Michael Vick

[Laligal]

There is an Animal Planet show on Sunday night that is supposed to be the whole true story on everything that happened.. I am not sure how graphic it will be..

[Francoitalianarmy]

There is an Animal Planet show on Sunday night that is supposed to be the whole true story on everything that happened.. I am not sure how graphic it will be..

ALready have it set up to record! I just heard this morning that he is flat broke... had over 100m and now nothing. Go figure...

[Panda Man]

sorry, but if you have to 'go figure' why he's broke, you've got a whole lot of other stuff to figure out first.

[Francoitalianarmy]

sorry, but if you have to 'go figure' why he's broke, you've got a whole lot of other stuff to figure out first.

Like I said... it was a news report, but If I had to bet on it, he has money put away somewhere...

[Laligal]

ALready have it set up to record! I just heard this morning that he is flat broke... had over 100m and now nothing. Go figure...Well the previews look interesting and I am sure he has something tucked away.. I hate to say it but just like OJ happy to see them with nothing in the end..I think this is going to be a series not to sure but it looked like more then one show to get the whole story..

[sarallyn]

I can't wait for it...

i'm pretty sure they're actually going to get things right with this show -- I don't think it's going to have the whole, "once a fighter, always a fighter" thing.

hopefully a lot of people are going to tune into this... i'm sure this will be some good coverage for pit bulls.

as long as PeTA and the HSUS isn't going to be in this show, I think it'll turn out nicely. BAD RAP wouldn't go onto a show they didn't seem appropriate for the breed(s), after all.

[ArmySoldier]

Like I said... it was a news report, but If I had to bet on it, he has money put away somewhere...
Actually, they took a LOT of it back...

[Francoitalianarmy]

Actually, they took a LOT of it back...

Who? the Falcon's? NFL? Hell, he made more off endorsements than he made in the NFL.

He may go bankrupt on paper, but I bet he has money burried in the back yard somewhere... he will be far better off than you or I once released from jail...lol

[ArmySoldier]

Endorsements
During his NFL career, Vick became a spokesperson for many companies; his endorsement contracts have included Nike, EA Sports, Coca-Cola, Powerade, Kraft, Rawlings, Hasbro and AirTran. His contract along with his endorsements had Vick ranked 33 among Forbes' Top 100 Celebrities in 2005. However, two years later, he was not even listed on the most recent Forbes Top 100 Celebrities. Even before the animal cruelty case surfaced in 2007, Vick's corporate status had deteriorated, apparently due to extensive bad press. Among the negative incidents cited by observers of this was his middle finger gesture to Atlanta football fans in 2006. His endorsement deals with at least six companies (Coca-Cola, EA Sports, Kraft Foods, Hasbro and AirTran) have expired over the past few years and have not been renewed.


Liabilities
Vick has been named in numerous lawsuits by banks and creditors for defaulting on loans, some relating to business investments. In November 2007, Vick was observed to be liquidating some of his real estate assets, notably the dog-fighting estate property near Smithfield, Virginia and one of his multi-million dollar homes, several of which are located in Suffolk, Virginia, near Atlanta, Georgia, and the South Beach section of Miami Beach, Florida. ESPN reported on October 20 that the one near Atlanta was listed for sale at a $4.5 million asking price. In June 2008, when brother Marcus Vick was arrested in Norfolk on charges of attempting to elude police, driving while intoxicated, and driving on a suspended driver's license, he listed his residence as a home owned by Michael in an exclusive riverfront community in Suffolk.


Joel Enterprises
Joel Enterprises of Richmond was listed by Vick as one of his larger creditors. Sports agents Andrew Joel and Dave Lowman claimed Vick signed a contract with their firm as he announced he was leaving Virginia Tech early and declaring himself eligible for the NFL Draft. Subsequently, Vick ended the relationship suddenly a few weeks later. In 2005, Joel sued Vick for $45 million. Subsequently, Vick and Joel had submitted the dispute to mediation. The case was been heard in Richmond by Charlottesville attorney Thomas Albro. The outcome was an award of $4.5 million to Joel for "breach of contract."


Royal Bank of Canada
On September 20, Royal Bank of Canada, DBA RBC Centura, filed a civil lawsuit in the U.S. District Court in Newport News against Vick for more than $2.3 million, arguing that his guilty plea to federal dogfighting charges and the resulting impact on his career have prevented him from repaying a loan which was to be for real estate purposes.[60][61] The suit claims Vick is in default of $2,313,649.37 for various reasons, including that he failed to provide accurate financial statements. The bank claims he failed to meet a September 10 deadline to repay the loan. The suit is seeking the remaining $2.3 million Vick owes, plus $499 daily interest beginning September 16 and additional money to cover legal fees.

On May 7, 2008, United States District Court for the Eastern District of Virginia granted a motion for summary judgment against Vick for default and breach of a promissory note and ordered him to pay more than US$2.5 million to the Royal Bank of Canada.


