If you must be in rags, let
your rags be tidy.
Más le beith ceirteach dhuit, bí cruinnecheirteach.
Michael Vick Seeks Bankruptcy
After Dog Fighting Plea
July 8 (Bloomberg) -- Michael D. Vick, the former NFL quarterback
serving a 23-month federal prison sentence, filed for bankruptcy
protection seven months after he was sentenced for plotting to run
an interstate dog fighting ring.
Vick cited debts of $10 million to $50 million in Chapter 11 papers
filed yesterday in U.S. Bankruptcy Court in Newport News, Virginia.
He listed assets valued at between $10 million and $50 million.
"The hope is that'' Vick "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,'' Vick's lawyers said in the
bankruptcy filing.
Vick, 28, the No. 1 pick in the National Football League's 2001
college draft and a three-time Pro Bowl choice with the Atlanta
Falcons, was indefinitely suspended by the league when he agreed to
enter his August 2007 felony plea. He is due to be released from the
U.S. penitentiary in Leavenworth, Kansas, in about a year, according
to court papers.
A federal judge in December gave Vick less than half the maximum
penalty for his role in buying, training and killing dogs while
funding gambling on fights held on his property in Surry County,
Virginia. He also received three years probation.
Vick pleaded guilty to conspiracy to travel in interstate commerce
in aid of unlawful activities and to sponsor a dog in an
animal-fighting venture. He publicly apologized for his actions and
said he would stand against animal cruelty.
Creditors
The Atlanta Falcons are owed $3.75 million for a ``pro rated signing
bonus,'' according to the filing. Other of the largest unsecured
creditors listed include Joel Enterprises Inc., owed $4.5 million
for breach of contract, and Royal Bank of Canada, owed $2.5 million
for a real-estate loan.
The former quarterback filed for bankruptcy after failing to "work
out consensual resolutions with each of his creditors,'' according
to court papers. The seven largest creditors listed in the court
papers are owed a total of about $12.8 million.
Chapter 11 allows debtors to reorganize debts through agreements
with creditors and is typically used by affluent individuals and
companies to resolve claims.
Vick asked the court to approve the appointment of David Talbot as
his ``designated responsible person'' to care for his financial
affairs as he has limited ability to manage his finances and attend
bankruptcy-court hearings.
The case is In re Michael D. Vick, 08-50775, U.S. Bankruptcy Court,
Eastern District of Virginia (Newport News).
Source:
Bloomberg News
