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WEEK IN REVIEW
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Life on the strike line
Arlington boatbuilder shutting down; hundreds t...
Boeing, Machinists likely to resume talks this ...
Thursday


Few answers in fatal Snohomish fire
Boeing, Machinists union agree to talks
Horizon's request is no worry to Allegiant
Wednesday


10 victims of plane crash honored a year after ...
Your questions, their answers: What the candida...
State budget: Governor wants $240 million in sa...
Tuesday


Arlington fashion statement helps fight cancer
Does Countrywide owe you mortgage help?
Dog wakes man, saving both from fire in travel ...
Monday


Green thumbs in Marysville
Snohomish County schools that aren't up to stan...
Richard Larsen, longtime public servant, dies a...
Sunday


Recycling a house: Everett home goes to make ne...
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Saturday


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Published: Tuesday, July 8, 2008

Michael Vick files for bankruptcy protection

RICHMOND, Va. -- Imprisoned quarterback Michael Vick filed for bankruptcy protection while serving time for federal dogfighting charges, 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.

The suspended Atlanta Falcons quarterback hopes he "can, after the conclusion of the bankruptcy case, rebuild his life on a personal and spiritual level, resurrect his image as a public figure, and resolve matters with the NFL such that he can resume his career," according to the filings.

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.

The debt includes part of a signing bonus that the Falcons are seeking to recover.

After the plea on dogfighting charges, the Falcons tried to recover about $20 million in bonuses Vick earned from 2004 to 2007. But a federal judge held that Vick is entitled to keep all but $3.75 million of the money paid to him for playing football through the 2014 season.

According to the filings, Vick's other debts include $4.5 million owed to Richmond-based Joel Enterprises Inc., and $550,0000 owed to Radtke Sports Inc. for breach of contract.

In May, a federal judge ordered Vick to repay about $2.5 million to a Canadian bank for defaulting on a loan. The Royal Bank of Canada had sued Vick in September, arguing his guilty plea to a federal dogfighting charge -- and the resulting impact on his career -- prevented him from repaying the loan.

A default judgment for $1.08 million also was entered in January against Vick and a business partner in a lawsuit brought by Wachovia Bank over a loan for an Atlanta-area wine shop and restaurant.

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