AOL News has a new home! The Huffington Post.

Click here to visit the new home of AOL News!

Hot on HuffPost:

See More Stories

Vick Back in Court Today

Apr 2, 2009 – 9:38 AM
Text Size
JJ Cooper

JJ Cooper %BloggerTitle%

For at least a little while today, Michael Vick will be out of prison. He's scheduled to report to a Virginia court to appear at his bankruptcy hearing that he hopes will help clear up the $20 million or so in debts he still has.

Vick is expected to testify, as his attorneys have proposed a plan that would allow him to keep the first $750,000 he earns each year while paying everything above that to creditors. That seems like a very good plan for Vick, but it's one that some of his creditors have already objected to.

For one thing, it's highly unlikely that Vick will resume his NFL career making much more than around $1 million per year -- even if he thinks he'll be making $10 million a year. He doesn't have a whole lot (or any) leverage as he looks to find a team even willing to put up with the protests that will greet his signing. If any team signs him, it will probably do so with an incentive-based contract that allows them to cut Vick loose at a moment's notice

And at $1 million or so before taxes and his agent's cut, Vick would be paying almost nothing to his creditors. So we'll have to see if the judge decides to rework Vick's proposed terms, giving him less money while sending more of it to the lengthy list of people he owes money to.
Filed under: Sports
Tagged: Michael Vick

ON FACEBOOK