Tag: Michael Vick prison (Page 3 of 3)

Falcons, Vick reach a settlement on contract grievance

March 31, 2009 / Anthony Stalter

The Falcons and suspended quarterback Michael Vick have reached a settlement regarding a grievance that the team filed against him for a breach of contract.

Under the settlement, Vick has agreed to pay the Falcons $7.5 million if the team wins an appeal in the Eighth Circuit Court and $6.5 million if the court upholds U.S. District Judge David Doty’s decision that Vick is only liable for $3.75 million.
The settlement should pave the way for Vick’s imminent release from the team. He has remained under contract with the team while serving a 21-month prison term for his 2007 conviction for bankrolling a dogfighting operation.
In the settlement reached last week, sources say that Vick agreed to let the appeals court make a ruling but would only pay a maximum of $7.5 million and a minimum of $6.5 million. The appeals court is expected to rule no later than June.

While it’ll be nice for the Falcons to get some money back from Vick, from a fan’s perspective the question becomes, does the team get any cap relief in this settlement? Atlanta catches a break in terms of the salary cap with Vick being suspended and he’ll never see the money owed to him in 2010 through 2012 because the Falcons will eventually release him, but what about 2009? If commissioner Roger Goodell doesn’t suspend him again once he’s out of prison, then Vick is owed $9 million in 2009, plus another $6.43 million in roster bonuses. Can the Falcons apply the $7.5 million they will/could get in the contract settlement towards that lofty cap number in 2009? Or do they still have to eat his salary because they’re releasing him? Is there life on other planets? What’s the meaning of life? Did a comet really kill all the dinosaurs or was it all just a part of evolution?

I need a drink.

NFL

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Vick plans to make $10 mil per year when he returns to NFL

March 30, 2009 / Anthony Stalter

According to the Atlanta Journal-Constitution, suspended quarterback Michael Vick expects to earn as much as $10 million a year when he returns to the NFL from prison.

The embattled Atlanta Falcons quarterback is hoping to earn as much as $10 million a year or more, according to court filings in his bankruptcy case. Under the plan he submitted to the court, Vick would keep the first $750,000 of his annual income over the next five years. After that, a percentage would go to his creditors based on a sliding scale.
Vick, who is nearing the end of a 23-month federal prison sentence for his role in a dogfighting conspiracy, could learn the fate of his bankruptcy plan this week. Bankruptcy Judge Frank J. Santoro is set to consider whether to confirm the plan at a hearing starting Thursday in Newport News, Va. Last week, Vick left federal prison in Leavenworth, Kan., for transport to Virginia for the hearing.
In a March 4 court filing, Vick’s attorneys say he “has every reason to believe upon his release, he will be reinstated into the NFL, resume his career and be able to earn a substantial living.”
“He is hopeful to play quarterback,” Daniel Meachum, an attorney and business manager for Vick, said in an interview. “There is no person with his talent in that position in all the league.”

Ten million a year? Hold a sec..

Ahhhhhhhhhhahahahahahahahaahahahahaha…HAHAHAHAHAHAHAHA…

If any team hands Vick $10 million a year (or anything even remotely close to it), they should be expelled from the league.

NFL

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Vick accused of illegally withdrawing $1.3 mil from pension plan

March 26, 2009 / Anthony Stalter

Michael Vick is in more hot water as the Department of Labor is accusing him of illegally withdrawing more than $1.3 million from a pension plan he had to help play his criminal restitution after his conviction on dog-fighting charges.

The department says Vick made a series of prohibited transfers from a pension plan sponsored by MV7, a celebrity marketing company owned by the former Atlanta Falcons quarterback. The department alleges that Vick violated his duties as trustee of a pension plan that covered nine current or former MV7 employees.
“This action sends a message that the Labor Department will not tolerate the misuse of plan money and will take whatever steps necessary to recover the assets owed to eligible workers,” Secretary of Labor Hilda L. Solis said in a prepared statement.
The department also accused two of Vick’s former financial advisers, Mary R. Wong and David A. Talbot, of participating in some of the transfers.
The filing further complicates Vick’s bankruptcy case, which has gradually moved along in Newport News while Vick serves a 23-month prison term in the federal penitentiary in Leavenworth, Kan. The judge presiding over the bankruptcy case has ordered Vick to testify in person at next week’s hearing on confirmation of his Chapter 11 plan.
The department says the plan assets were partially used to help pay the criminal restitution imposed on Vick after his federal dogfighting conspiracy conviction.