Archive for December, 2008
Michael Vick – Banking on Debt Dismissal in Jail & Triumphant Return to the NFL with New Fat Salary?
When we first started this website we had several goals to seek justice, which was being abused and to prevent Michael Vick from harming the fans that had supported his rise to financial success. We are all for Michael Vick finding success in life after prison, but still do not want to see him return to the NFL where he maligned almost every trust that was bestowed on him by fans, his team, his coaches, the NFL, his business partners, his creditors, his sponsors, and even his criminal buddies.
He’s trying to have $20+ million in debt renegotiated while he holds on to $16 million in assets. But this is based on him earning 12 cents an hour in prison. We could see a scenario where his debt is wiped away by the courts down to say $10 million and he could keep his $16 million in assets. Then a few months later he could return to the NFL and a large contract (not as large as before, but after profiting $10 million in bankruptcy, it doesn’t have to be too big for Vick to still have a great year financially.
A committee of creditors, including the Atlanta Falcons, filed the objection Tuesday in U.S. Bankruptcy Court in Newport News, Va. A hearing on whether the disclosure statement should be approved is scheduled for next Tuesday.
A disclosure statement submitted in the case last month listed real estate holdings, luxury cars and boats, business interests, bank accounts and expenses to support a large extended family.
Plus it would appear that Vick or his accountants were either not that good at book keeping (not surprising considering all the illegal activities Vick was involved in, some of which he pled guilty in court) or possibly they are trying to hide cash and assets and cover the expenses for lots and lots of relatives before Vick’s creditors are paid off.
If you or I file for bankruptcy, odds are the bank and courts are not going to look to favorably on the scheme of us trying to support all of our extended family first before paying off any debt. Our relatives will have to go out, get jobs, fend for themselves, and pay their own bills.
It also showed millions in unexplained cash withdrawals and transfers over the last two years. For example, the creditors said in their objection that Vick’s papers list about $1.1 million in transfers authorized by a former associate, about $1 million marked as "cash out miscellaneous" and nearly $2.3 million in transfers between Vick accounts.
"With such large sums of the Debtor’s money unaccounted for, it would be impossible for the Debtor’s disclosure statement to contain ‘adequate information’ regarding his finances," the creditors wrote.
Vick’s disclosure statement also says he "has every reason to believe that upon his release, he will be reinstated into the NFL, resume his career and be able to earn a substantial living." Vick’s plan for paying his debts is premised on his return to pro football, but the creditors say they need more assurance.
Bottom line, if Vick returns to the NFL as a quarter back, it will be a travesty. Returning as a coach or maybe a counselor for the other derelict players in the NFL might not be a bad gig for Vick. Heck he could go into acting or anything for all I care, but let it be a fresh start.
We’re reposting this article from our friends at The Truth About Pitbulls.
SIX holiday miracles! We took in four emergency dogs and two kittens these past few weeks, and have been working so hard on their rehab and medical care, we werent able to get out our holiday plea out in a timely manner! We know everyone is strapped right now, with the economy and all, but we couldn’t say no to these six! We were lucky enough to have one of our wonderful fosters help out with TWO of them
So now we just need to raise the money to cover all their medical care.
Above left is Wally, rescued from an animal control the day before his scheduled euthanasia. He came to us underweight, and with a badly abscessed and painful front paw. We neutered, vetted, and fixed up that paw the very next day. He is kid, dog, and cat friendly, and SO grateful to be here for the holidays!
In the middle is Stuart, a super sweet dobe mix. He came to us in the middle of an ice storm, TWENTY pounds underweight, with explosive diarrhea, in very, very bad shape. We have been nursing him back to health ourselves, and he is finally putting on weight. On the right is Kingston (original name was Ice), a gorgeous pit bull with one blue eye and one brown eye. He is showing off the two shaved spots on his back from his heartworm treatment. He is on the mend and is good with his foster’s kids, dogs, cat, guinea pigs, AND ferrets.
He goes to work with his foster mom at a nursing home (check out his photos at the nursing home on our site, dontbullymybreed.org). He was on his way to an animal control (after no one answered his Free to Good Home ad, thankfully) that does not adopt out pit bulls, when we intervened. Our fourth doggie rescue, Daisy, is on the Adoptable Dogs page on our site (we didn’t have a good enough photo to embed in this email:). She was rescued by someone from a very bad situation but they were unable to keep her themselves. This sweetie is a boxer (all jowly) mixed with pit. She has a LOT of energy and has nipples hanging to the ground from being overbred. She had a rough surgery when she was spayed but is finally feeling better now. She loves, loves, loves to play!
The kittens we took in were trapped with a humane trap, also during the ice storm, so we named them Warm and Toasty . They were super sick when we rescued them, and are not thrilled with all the medicating we’ve been doing to them, so they are a bit shy right now. They are now fully vetted and also ready to be adopted.
We really need donations to pay off our vet bill because we have another rescued dog scheduled for oral surgery in two weeks. We are hoping each of you can PLEASE make a holiday donation for their care! The link for making a donation is http://www.thetruthaboutpitbulls.org/donation.php or, if you’d like to send a check, please email us at [email protected], for the name of our vet and the address.
Thanks for all your previous support this past year, and wishing you all a VERY happy, safe 2009!
Michael Vick spent hundreds of thousands of dollars right before reporting to prison, buying luxury cars and giving lots of money to the people around him. That spend thrift attitude is of course being reviewed closely in bankruptcy where the courts have the power to go take that money back from the recipients of the funds.
One of the problems however is that Vick may have committed some other mistakes. He cashed in some of his money. Literally turning millions of dollars into cash which can not be accounted for now. Depending on where that money went, that could get Vick and the recipients of that cash in a lot more trouble.
In 2007, documents show, he used cashier’s checks to withdraw $908,500 from his bank accounts. During a two-year period, he wrote checks payable to “cash” totaling almost $1.1 million.
His spending escalated as his prison sentence neared.
From Aug. 27, 2007, the day he pleaded guilty in a Richmond federal courthouse, until Nov. 19, the day he bought the new Mercedes before reporting to jail, Vick shelled out $3,627,291.
In addition to the dog fighting scandal, Michael Vick has been no stranger to small drug scandals. One of his dog fighting partners was murdered just a few days after the Feds raided Vick’s home in Virginia. The murder victim not only engaged in dog fighting activities with Michael Vick, but he was also an alleged cocaine dealer and reports indicate that cocaine was found at the murder scene.
Sure you can gamble away millions of dollars and that is not unheard of for popular celebrities. It is also not that strange for celebrities to lose millions of dollars on drugs or other activities.
However, if Vick took that money, turned it into cash and is trying to hide it somewhere or hide it with someone, that is a problem that the authorities, the bankruptcy court, and his creditors will and have taken an interest in reviewing.