Michael Vick, the former Atlanta Falcons quarterback who landed in jail on dog-fighting charges, has reportedly spent over $29 million since filing for bankruptcy in 2008, TMZ reports. He's now the QB for the Philadelphia Eagles.
The math is pretty simple
According to court documents, the Philadelphia Eagles quarterback — paid out a total of $29.6 million — of that, $10.9 went to taxes, $9.2 mil went to creditors, $2.7 went to lawyers and accountants, and the rest is for various things, including child support and living expenses.
During the four-year period, Vick had income of about $31 million from his Eagles salary, endorsements and business ventures, TMZ said, citing the documents.
The former Atlanta Falcon still has $1.5 million left, TMZ reported.
But that's only momentary. Vick signed a 6 year, $100 million contract in 2011 with the Eagles, $40 million of which is guaranteed.
“That was the hope of the creditors that it would work out this way,” Joseph Luzinski, the trustee overseeing Vick’s bankruptcy plan, told Bloomberg BusinessWeek in a telephone interview. “And short of there being some dramatic change -- there’s no lockout, no injuries -- and no other issues, it should be a workable format to clean up his past financial commitments.”
This clean up process began when Michael Vick walked out of federal prison on July 20, 2009 after serving 19 months of a 23-month sentence on a dogfighting conviction.
Vick, who played with the Falcons from 2001 to 2006, was the NFL’s top-paid player with a 10-year, $130 million contract in Atlanta before participating in a dogfighting ring in which dogs that lost fights were drowned, hanged, shot or electrocuted.
In April 2007, he took part in the killing of eight animals, one of which was slammed repeatedly on the ground, his criminal indictment said.
Public relations consultants told NPR at the time of his release that reassembling a tattered public image is basically a three-step process: Show genuine remorse, avoid becoming overexposed, and demonstrate that you've changed your ways.
The 32-year- old signed with the Eagles in August 2009 and in 2010 was named the NFL’s Comeback Player of the Year after taking over as the starter and accounting for 30 touchdowns in 12 games, Bloomberg BusinessWeek reported.
Vick finished second to Tom Brady of the New England Patriots in NFL Most Valuable Player voting.