Vick Moves On to Philly After Smooth Sailing at Bankruptcy Hearing
Thursday afternoon — hours before his first start on a football field since 2006 — Michael Vick was set to appear in bankruptcy court. After that, he planned to fly to Philadelphia, arrive at around 4:30 p.m. and make it to pregame warm-ups by 5:30 p.m.
The quarterback can check that first task off his to-do list: The hearing is complete, and creditors — who are due more than $20 million — endorsed Vick's plan to pay them back and emerge from bankruptcy, according to ESPN.com.
Vick will repay creditors based on future earnings and sales of his houses, cars and investments. According to the plan, creditors will receive 10 percent of the first $750,000 per year Vick earns. He will be permitted to retain one house in Virginia and a luxury SUV. Vick recently signed a one-year, $1.6 million contract with Philadelphia with a $5.2 million option for 2010.
On July 20, Vick concluded 18 months of a 23-month prison sentence stemming from dogfighting charges.
