Vick Back in Court Today

For at least a little while today, Michael Vick will be out of prison. He's scheduled to report to a Virginia court to appear at his bankruptcy hearing that he hopes will help clear up the $20 million or so in debts he still has.

Vick is expected to testify, as his attorneys have proposed a plan that would allow him to keep the first $750,000 he earns each year while paying everything above that to creditors. That seems like a very good plan for Vick, but it's one that some of his creditors have already objected to.

For one thing, it's highly unlikely that Vick will resume his NFL career making much more than around $1 million per year -- even if he thinks he'll be making $10 million a year. He doesn't have a whole lot (or any) leverage as he looks to find a team even willing to put up with the protests that will greet his signing. If any team signs him, it will probably do so with an incentive-based contract that allows them to cut Vick loose at a moment's notice

And at $1 million or so before taxes and his agent's cut, Vick would be paying almost nothing to his creditors. So we'll have to see if the judge decides to rework Vick's proposed terms, giving him less money while sending more of it to the lengthy list of people he owes money to.

Reader Comments (Page 1 of 1)

4-02-2009 @ 11:32AM

LA26 said...

"Orlovsky followed Patrick Ramsey in for a visit with the Texans, and he cancelled a visit to Denver to sign a three-year, $9.1 million contract that included a $2.4 million signing bonus."

http://www.chron.com/disp/story.mpl/sports/6288399.html

Dan Orlovsky who was the QB for a portion of the winless Lions season last year signed a 3yr. deal for 9.1M and 2.4M signing bonus.

Vick getting a similar contract isn't too much of a leap.

4-02-2009 @ 11:40AM

bkind7x said...

Don't forget Michael Vick is the reason Atlanta Falcons tickets were sold out - I believe for entire seasons he was there. Before Michael Vick came to Atlanta - they couldn't fill up the stadium. Selling tickets, and Tv ratings brings revenue - it helps the whole team and NFL and their sponsors; it is also punishing us football fans who like to watch true legends of the sport, be in the game - being in the NFL is a JOB - and though an incentively passionate job it is - the work load surpasses most jobs which includes the exposure challenges. (more later)

4-02-2009 @ 2:49PM

madasonwh said...

vick is a scumbag!

4-02-2009 @ 4:41PM

Garr Family said...

This can go on and on at both ends of the spectrum and in between . . . but I strongly believe that Michael Vick will play in the NFL again. The bottom line is the revenue that he will help bring to the NFL(again). No matter how controversial people will flock in to see him play - he's a revenue generator. Though not published, thousands of fans in Atlanta and abroad still want him to play in the NFL. Just like Martha Stewart being a felon and coming back strong, Vick will do the same.