Michael Vick’s Debt: The Price of Irresponsibility Continues

When Michael Vick was with the Atlanta Falcons, he was narcissistic, rash and irresponsible.  Now with the Philadelphia Eagles, he is now narcissistic and irresponsible with more subtlety. Even on the field, he remains a one-man show for the most  part, disregarding some of the talent around him since it is his show to run. As an Eagles fan, I am one of those fans who still don’t believe in Vick’s stiff showings for the press nor approve of his behavior of the past.  However, he does have significant talent, and it has helped the Eagles win games.

Despite earning $4.1 million, Vick owes significant amount to his creditors, which include banks, former business colleagus and former endorsement partners due to filing Chapter 11 bankruptcy in 2008. Most of his current salary goes to these creditors, and a 112-page report details the tenants of his bankruptcy. Just touching on the major points of this document:

  • Two-thirds of every dollar that Michael Vick makes goes to his creditors.
  • The rest of the money is strictly regulated.
  • His creditors will receive $12 million through 2015, provided that Michael Vick will still be earning a multi-million dollar salary.
  • Vick’s essentials are regulated, including his rent, utilities, mortgage and other payments.
  • Vick’s business essentials are also regulated including his fee to his agent (who will get $800,000 through 2015) and his tax lawyers (who will get $2.6 million).

Prior to his entrance to prison, he also gave $5 million to family and friends so that creditors couldn’t get to it .  Now the court-appointed trustee is attempting to recover this money through a lawsuit.

Michael Vick was irresponsible in the past, but in my honest opinion, now he just does it with more subtlety on and off the field.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s