Imprisoned Vick files Chapter 11 bankruptcy
Bankruptcy
Seven months after Michael Vick was sentenced to federal prison, the fallen Falcons quarterback found himself in a “precarious financial position” and filed for bankruptcy. One of his creditors is the Falcons.
In Chapter 11 documents filed in federal court in Virginia on Monday, Vick cites debts of between $10million and $50million. He also cites assets in the same range.
In the court documents, Vick lists seven creditors, including the Falcons, that are owed a total of $12.8million. The debt to the Falcons is for $3.75million, listed as a prorated signing bonus. The documents indicate the claim is disputed.
A Falcons spokesman said the team would not comment on Vick's bankruptcy.
Vick is serving a 23-month sentence in Leavenworth, Kan., for his guilty plea in federal court to felony charges related to dogfighting. His release date is July20, 2009.
The largest of Vick's creditors is Joel Enterprises with a claim of $4.5million. Andrew Joel, a Richmond, Va., sports agent, filed a lawsuit against Vick in 2006 claiming he reneged on an endorsement deal agreed upon after he left Virginia Tech early for the NFL.
Another creditor listed is Radtke Sports, of Woodstock, Ga., for $550,000. According to the attorney for Radtke Sports, which sells sports memorabilia, Vick had an exclusive autograph deal with the company and he can no longer fulfill his obligation because of his imprisonment.
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