Mike Vick (official thread)

[ScriptOhio]

RICHMOND, Va. -- Imprisoned quarterback Michael Vick filed for bankruptcy protection while serving time for federal dogfighting charges, saying he owes between $10 million and $50 million to creditors.
Vick filed Chapter 11 papers in U.S. Bankruptcy Court in Newport News on Monday. The seven largest creditors listed in the court papers are owed a total of about $12.8 million.
The suspended Atlanta Falcons quarterback hopes he "can, after the conclusion of the bankruptcy case, rebuild his life on a personal and spiritual level, resurrect his image as a public figure, and resolve matters with the NFL such that he can resume his career," according to the filings.
Vick is serving a 23-month prison sentence at the U.S. Penitentiary in Leavenworth, Kan., after pleading guilty last year to bankrolling a dogfighting ring. He was subsequently suspended indefinitely without pay and lost all his major sponsors, including Nike. He also faces state charges related to dogfighting.
The debt includes part of a signing bonus that the Falcons are seeking to recover.
After the plea on dogfighting charges, the Falcons tried to recover about $20 million in bonuses Vick earned from 2004 to 2007. But a federal judge held that Vick is entitled to keep all but $3.75 million of the money paid to him for playing football through the 2014 season.
According to the filings, Vick's other debts include $4.5 million owed to Richmond-based Joel Enterprises Inc., and $550,0000 owed to Radtke Sports Inc. for breach of contract.
In May, a federal judge ordered Vick to repay about $2.5 million to a Canadian bank for defaulting on a loan. The Royal Bank of Canada had sued Vick in September, arguing his guilty plea to a federal dogfighting charge -- and the resulting impact on his career -- prevented him from repaying the loan.
A default judgment for $1.08 million also was entered in January against Vick and a business partner in a lawsuit brought by Wachovia Bank over a loan for an Atlanta-area wine shop and restaurant.

Entire article: Claiming $10M-50M in debt, Vick seeks bankruptcy protection - NFL - CBSSports.com Live Scores, Standings and Stats

[DaytonBuck]

The big news, I suppose, from my talk with Huyghue was this: He said the chances of a UFL team signing Michael Vick to play the 2009 season are "98 percent.'' Strange percentage, but that's what he said.


"Michael's not going to be able to walk right back into the NFL,'' Huyghue said.



"He's going to need some kind of buffer before he signs in the NFL, and we'll be able to provide that for him.''


Assuming the league gets off the ground, it makes perfect sense. Vick is due to get out of federal prison in July 2009, and in all likelihood he'll be suspended for the 2009 season by the NFL, which would also make him ineligible for the Canadian Football League. If the UFL is Triple-A football, or even Double-A, it's probably Vick's best option.

Peter King CNNSI