Monday, August 3, 2015

Judge OKs bankruptcy plan for Vick


NEWPORT NEWS, Va. - A judge yesterday approved Michael Vick's plan to repay creditors $20 million and emerge from bankruptcy, and the quarterback hustled out of court to prepare for his return to an NFL field later in the night with the Eagles.

U.S. Bankruptcy Judge Frank J. Santoro said while Vick is "at the pinnacle of his profession," he has proved unable to manage his finances in the past and ordered him to retain a financial planner as a condition of approval. The reorganization was overwhelmingly approved in a ballot of creditors and by their representatives in court.

"Mr. Vick went from the height of wealth and celebrity to imprisonment, and back again . . . and he is to be commended for that," Santoro said.

After the hearing, Vick signed an autograph, heard a man yelling "Welcome back, Mike," and jumped into a waiting SUV. Then he caught a flight to Philadelphia, where he made his preseason debut with the Eagles against the Jacksonville Jaguars at Lincoln Financial Field.

More coverage
  • Michael Vick's first game with the Eagles
  • A glimpse of Vick
  • Vick's debut falls short of hype
  • Eagles' Vick shakes off rust early with 13-yard pass to Baskett
  • Sideshow Vick gets reps for Eagles, but starters need work
  • Herremanns to have foot surgery
  • Clash of protesters over Vick debut? Not really
  • Judge OKs bankruptcy plan for Vick
  • NFL fumbled by fighting Delaware sports betting
  • Eagletarian
  • Special Section: Insider's Guide to Fantasy Football
  • Vick, 29, was released from federal custody July 20 after serving 18 months of a 23-month sentence for his role in running a dogfighting ring.

    "I'm happy it's over. I can move on with my life," said Vick, who was beaming as he left the courthouse. "I think my lawyers did a great job. I commend the judge. I commend the creditors' committee, everybody. We finally got it all together. I'm just happy we can move forward."

    The plan approved by Santoro was supported by all but one creditor, which is owed $13,000. It hinges on Vick liquidating an estimated $9 million in assets, including houses, boats and high-end SUVs and future NFL earnings. He would not have to pay creditors during the first year with the Eagles. If successful, creditors would be paid in 6 years. *


    Daily News Wire Services
    We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue.
    Help us moderate this thread by flagging comments that violate our guidelines.

    Comment policy: comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the "Report Abuse" option.

    Please note that comments are monitored by staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

    Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

    Read 0 comments
    comments powered by Disqus
    Latest Videos:
    Also on
    letter icon Newsletter