Vick could have filed for Chapter 7 bankruptcy, under which most of his debts would have been forgiven. Instead he chose to file under Chapter 11, which required repayment of his entire debt. Under the arrangement he made with his creditors, Vick restricted himself to a $300,000 annual budget until his debts were paid off. This was necessary because more than half of what he was earning went to pay taxes and legal fees. Vick continued to repay the salary-related portion of his debt even after the Falcons decided to sell the liability, presumably at a substantial discount, to Fortress Capital, a gigantic investment firm with $66 billion under management. Vick explained his choice to pursue the path of righteousness and honesty and not to use an unjust law to plunder the property of his fellows very simply and directly: I didn’t want to stiff people who never stiffed me.
Posted on: Sat, 20 Dec 2014 18:46:55 +0000
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