Michael Vick, Bankrupt and in Jail Awaits NFL Reinstatement

Michael Vick, who entered the National Football League with a $130 million contract courtesy of the Atlanta Falcons, filed his bankruptcy papers on November 12th and now earns 12 cents per hour washing dishes at Leavenworth, KS Federal Prison. The shocking account paints a picture of a confused man, victimized and exploited by his close associates for their own material gain.

The product of decrepit Newport News housing projects, blessed with otherworldly athletic talents desperately sought to make good to all comers. This very same mentality precipitated his ultimate downfall.

The records document the chaotic destruction of his finances, paralleling the implosion of his professional career on the account of spearheading a wretched dog fighting operation.

Michael Vick is claiming a balance sheet $16 million of assets, carrying $20.4 million worth of liabilities. The disgraced quarterback spent $17.7 million in two years from July '06 to July '08. Interestingly, Vick languished in prison for eight out of these twenty-four months.

Vick has bankrolled a life of extravagance for his mother, Brenda Boddie, countless members of his parasitic entourage, former girlfriends, and a litany of shady advisers.

Mike Vick, who promised to purchase a house and a car for his mother upon being drafted into the National Football League, has exceeded all expectations upon that front. Vick is on the hook for a $4,700 monthly mortgage and $2,000 worth of car payments on behalf of his mother, Brenda Boddie.

Vick has also, fed into his churchgoing mother's television fix:

Michael Vick has paid $350 per month for DirectTV, $700 for an Easter egg hunt, and a shocking $327,900 donation to Palms Ministry Church on account of his mother. Additionally, Vick deposited $1,000 into her account on an almost biweekly basis - labeling one transaction as 'chump change.'

The felled star spends approximately $20,000 every month to support his mother, fiancée Kijafa Frank and their two children, and his young son of a previous relationship.

Vick's, MV7 LLC financial conduit is directly responsible for the ownership of twelve vehicles. The dog fighter drove a Ford F-150 prior to being jailed. In 2007, Michael Vick purchased a $73,000 2007 Land Rover for his fiancée and a matching $51,000 Cadillac Escalade for her mother. Ms. Frank is also able to arrive at Leavenworth correctional facilities for visitation in style courtesy of a $65,000 Infinity Truck, left gassed and ready at Kansas City International Airport - paid for by Michael Vick.

Vick has remitted $0 in payments towards the $63,261 Land Rover that is driven by mercurial younger brother Marcus Vick. The jailed quarterback bought a fleet of luxury vehicles for personal acquaintances and various financial advisers that demanded automobiles, rather than cash as payment.

Interestingly, Vick recently downgraded by selling his previously listed Bentley for $105,000 and spending those proceeds on a 2008 Mercedes Benz.

Charles W. Reamon, Jr., listed in court papers as an 'assistant and friend' is the direct recipient of an Infinity, two yachts, and a horse farm. Reamon, benefitting from close access to the cash reserves of Vick has raided the player's accounts for $1,112,664.42 from October 2006 to December 2007. The documents list several "cash out" transactions ranging from $1,000 to $88,000 that were reallocated to line the pockets of Reamon.

Also, New York bankruptcy attorney Peter Ginsberg has accused business manager Amy Wong of wrongfully removing $900,000 from Vick's coffers.

$3.5 million worth of expenditures is unaccounted for, mysteriously labeled as "miscellaneous."

Perhaps these individuals feverishly scrambled for cash and outrageous favors prior to the staid banker's inevitable call to crash the party.

Michael Vick owes $2.4 million to the Royal Bank of Canada, $1.1 million to Wachovia, and $4.5 million to a sports agent courtesy of loan default judgments. The Atlanta Falcons have also successfully litigated that Vick relinquishes $3.75 million of his prior signing bonus to the franchise. The crushing scenario is further muddled by various business loans backing Vick's share in twenty commercial interests ranging from an upscale restaurant to a liquor store.

The quarterback is relying upon his ultimate re entry into the National Football League to make good on these debts. Speculation is indeed cloudy concerning his potential early release from a twenty-three month sentence, any transition into a halfway house, and the ultimate ruling of NFL Commissioner Roger Goodall regarding reinstatement.

Currently, creditors are dubious to accept any bankruptcy reorganization plan that hinges upon a quick return to the bright lights of professional football.

Commentators were often critical of Vick's quarterbacking play on the gridiron, labeling the signal caller as a tremendously gifted athlete unable to restrain such powers and effectively control the game through mechanical intelligence. The language only foreshadowed the happenings of this epic tragedy.

Michael Vick is the story of a man unwittingly Blessed with awe-inspiring powers that he has failed to manage.

This is the curse of unbridled talent.

Sources:

http://www.usatoday.com/sports/football/nfl/2008-11-24-vick-teams_N.htm

http://sports.espn.go.com/espnmag/story?id=3726426

http://sports.espn.go.com/nfl/news/story?id=3718121