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12/05/2010 10:02 PM
How much money will Eagles quarterback Michael Vick actually keep from any new contract after he pays off his bankruptcy creditors? Robert M.
Lester Munson of ESPN.com recently wrote a lengthy article regarding the situation. Vick’s financial affairs fall under the jurisdiction of a 112-page “reorganization plan,” and he initially owed his creditors a total debt in the range of $20 million.
Vick creditors receive a piece of his total annual earnings; for the range $2.5 million through $10 million, the creditors get 30 percent. (Munson writes that “nearly two-thirds of every dollar [Vick] earns goes to creditors and to taxes.” At first blush, the information is stunning. The words “to taxes” make it much more understandable, since taxes cover roughly one third of his gross pay.)
As Munson also points out, the bankruptcy trustee is trying to recover from Vick’s family and friends $5 million that he distributed once his financial affairs began to crumble. Though the money isn’t being sought from Vick, family members ultimately forced to pay back money that Vick gave them could look to Vick for money to replace the money that they ultimately had to give to the bankruptcy trustee.
Bottom line? Vick’s success on the field is good news for Vick — and it’s good news for the entities to which he owes money, including the Atlanta Falcons.
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