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Mike Vick has been a cautionary tale for many people out there. As in, don't be involved with dogfighting. Or at least don't get caught bankrolling it. I know his prison term has gotten me away from my local dogfighting compound.But more to the point, the whole Vick case has gotten a little more interesting, as Vick has finally decided to file for bankruptcy.
The seven largest creditors listed in the court papers are owed a total of about $12.8 million. Yikes.
But it gets even better.
Vick's other debts (meaning non-creditor related) include $4.5 million owed to Richmond-based Joel Enterprises Inc., and $550,0000 owed to Radtke Sports Inc. for breach of contract. In case you're counting, that's nearly $18 million owed in total.
Now, keep in mind that Vick was able to keep all but $3.75 million of $20 million in bonuses that the Falcons tried to recover thanks to a decision by a federal judge. But guess what. The Falcons are appealing that decision as well. So, if Vick loses that case after it goes to appeal, he could be an incredible $34 million in debt.
For some reason, it's also being reporting that Vick's debt could go as high as $50 million. I'm not sure where that potential extra $16 million in debt comes from. It's probably small creditors, by which I mean repayments for dogfighting loses.
Anyway, regardless of how Vick's debt case ends, hopefully he's found a way to stay in shape in prison. Because he's going to have to play until he's 57 in order to get his bankroll back anywhere close to where it was before.
Up to $50 million in debt, Vick files for Chapter 11 [Fox Sports]
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