Tuesday July 8, 2008
RICHMOND, Va. (AP) -- Imprisoned quarterback Michael Vick is
seeking bankruptcy protection, 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.
Vick is serving a 23-month prison sentence at the U.S.
Penitentiary in Leavenworth, Kansas, 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. According to the filing, the debt includes a $3.75 million prorated signing bonus the Atlanta Falcons are seeking to recover.
(Copyright 2008 by The Associated Press. All Rights Reserved.)