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Tuesday, July 8, 2008

From dog fighting to fighting creditors, Vick to file bankruptcy

From the AP:Imprisoned quarterback Michael Vick filed for bankruptcy protection while serving time for federal dogfighting charges, saying he owes between $10 million and $50 million to creditors....Vick filed Chapter 11 papers in U.S. Bankruptcy Court in Newport News on Monday. The seven largest creditors listed in the court papers are owed a total of about $12.8 million....Vick is serving a 23-month prison sentence at the U.S. Penitentiary in Leavenworth, Kan., after pleading guilty last year to bankrolling a dogfighting ring. He was subsequently suspended indefinitely without pay and lost all his major sponsors, including Nike. He also faces state charges related to dogfighting....The suspended Atlanta Falcons quarterback "will seek to rebuild his life and career" upon his release, according to the filings....The debt includes part of a signing bonus that the Falcons are seeking to recover.

Read Here:http://apnews.myway.com/article/20080708/D91POH60D.html

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