NEWPORT NEWS, Va. (April 3) - Michael Vick's plan to emerge from bankruptcy simply didn't add up.
The uncertainty surrounding the aging, suspended NFL star's return to pro football as well as vague book and film deals prompted a bankruptcy judge to reject Vick's Chapter 11 plan and order a new one.
A truck carrying former Atlanta Falcons quarterback Michael Vick arrives at the U.S. Federal Courthouse for the second day of his bankruptcy hearing in Newport News, Va., Friday, April 3, 2009. (AP Photo/Steve Helber)
AP
Criminal attorney Billy Martin, left, agent Joe Segal, at microphone, bankruptcy attorney Peter Ginsberg, and attorney , Paul Campsen, right, talk to the press in front of court as they leave the Federal Courthouse after the first day of former Atlanta Falcons quarterback Michael Vick's bankruptcy hearing in Newport News, Va., Thursday, April 2, 2009. (AP Photo/Steve Helber)
AP
Joel Segal, right, agent for former Atlanta Falcons quarterback Michael Vick, and attorney Billy Martin, left, speak outside the US Federal Courthouse after the first day of Vick's bankruptcy hearing in Newport News, Va., Thursday, April 2, 2009. (AP Photo/Steve Helber)
AP
Peter Ginsberg, left, bankruptcy attorney for former Atlanta Falcons quarterback Michael Vick, criminal attorney Billy Martin, center, and agent Joel Segal, leave the Federal Courthouse after the first day of Vick's bankruptcy hearing in Newport News, Va., Thursday, April 2, 2009. (AP Photo/Steve Helber)
AP
Brenda Bodie, left, mother of former Atlantic Falcon quarterback Michael Vick, arrives at Federal court with Vick's girlfriend, Kijafa Frink, right, after a break in his bankruptcy hearing in Newport News, Va., Thursday, April 2, 2009. (AP Photo/Steve Helber)
AP
Brenda Bodie, left, mother of former Atlantic Falcon quarterback Michael Vick, arrives at Federal court with his girlfriend, Kijafa Frink, right, after a break in Vick's bankruptcy hearing in Newport News, Va., Thursday, April 2, 2009. (AP Photo/Steve Helber)
AP
Larry Woodward, left, attorney for former Atlanta Falcon quarterback Michael Vick, arrives at Federal court with Lindon Najjoum, right, for a bankruptcy hearing for Vick in Newport News, Va., Thursday, April 2, 2009. (AP Photo/Steve Helber)
AP
Brenda Bodie, right, mother of former Atlanta Falcon quarterback Michael Vick walks with an unidentified attorney as she arrives at the U.S. Federal Courthouse for a bankruptcy hearing for Michael Vick in Newport News, Va., Thursday, April 2, 2009. (AP Photo/Steve Helber)
AP
Attorneys wheel a load of boxes up to the U.S. Federal Courthouse for a bankruptcy hearing for former Atlanta Falcon quarterback Michael Vick in Newport News, Va., Thursday, April 2, 2009. (AP Photo/Steve Helber)
AP
Attorneys wheel boxes of material as the arrive at the US Federal Courthouse for a bankruptcy hearing for former Atlanta Falcon quarterback Michael Vick in Newport News, Va., Thursday, April 2, 2009. (AP Photo/Steve Helber)
AP
This time, the judge wants a proposal based on the stark reality facing Vick: He has about $210,000 but owes $1 million in fees from the bankruptcy case and about $3.7 million in legal bills - some $13,700 a day since he filed for Chapter 11 protection in July.
Vick also faces at least $200,000 in annual living expenses if he keeps two Virginia homes and three vehicles. His only guaranteed income is a $10-an-hour construction job that will be part of his probation when he is moved from federal prison to home confinement in May.
U.S. Bankruptcy Judge Frank J. Santoro considered those obligations and other expenses and concluded Vick would need to earn $7.5 to $8 million a year to break even over the next three years.
"There is no evidence he will be able to make that kind of money," Santoro said Friday.
Vick was the NFL's highest paid player after signing a 10-year, $140 million deal with the Atlanta Falcons. But Vick and the Falcons have parted ways, and it's unlikely he will be able to command anywhere near that kind of money if he is reinstated by NFL Commissioner Roger Goodell and signed by another team.
The average NFL salary last year was $1.85 million, according to the NFL Players Association. Vick's agent, Joel Segal, testified that he would try to negotiate a contract with a modest base salary and hefty incentives for playing time and starts. The minimum salary for a player with Vick's seven years of experience is $620,000.
Michael Vick's bank accounts aren't spared in his fall from grace. Leaked details of Vick's bankruptcy filing revealed poor financial management of his fortune. Now a lawyer for the suspended NFL star says Vick has lined up a construction job for when he gets out of prison Click through to see some of the purchased items that cost Vick his millions.
WireImage | Getty Images
Cadillac XLR Vick owes more than $2,000 in monthly car payments for the Cadillac, as well as an Escalade - both of which were bought for his mother Brenda Boddie
Cadillac
'Bad Newz Kennels' Vick admitted to bankrolling an illegal dogfighting operation which housed pit bulls at his property in Surry, Va.
