Michael Vick Returns to Playing Field, Court
Posted: Monday, August 24th, 2009 at 1:51 pm
Earlier this week, Michael Vick returned to the football field for the first time since he was sent to jail in November 2007. He also returned to the courtroom.
Vick, 29, has faced financial troubles stemming from his arrest in the wake of his involvement in an extensive and unlawful interstate dogfighting ring. He owes creditors over $20 million. This week, he and his lawyers were in court to present a plan to pay them back and emerge from bankruptcy. A similar plan has already been denied by a judge, but Vick has since signed a one year contract worth $1.6 million with the Philadelphia Eagles, with an option for a second year at $5.2 million. That signing was “a huge development in the case,” according to a lawyer for one of the groups of creditors. With testimony that Vick expected to make $5 million a year for the next several years, creditors were convinced that the plan presented would work.
Under it, Vick will pay 10 percent of all the money he makes under $750,000. For any money between $750,001 and $2.5 million he makes, he will pay back 25 percent. He’ll pay 30 percent on money between $2.5 million and $10 million, and 40 percent of anything over $10 million.
Vick’s financial planner will invest all but $300,000 per year, ensuring that Vick will live within those bounds. And most of Vick’s property will be liquidated, except his home in Hampton, Virginia, a 2008 Infiniti truck, two retirement accounts, and personal items. Four other houses owned by Vick, as well as a number of cars and boats, will be sold.
“Mr. Vick went from the height of wealth and celebrity to imprisonment, and back again … and he is to be commended for that,” U.S. Bankruptcy Judge Frank J. Santoro, who is overseeing the case, said.
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