With quarterback Mike Vick to date unable to submit a satisfactory bankruptcy plan, his latest attempt looks to be his most reasonable try yet.
But it still looks like, in Vick’s case, a declaration of bankruptcy doesn’t entail the same degree of liquidation and ongoing financial sacrifice that the rest of us would be required to experience.
Under his new plan, Vick will give 10 percent of his first $750,000 to his creditors, up from zero percent under prior proposals.
From $750,000 to $2.5 million, Vick will give up 25 percent of the earnings. Prior proposals called for 20 percent.
From $2.5 million to $10 million, Vick will give up 30 percent. Previously, the number was 25 percent.
And if Vick somehow finds himself in a position to earn $10 million or more in a given year (cough . . . Powerball . . . cough), the percentage climbs from 33 percent to 40 percent.
Vick also will liquidate a $2 million home that currently is under construction in Virginia, and Vick will be selling five boats.
There’s no word on whether he’ll still be keeping that Ms. Pacman video game.