Steve Helber, AP
Jewelry, including diamond stud earrings Former advisor David Talbot briefly possessed jewelry worth about $100,000 to $150,000 that Vick gave to his brother. Included were diamond stud earrings and a charm with the inscription: "World Is Mine."
Kevin C. Cox, WireImage
Range Rover Vick owes $1,160 monthly for fiancee Kijafa Frink's Range Rover. His bills also include a $2,500 mortgage for Frink and $3,500 in monthly support for his young son and the boy's mother.
Range Rover / Reuters
Infiniti M45 Former personal assistant Charles W. Reamon Jr. was the recipient of the Infiniti and two power boats. Reamon had easy access to Vick's money and tapped one account for more than $1.1 million between October 2006 and December 2007.
Ron Kimball, Infiniti
Vick said he thought if he "did the right things," he could play 10-12 more years. But the quarterback is already 28 - the average age for an NFL quarterback - and has exceeded the league's 3.2-year career average. As a running quarterback, he also takes more physical punishment and is more susceptible to injury than most.
And there's no guarantee he will be reinstated. Vick testified that he could wind up in the fledgling United Football League. The four-team league begins its first season this fall.
Vick's lawyers said he has agreed to a television documentary deal that will pay him $600,000 - half up front, the rest when the film is completed - but Santoro held up the one-page proposal from an organization called Red Bird and questioned whether it could be considered a bona fide deal.
An accountant hired by Vick to help untangle his financial mess and advise him in future deals testified he thought Vick could obtain "bridge financing" that would allow him to collect the second $300,000 immediately and repay it when the film is complete, but again the judge seemed skeptical.
One of Vick's attorneys also alluded to people in "the literary arts" working on Vick's behalf, but he provided no details.
Santoro did not set a deadline for Vick to submit a new plan, but will be updated at a status hearing April 28. The judge suggested selling one or both of the two homes and the three cars Vick wants to keep.
Vick has a home in Hampton, which tax records show is worth about $748,000, and is building a $2 million home in Suffolk. He planned to sell the home he bought his mother and move her into the Hampton house, where he and his fiance and their two children also would live until the Suffolk home is ready.
The new house still needs about $300,000 worth of work and is expected to be completed by the end of the year, Vick said.
Copyright 2009 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
Why would the Lions take Vick when they are pretty much assured that they can get Matthew Stafford in the draft? Stafford has indicated that he may accept less than the usual #1 pick money, he is younger, and he has no baggage. I don't think even Detroit is stupid enough to pass on Stafford for a loser like Vick.
Marksmant001.............................................................When someone is told that they are less than, not good enough, not allowed, and hated since colonial times what do you think will be their mental outcome? The black role in America is a horror of racisism and hate. It is only by the Grace of God and a few brave souls that we stand here today with a black president. Since the beginning we hated the blacks, although I have yet to dig out the reason other than we were mad cuz we could not own them any more. As far as Micheal Vic goes, well that is just to damn bad, but he stepped on America's heart with the dog fighting/killing. America spends millions on their pets every year pampering, vet visits, grooming, and such, we love our fur babies. Which sponser is going to pay for the return of Vick at the risk of losing product sales.
wow racists all over the place in here, you would think we were all doin hard time or something...quit blamin WHITES for something that happened 300 years ago. there isnt a whiteman alive today that ever put a black man in chains. AND. there isnt a black man that has ever been in chains. so pleaseeeee STFU and get over it. say that stuff to my face and i,ll shoot ya..so ya better get a life and be happy:)...cant we all just get along
wow racists all over the place in here, you would think we were all doin hard time or something...quit blamin WHITES for something that happened 300 years ago. there isnt a whiteman alive today that ever put a black man in chains. AND. there isnt a black man that has ever been in chains. so pleaseeeee STFU and get over it. say that stuff to my face and i,ll shoot ya..so ya better get a life and be happy:)...cant we all just get along
marksmant001, real life this time. Whytes are the scouge of this country. Your kind had effectively brought this country to the brink of collapse, you clergy molests your kids, you tote a bible in one hand and throw dollar bills to a stripper with the other, you feel safe with weapons but when you face difficulty you kill your whole family, you blame the demise of this country for the last 8 years on a man who's only been the leader for less than 90 days! there's so much more, but what's the point. Your DNA profile is not programmed to accept orders from a Black man and your jealousy of any wealthy Black man is spectacular. I find comfort in knowing that since you feel this way, your existence is miserable. XOXO
Hey Mr./Ms./Shim mph80, is this the best hate you could muster to show the world? C'mon now, you have to say things with feeling and be original. What you said has been said now for decades. "You're talking loud and ain't sayin nothing"! BTW, since youfeel so strongly about this, please, please, please crawl out of your double-wide and instead of driving to an urban area to buy drugs, repeat your tirade to the pharmaceutical salesperson and get a reciept.
negroes are warts on the ass of society ******* become popular to overlook facts and do and say whatever it takes to make negroes feel better about being negroes but not me i think they are far more racist than whites and are by far the stupidest race on the planet
As far as Micheal Vic goes, well that is just to damn bad, but he stepped on America's heart with the dog fighting/killing. America spends millions on their pets every year pampering, vet visits, grooming, and such, we love our fur babies. Which sponser is going to pay for the return of Vick at the risk of losing product sales.