is a business and signing this guy comes with serious consequences. So maybe you know it alls sould pay attention to the facts before you pull the usual racism label out like you do everytime something doesn’t go your way.
Michael Vick’s bankruptcy plan: Bitch, I’ll pay you what I think you deserve.
Those guys should stop hounding Mike Vick. They’re barking up the wrong tree if they think they’ll get their money. Goodell should throw him a bone and take him out of the doghouse. He’s done his time and shouldn’t have to face retreivership. It’s not like he was signing footballs with a shar pei. I just hope the prison doctor got his hovawarts on his mucuchies under control so he didn’t need the bully kutta. Mudi batard.
what percent of his future dog fighting kennel businesses will go to creditors ?
I can’t believe that the bankruptcy court is even listening to Vick’s Vick’s proposal. Most people in this situation get their lunch handed to them and lose all. Hope the Feds exact some force to strip Vick on his b– sh– proposal. If they don’t handle properly, the outcry will be similiar to the AIG bonus outrage. The American public is tired of letting the people with big money go free and not pay the price. Let him startover like all American who have to use bankruptcy court.
Thanks for keeping us fans aware of news in the football world.
Tintagel26
Ms. Pacman was good, but Galaga was better. Your quarters lasted longer.
Never mind the bankruptcy case, Mikey. Satan wants what you owe HIM, and HE WILL collect. Prison will seem like a delightful dream when your real bill comes due.
Suck it, loser!
More like whatever he makes goes to debt collectors. Rest he can keep.
Sound stratagy, I will keep that in mind when the debtors come a knockin’.
Unbelievable.
First, his proposed bankruptcy plan assumes that everyone will welcome him back into the NFL with open arms.
Next, he feels entitled to keep 100% of his NFL earnings (assuming he earns them) up to $750K, because who can live on less than $750K, right?
Then he only wants to pay 20% on earnings up to $2.5 million??? Despite owing his creditors (including his agent) $22 million???
I’m sorry, but I seriously question his character and morals. Not to mention the fact that he electrocuted dogs.
Goodell, PLEASE do not reinstate him.
how does this work? How can this thug declare bankruptcy and not pay off his debt. He should lose EVERYTHING, he deserves nothing. I don’t actually wish ill on many people, Vick would be an exception, what an idiot. I am a respectable citizen and contribute to my society and I make 30,000 a year before taxes… let Vick live on that. Why does he think he is entitled to all of his possessions and should have his debt worked out like this – something that few (if any) others are getting? Especially in this economy, I hope Goodell shows some sense and never lets this idiot back in the league… or better yet, I hope he does and a linebacker takes care of business.
I will not be surprised at all if Goodell announces a lifetime ban. The NFL doesn’t need his negative publicity, even if he deserves a 2nd chance at society. He is CFL bound.
They are in Virginia after all. That state was founded on taking property that doesn’t belong to them.
This really should send a shock wave through the NFL that shows that the LEAGUE ie. THE SPORT OF FOOTBALL is bigger than any individual player…therefore the commish and company need to stop PUSSIFYING the game in order to keep Tom Brady in the spotlight…the game is bigger than any player….let the GAME PROCEED…
1. Give back nothing he currently has to pay back debt.
2. Keep his first 750,000 per year.
3. Above that, pay back only a small percentage of salary.
4. Realize that he likely won’t get paid more than a couple million dollars a year for 10 years(if he is in the league until he’s 40….sure) and pay back only about 600,000 per year(based on a salary of in the range of 3.5 million per year.) So best estimate is paying off 6 million dollars.
OR
Sell all unnecessary assets and pay back the money you owe. A 500,000 home, Land Rover, jewelry, golf simulator, etc are unnecessary. The Ms. Pacman arcade game is necessary, he can keep that.
While I do think he has a right to earn a living after serving his time, I don’t think he should get any special treatment or get to keep anything from this bankruptcy that anyone else wouldn’t get to keep.
Everyone who thinks that Vick has paid his debt to society and now “gets” it, just check out his proposed plan. “I get to keep mine and screw everyone else.”
