Michael Vick’s Money Handlers & His Dwindling Estate

Request says imprisoned QB’s dwindling estate in disarray

The Atlanta Journal-Constitution

Thursday, August 14, 2008

Michael
Vick’s finances are in such disarray that a bankruptcy judge has been
asked to appoint a trustee to oversee the fallen quarterback’s
dwindling estate.

W. Clarkson McDow Jr., the U.S. trustee for region four (which
includes Newport News, Va.), noted in court documents filed in Virginia
that by Vick’s own admission, he “has limited ability to arrange his
finances and limited ability to participate in the bankruptcy case on
an in-person basis.”

Vick, the suspended and imprisoned Falcons quarterback, originally
sought to have David Talbot serve as his trustee in the case. He was
called a “trusted adviser” in the original Chapter 11 filing on July 7.
However Talbot was charged with securities fraud by the state of New
Jersey last Friday. He is accused of swindling $500,000 from church
members. Vick has since sought to have him dismissed as an adviser.

Vick is serving a 23-month sentence on felony charges related in dogfighting at Leavenworth Federal Penitentiary in Kansas.

FULL STORY HERE…


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Michael Vick Files for Bankruptcy??!!

,
I’m a Vick fan and yes still a Falcons fan, so it deeply saddens me to bring you this news. It’s rare that I’m speechless, but I guess this is what happens when the checks stop rolling in.

I’m going to bring you the story and let the music play in the background:
When an American arm of Royal Bank of Canada set up a $2.5-million (U.S.) line of credit in January, 2007, for Michael Vick, it seemed like a safe bet.

At the time, Mr. Vick was a star quarterback with the National Football League’s Atlanta Falcons and he was in the third year of a 10-year, $130-million contract.

Seven months later, though, Mr. Vick was indicted on criminal charges relating to a gambling venture that involved dog fighting. He pleaded guilty and received a 23-month jail sentence, ending his lucrative contract and, potentially, his football career.

By that time, Mr. Vick had borrowed around $2.3-million from the line of credit.
Full Story

In more positive news… Michael Vick’s dogs are getting a second chance.


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