Vick files for bankruptcy protection

Associated Press RICHMOND, Va.–Imprisoned quarterback Michael Vick is seeking bankruptcy protection, saying he owes between $10 million and $50 million to creditors (all figures U.S.). 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, Kansas, 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. According to the filing, the debt includes a $3.75 million prorated signing bonus the Atlanta Falcons are seeking to... [read full story]