Biggs: Vick agrees to re-pay pension money he took
If Michael Vick is getting a nickel from Nike as part of his new sponsorship agreement with the company, maybe it will be used to pay off a settlement he agreed to with the U.S. Labor Department.
Reports indicate Vick reached an agreement to repay at least $416,000 he illegally withdrew from the pension plan of a celebrity marketing company, MV7, that he once owned. He was accused of withdrawing more than $1.3 million and it was alleged that the cash was used to help pay penalties imposed on him as part of his conviction in the dogfighting ring that brought him down.
Vick was also ordered to pay more than $80,000 in penalties. According to the report, those covered under the pension plan will now be taken care of, but it illustrates the kind of bad decisions Vick was making on top of bad decisions.
The plan is for him to begin settling his debts with creditors, but there is a long line of people who are owed money, and unless he gets an opportunity at a starting job and he excels, the chances of landing a huge pay day are not good. Vick said he expected to be a starting quarterback when he was finally reinstated. He underestimated what two years away from the game would do to him.
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