And don’t give me the crap about how he was raised and his childhood environment. He is an ADULT. He has to follow the same rules everyone else does. PERIOD.
all this vick talk is stupid, he wasnt a good quaterback before he went to prison. he threw the ball 15 times a game and ten of them were to his tight end who was just slightly more open then he should be because the linbackers had to make sure he wasnt going to take off. the second he looses a step or gets injured his lack of vision will really be exposed (see donte in detroit). just look at what roddy white was able to do with joey(ball game)harringtion and a rookie (although very good rookie, but still a rookie) quarterback throwing him the ball compared to p.e.t.a.’s most wanted at the helm. if sombody wants him go for it. i hope its not my team based on skill alone
What if after all this no team wants him?
VegasChris:
Now that’s a comment. You should have saved that gem for a Friday Book Give Away comment!
I’m sure somewhere in Obama’s bailout plan, Mike will get paid.
Wow. No team is going to sign him over the league minimum so this “plan” is really just a big FU to everyone he owes money to. Hopefully the judge will be able to contain himself from laughing out loud and throw this garbage out.
My solution: Keep 1 house (least expensive), sell everything else, he can buy a Yugo. He gets to keep 50% of his NFL pay. Hell he’ll still make more money then most of us this way.
Youm people are a piece of work!!! So because he was convicted of a crime he should give up everything he has? Give up everything he has while you all are clamoring for him to flip burgers for the rest of his life? Vick s not writing the laws here, they were written a long time ago and manyt are those who have benefited from it.
This is simply a bunch of bigots and haters who believe thAT A BLACK MAN WHO ROSE FROM NOTHING IS ENTITLED TO NOTHING REGARDLESS OF HOW HARD HE WORKED FOR IT.
Madoff stole Billions from others yet he was able to keep MOST of the material things he bought BECAUSE of his thiefing from others….But Vick should give up everything because of Dogs?
You people need to get off your damn soap box leave the facting man alone!! He paid a dept far greater than 99% who hasdone much worse to humanity.
Damn hateful, hypocritical, @#$$w!pes!!!!!!!
The name Mike Vick and the word credibility in the same sentence?
“What if after all this no team wants him?”
It’s called karma, and it’s beautiful, but he’d probably go to the UFL
What planet does Mike Vick live on, anyway?
He skates through getting busted with a hidden “stash” container, and the league and the team look the other way; He gets caught using an alias, and the league and the team look the other way.
On and on and on.
Now he thinks because he’s a “famous athlete”, traditional bankruptcy rules don’t apply to him? Does he realize just how ridiculous his “plan” really is?
He expects to be able to keep all of that, and he is actually planning for the possibility of returning to the NFL and possibly making 2.5 large a year, despite the fact that:
A) He LIED directly to the very Commissioner who holds Vick’s fate in his hand (there’s something to be said about “revenge being sweet”, or “just rewards” here, Mr. Mexico)
B) He is a potential PR disaster for any team stupid enough to take him on (hey, how about a Vick-to-TO tandem in Buffalo, probably the only team stupid – and desperate – enough to even consider this fiasco)
C) Oh yeah, just in case anyone forgot while he was in the hoosegow, dude SUCKED last time I checked on his career, and hasn’t done jack-squat in this league (didn’t some scrub rookie come out of college and make Vick look like a joke last year???)
But yeah Mike, some team is going to line up to pay you 2.5 mill to suck again, after a brief hiatus playing “The Longest Yard” for a year, and yeah, the Feds are going to forget about the standards every other financial loser has to adhere to, and agree to this ludicrous plane, because hey, you’re Micheal Freakin’ Vick; the retarded, “didn’t accomplish a thing” sucky quarterback, right?
Obviously this guy hasn’t given up the chronic, to be thinking like this. What message does he think he’s sending Googell, and the rest of the world, angling to keep a Ms. Pacman machine, and making plans for the 2.5 million he hasn’t even signed for yet?
Remorse, yeah right.
“What if after all this no team wants him?”
Well, that’s the thing. He was a crappy passer before, only thing he was decent at was scrambling. Now he’s about 30, so how fast is he? If he can’t run a 4.3 like he could before, then he ain’t worth crap.
