Vick revises bankruptcy plan on hopeful NFL return
RICHMOND, Va. (AP) ? Michael Vick would have to keep a court official informed about his attempts to be reinstated by the NFL after his release from prison, under a revised bankruptcy plan proposed by his lawyers.
The amended Chapter 11 reorganization plan was filed Monday in U.S. Bankruptcy Court in Newport News. A committee representing Vick's creditors endorsed the plan and urged the creditors to vote for its confirmation.
Vick, once the NFL's highest-paid player, said in a November disclosure statement that he expected to resume his career after serving his 23-month prison term for bankrolling a dogfighting conspiracy. His plan for paying his debts is premised on again earning a big salary.
Vick's major creditors complained last month that they had no real assurance Vick would be able to achieve that goal.
"The creditors are obviously interested in Michael's moneymaking prospects in the near future," said Peter Ginsberg, Vick's bankruptcy attorney.
For that reason, the revised bankruptcy plan includes a provision requiring Vick to provide the trustee overseeing liquidation of his assets with "detailed information" about his progress toward NFL reinstatement. That information, according to the plan, will be kept confidential.
To return to the league, NFL Commissioner Roger Goodell would have to lift Vick's suspension. Goodell has not said whether he would consider it. Then it's unclear whether a team would offer Vick a contract.
The NFL provision is part of an entirely new section of the plan titled "Covenants of the Debtor." The section spells out other Vick duties, including that he cooperate with the liquidating trustee in locating and disposing of assets.
The disclosure statement submitted in November listed real estate holdings, luxury cars and boats, business interests, bank accounts and expenses to support a large extended family. However, it also showed millions in unexplained cash withdrawals and transfers.
Vick is scheduled to be released from federal custody around July 20. Ginsberg said Monday that lawyers are still working on getting Vick transferred to a halfway house in Virginia, perhaps as early as Jan. 20.
U.S. Bankruptcy Judge Frank Santoro has ordered Vick's appearance at a bankruptcy hearing Jan. 30 in Newport News.
Vick filed for federal bankruptcy protection in July, claiming assets of $16 million and liabilities of $20.4 million.
RICHMOND, Va. (AP) ? Michael Vick would have to keep a court official informed about his attempts to be reinstated by the NFL after his release from prison, under a revised bankruptcy plan proposed by his lawyers.
The amended Chapter 11 reorganization plan was filed Monday in U.S. Bankruptcy Court in Newport News. A committee representing Vick's creditors endorsed the plan and urged the creditors to vote for its confirmation.
Vick, once the NFL's highest-paid player, said in a November disclosure statement that he expected to resume his career after serving his 23-month prison term for bankrolling a dogfighting conspiracy. His plan for paying his debts is premised on again earning a big salary.
Vick's major creditors complained last month that they had no real assurance Vick would be able to achieve that goal.
"The creditors are obviously interested in Michael's moneymaking prospects in the near future," said Peter Ginsberg, Vick's bankruptcy attorney.
For that reason, the revised bankruptcy plan includes a provision requiring Vick to provide the trustee overseeing liquidation of his assets with "detailed information" about his progress toward NFL reinstatement. That information, according to the plan, will be kept confidential.
To return to the league, NFL Commissioner Roger Goodell would have to lift Vick's suspension. Goodell has not said whether he would consider it. Then it's unclear whether a team would offer Vick a contract.
The NFL provision is part of an entirely new section of the plan titled "Covenants of the Debtor." The section spells out other Vick duties, including that he cooperate with the liquidating trustee in locating and disposing of assets.
The disclosure statement submitted in November listed real estate holdings, luxury cars and boats, business interests, bank accounts and expenses to support a large extended family. However, it also showed millions in unexplained cash withdrawals and transfers.
Vick is scheduled to be released from federal custody around July 20. Ginsberg said Monday that lawyers are still working on getting Vick transferred to a halfway house in Virginia, perhaps as early as Jan. 20.
U.S. Bankruptcy Judge Frank Santoro has ordered Vick's appearance at a bankruptcy hearing Jan. 30 in Newport News.
Vick filed for federal bankruptcy protection in July, claiming assets of $16 million and liabilities of $20.4 million.
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