After multiple attempts, a judge has finally approved Michael Vick’s plan to get out of $20 million of debt.
U.S. Bankruptcy Judge Frank Santoro said while Vick is “at the pinnacle of his profession,” he has proven unable to manage his finances in the past and ordered him to retain a financial planner as a condition of the plan. The plan was overwhelmingly approved in a ballot of creditors.
Vick, 29, hustled away from the courthouse with his fiancee, Kijafa Frink, to catch a flight back to Philadelphia and make his debut with the Eagles in a preseason game.
“I’m happy it’s over. I can move on with my life,” Vick said.“I’m excited about the game,” he said. Asked if he was nervous, he said, “Not at all.”
The plan approved by Santoro was supported by all creditors or representatives in court, save for one creditor owed $13,000. It hinges on Vick liquidating an estimated $9 million in assets, including houses, boats and high-end sport utility vehicles. He would not have to pay creditors during the first year with the Eagles.
Vick is “at the pinnacle of his profession?” Uh, okay.
The only reason this deal was approved was because Vick signed a two-year (the second year is a team option) contract with the Eagles. Had he not been signed, I don’t know how Vick would have been approved since he was denied multiple times before today.
From a football standpoint, it’ll be interesting to see how Vick fairs tonight. Even though Andy Reid says that Vick has looked good in practice, he’s been out of the league for two years so it stands to reason that the game will look fast to him tonight. Can he still get out of the pocket? Does he still have the zip on his passes? Can he absorb a hit?
Stay tuned.
