Vick Bankruptcy Hearing Shaping Up To Be A Circus

BasX · Mar 28, 2009

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.
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http://www.profootballtalk.com/2009/03/28/vick-bankruptcy-hearing-shaping-up-to-be-a-circus/

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Vick Bankruptcy Hearing Shaping Up To Be A Circus

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