Related To Story
|
Michael Vick Seeks Bankruptcy Protection
Vick: I Owe Between $10-$50 Million To Creditors
POSTED: 9:51 am EDT July 8,
2008
UPDATED: 10:23 am EDT July 8,
2008
RICHMOND, Va. -- Imprisoned quarterback Michael Vick is seeking bankruptcy protection, 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.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. Prosecutors in Virginia have said that Vick will be tried on those charges after his prison term is over.
According to the filing, the debt includes a $3.75 million prorated signing bonus the Atlanta Falcons are seeking to recover.
|
|
Copyright 2008 by cbs46.com. The Associated Press contributed to this report. All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.