1st Source Bank
On September 26, 2007, 1st Source Bank, based in South Bend, Indiana, claimed in a federal lawsuit that it had suffered damages of at least $2 million as Vick and Divine Seven LLC of Atlanta had refused to pay for at least 130 vehicles, including many Kia Spectras, Ford Tauruses, Chrysler Pacificas, and a Dodge Charger. The cars were acquired by Divine Seven to be used as rental cars. The "Specialty Financing Group" of 1st Source provides financing for rental car fleets in many locations around the country, according to the bank's web site.

Vick signed the loan agreement documents as Chief Financial Officer of Divine Seven. Art M. Washington was listed as Chief Executive Officer. The website for Georgia's Secretary of State lists "Divine Seven LLC" as a registered corporation which was created on December 15, 2006 by Washington and Vick. Washington is the designated registered agent. The company's listed address, 2527 Camp Creek Parkway, in College Park, Georgia is also listed as a Payless Car Rental franchise location. College Park is a predominantly African American city in a south Atlanta suburban area adjacent to the busy Hartsfield-Jackson Atlanta International Airport.

According to a spokesman for the bank who was quoted in a news media report of September 28, 1st Source had been able to repossess most of the cars, which will limit Vick's financial liability in the lawsuit. A written demand for payment was made August 24, but was not honored, according to documents filed with the U.S. District Court in South Bend.

Vick's bankruptcy filing in U.S. Bankruptcy Court in Newport News, Virginia on July 7, 2008 listed $400,000 as the amount of his potential liability to 1st Source Bank. Unlike some of the items listed for other debtors, the filing does not indicate that the amount due 1st Source Bank is either secured by any assets or in dispute.


Wachovia Bank
On October 2, 2007, Wachovia Bank filed suit in U.S. District Court in Atlanta seeking about $940,000 from Vick and Gerald Frank Jenkins, a business partner and their Atlantic Wine & Package LLC. The bank claimed the two defaulted on a May 2006 loan of $1.3 million to set up a wine shop and restaurant and have not made scheduled payments.

In March, 2007, an Atlantic Wine & Package store and adjacent Tasting Room restaurant at 3560 Camp Creek Parkway opened in the suburban Atlanta town of East Point.[72] (A primarily African American community, East Point is home to R&B and hip hop groups such as TLC, OutKast, Coolbreeze, Organized Noize, and Goodie Mob, as well as an alternative rock group, Seven Envy).

A Tasting Room website notes that Jenkins, a retired surgeon, has owned a store named Atlantic Wine in the nearby Buckhead section of Atlanta since 2004. A news media report indicated that he had brought Vick in as an investor. A newspaper article about his appearance at the opening in March described Vick as "the main shareholder of the three investors." An Atlanta attorney was named by news media sources as a third investor in the restaurant and wine store venture, but was not named in the Wachovia suit.

On May 14, 2008, the Atlanta Journal Constitution reported that summary judgment in favor of Wachovia against Vick had been granted by the U.S. District Court in Atlanta. The amount of $1,117,908.85 represented the initial principal balance outstanding ($937,907.61), interest accrued, outstanding fees, overdrawn accounts and attorneys fees. The order provided that further interest could be accrued.


Funds to care for dogs
At the request of federal authorities before his sentencing in federal court, Vick agreed to deposit nearly $1 million dollars in an escrow account with attorneys for use to reimburse costs of caring for the confiscated dogs, most of which are now being offered for adoption on a selective basis under supervision of a court-appointed specialist. Experts say some of the animals will require individual care for the rest of their lives.

Just the beginning...

[Francoitalianarmy]

He signed for 62 million in 2001 and renewed the NFL contract for 130 million guaranteed in 2005... that is not counting endorsements. He may be broke on paper, but I would bet my house he has money off shore somewhere...

For some reason he doesn't strike me as a comparison to Mike Tyson in terms of handling money.

Then again I was shocked to see Evander Holyfield in a financial mess...

[ArmySoldier]

He signed for 62 million in 2001 and renewed the NFL contract for 130 million guaranteed in 2005... that is not counting endorsements. He may be broke on paper, but I would bet my house he has money off shore somewhere...

For some reason he doesn't strike me as a comparison to Mike Tyson in terms of handling money.

Then again I was shocked to see Evander Holyfield in a financial mess...
And neither one of the lost 71 million dollars of their remaining contracts. So that "130" was really "59", for a total of 121. Less than finally contract was in its whole. He is probably broke. You have to consider, he has HUGE legal debts along with his other standing debts. I'm sure he had to or did pay the legal fees of his fellow morons.

Also, he isn't going to be making a dime for the 2 years. And everyone is suing him. He is fu*ked.

[ArmySoldier]

Don't forget...even Michael Jackson is broke...

[Francoitalianarmy]

Don't forget...even Michael Jackson is broke...

Ya, I know and again, this is all on paper... they can't afford 10 multi-million dollar homes, but I highly doubt they can qualify for welfare/food stamps.

Just heard Trump bought Ed McMahan's house to bail him out.

[momof2dogs]

Thanks for the heads up, I will check it out.