Report: In reorganization plan, Michael Vick has spent most of his dough
Provided Michael Vick remains employed by the Philadelphia Eagles, the quarterback could be free of his massive debt by 2014.
According to USA Today, Vick will use 40 percent of his $12.5 million base salary this season to satisfy creditors and since filing for bankruptcy Vick has spent $29.6 million of the $31 million he has earned. The majority of the money has gone to creditors and lawyers and accountants of received nearly $3 million, according to the report.
It is all part of the “reorganization plan” Vick and his attorneys agreed to when he was released from federal prison where he was held on dogfighting charges.
The Eagles signed the 32-year-old Vick to a $100 million, six-year contract last year but he’s not going to come close to realizing the total value if he doesn’t complete the deal.
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Brad Biggs covers the Bears for the Chicago Tribune