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Mike Vick 29 Million Gone 29 million

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Old 10-03-2012, 07:49 PM   #1
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Mike Vick 29 Million Gone 29 million

Report: Michael Vick has gone through $29 million since 2008 | Shutdown Corner - Yahoo! Sports
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Old 10-04-2012, 04:40 AM   #2
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Re: Mike Vick 29 Million Gone 29 million

I bet 10 million was legal charges, hiring lawyers etc
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Old 10-04-2012, 07:10 AM   #3
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Re: Mike Vick 29 Million Gone 29 million

According to TMZ, Vick has banked $31 million since he filed for bankruptcy in 2008, and has spent nearly all of that ... All of which leaves Vick with about $1.5 million currently, which isn't bad for a guy who's bankrupt ... He can make substantially more than that if he stays with the Eagles past this year, but there's no guarantee that will happen ... But again, $35.5 million is guaranteed to be coming his way, no matter how poorly he plays.
How is a guy with $1.5 million on hand and $35.5 million guaranteed allowed to declare bankruptcy? "The math is pretty simple -- Vick had to pay a total of $29.6 mil -- of that, $10.9 went to taxes, $9.2 mil went to creditors, $2.7 went to lawyers and accountants, and the rest is for various things, including child support and living expenses."

I'm sorry, but you can still live pretty well on $1.5 million with $35 million guaranteed in today's economy.
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Old 10-04-2012, 07:45 AM   #4
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Re: Mike Vick 29 Million Gone 29 million

Valtrex is expensive, I guess.
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Old 10-04-2012, 08:38 AM   #5
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Re: Mike Vick 29 Million Gone 29 million

One, I do not like him. Two, I do not see how the NFL, why, took him back. Next, he is , has ben paid an obscene , crazy, multimillions x 10, amount of pay and I really don't think he is that good.
Losing money...not knowing how to handle that kind of money, it is all really sad.
He is still due 35.5 mill , it will be interesting to see what will be left after that.
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Old 10-04-2012, 11:34 PM   #6
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Re: Mike Vick 29 Million Gone 29 million

Just plain crazy
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Old 10-04-2012, 11:50 PM   #7
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Re: Mike Vick 29 Million Gone 29 million

Originally Posted by SloMotion View Post
How is a guy with $1.5 million on hand and $35.5 million guaranteed allowed to declare bankruptcy? "The math is pretty simple -- Vick had to pay a total of $29.6 mil -- of that, $10.9 went to taxes, $9.2 mil went to creditors, $2.7 went to lawyers and accountants, and the rest is for various things, including child support and living expenses."

I'm sorry, but you can still live pretty well on $1.5 million with $35 million guaranteed in today's economy.
There are different levels of bankruptcy. Vick could've filed for Chapter 13, which is basically a court supervised payment plan that allows you to protect valuable assets, like real estate.
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Old 10-05-2012, 05:56 AM   #8
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Re: Mike Vick 29 Million Gone 29 million

Originally Posted by Tobias-Reiper View Post
There are different levels of bankruptcy. Vick could've filed for Chapter 13, which is basically a court supervised payment plan that allows you to protect valuable assets, like real estate.
He filed for Chapter 11 and has been living on some sort of debt-reorganization plan that allows him $300,000.00 a year for living expenses since getting out of prison.

What a mess.

Trustee in Michael Vick Chapter 11 Case Files Adversary Proceeding - National Bankruptcy Forum
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Old 10-08-2012, 10:57 PM   #9
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Re: Mike Vick 29 Million Gone 29 million

And he'll be the first to sue the NFL for something when all his money is gone.
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Old 10-09-2012, 11:39 AM   #10
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Re: Mike Vick 29 Million Gone 29 million

To many shots to the head.
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