I will give him a job he can pick up the dog dropings left by my APBT and the dog will even help him workout by chasing his dog killing behind all over the yard
And in case you did not know APBT means American Pit Bull Terrier
do the creditors get a percentage of the quarters he puts into his ms pac man machine?
I wish somebody would feed him to the dogs. He is a piece of s**t.
Another “entitled” punk with all his chains, pit bulls, drug use. Just being an NFL quaterback was not enough. He felt like he had to be a gangsta. For some reason he felt he needed to dress up and act like a gangsta so people would know how tough he is and how we should be afraid of him. Takes a real tough man to do to dogs what he did. Then hes so frickin stupid he actually thought he could get away with “borrowing” from pension funds. One thing is clear. This punk is an all time low life. Hes still trying to play american gangsta. What he needs to do is grow the hell up. No jail term will straighten this punk out. Watch and see where hes at 10 years from now. Hes as stupid as OJ
And Roger Goodell is meeting with him why? To see if he expresses proper remorse after serving time? That should be a really really short meeting.
Even though the bankruptcy posturing was likely driven by attorney advice this is the wrong time in this country to push forth a me first & screw averybody else agenda, certainly from a public perception standpoint. And that perception will certainly factor in to him ever playing football again.
Vick’s proposal is preposterous and any sane Judge should see it as such. In even proposing these terms it’s evident he has learned nothing since going to prison, has no respect for anyone (including himself), shows no remorse for anything he’s done whether it’s killing dogs, breaking laws or screwing others out of money via commitments he’s made.
He’s learned nothing from his crimes or his time, he’s still and always be a scumbag.
He’s a poster boy for what Goodell is trying to prevent the face of the NFL from being perceived as.
I can see that dumbass Vick now… “I don’t need anything! Other than this (grabs onto Ms. Pacman), I don’t need anything other than Ms. Pacman… oh and this (grabs a Dog’s Playing Cards picture off the wall)… So my Ms. Pacman and picture and I don’t need anybody or anything except this (grabs a bottle of Super Strength Herpes Medicine)… Ms. Pacman, my picture and Herpes medicine is all I need… oh and this (grabs a gnome off his front lawn).
If this doesn’t sound familiar, go back and see the movie “the Jerk”… because that’s exactly what Vick is.
I have a new proposal to Vick. He is forced to sell all houses but one, all cars but one and is allowed to keep $100K a year in NFL/football salary and 50% of any/all endorsements he makes. That would be fair.
To call vick a dumbass would be an insult to mere dumbasses everywhere.
It should be interesting to monitor “the duel of the joels”…
After some time dealing with all his hungry creditors, vick will be contrite about that and only that, and wish he was back in club fed.
The creditors will take special delight in taking away ms. Pacman and making him pay for any needed repairs to said game.
If he thought he has seen the last of courts… Well he hasn’t. And he is still an idiot and is still surrounded by more idiots.
Good comments by most.
I’ve had family and friends go bankrupt. One lost everything – his business, his home, all assets. The other got to keep his house only, as long as he paid his mortgage – everything else of value he gave up.
Mike Vick is truly stupid for asking to keep all this junk. And I think that’s one of his major problems. He’s probably not particularly evil; he’s just a complete moron.
per bucs fan’s comment: I agree with that. Mike is going to need a place to spend all those quarters he made while working in the laundry with the sisters. I say take everything, including the houses– he can learn how to meet the requirements of a rental agreement, like most of the rest of us. The ms. pacman game gotta stay, though.
OK..So let me get this straight. We have a soon to be ex-con, still serving time,filing for bankruptcy, 22 million dollars in debt, not any known prospects of employment as of yet, but…He is worried about a Ms. Pacman arcade game?…i guess the saying IS true..”You can’t make this stuff up”…
Vick’s a jacknife, a complex weapon, a man of multiple superlative attributes: speed, quickness, arm strength, hubris, stupidity. And disease carrier. The sum = difference maker.
@ Jolly
Apparently the gonorrhea has spread to your brain.