Thursday, August 21, 2008
MICHAEL VICK AKA THE DOG WHISPERER IS BROKE
Michael Vick is losing nearly $12,000 a month according to court documents filed Tuesday in his bankruptcy case.
Vick’s Schedule of Assets and Liabilities, admittedly incomplete, were filed with the U.S. Bankruptcy Court and obtained by the Atlanta Journal-Constitution Wednesday. In the documents the imprisoned Falcons quarterback lists average monthly expenses of $12,225 and a monthly income of just $277.69. The difference is $11,947.31. Vick’s monthly income is solely derived from a benefit pension plan and does not include the wages of 12 cents per hour he earns working in prison.
Vick, serving a 23-month federal prison sentence on felony charges related to dogfighting, filed Chapter 11 bankruptcy last month.
Vick lists total assets of just over $10 million. He also lists nearly $19 million is liabilities, which includes claims, some disputed, against him by creditors.
Four houses, three in Virginia and one in Georgia, are listed as real property with a value of $6.4 million. Vick lists known personal property assets of $3.5 million.
Several personal property assets are listed with an unknown value and the documents indicate that Vick will file an amendment. According to the court documents, much of the work organizing Vick’s financial affairs was done by David Talbot and are incomplete. Vick filed court papers last week seeking to remove Talbot from consideration as an financial advisor after he was charged with securities fraud in New Jersey in an unrelated case.
“Given the uncertainty surrounding the collection and ownership of certain assets and the valuation and nature of certain liabilities … to the extent that [Vick] may show more liabilities than assets, this is not an admission that [Vick] was insolvent at the Petition Date or any time prior to the Petition Date.”
Vick’s attorney, Peter R. Ginsberg, could not be reached for comment. According to his office he was traveling and unavailable.
In his personal property, Vick lists several life insurance accounts, two boats with a total value of $190,000 and a 2006 Bentley. Court documents indicate that it is unknown if that car was sold or is another Bentley co-owned by Vick’s company, MV7, LLC.
In further evidence of Vick’s uncertainty about his finances, documents list several bank accounts with a value of $0 because Vick “does not have in his possession documentation showing that there is money in the accounts.” One checking account is listed with a balance of $4,111.73.
Listed under personal property is a potential claim against AXA Life Insurance and/or Michael Smith, of of Vick’s former agents, for excessive fees in the amount of $1.4 million. Also listed is a potential claim against former financial advisors including, but not limited to, Mary Wong, Williams & Bullock, Robert F. Craig, Lawrence Woodward (his attorney) and Talbot.
Vick’s finances were in such disarray that a judge was asked to appoint a trustee to oversee his estate. A hearing will be scheduled to consider the request.
Included in the court documents requesting the trustee, Talbot and Wong are named as advisers that have not acted in Vick’s best interest. Vick is asking Wong to account for $550,000 he gave her when she was hired as a business manager.
Vick’s current monthly expenditures for one of his Virginia homes is listed below. The document will be amended to reflect Vick’s other homes, according to the court documents.
Rent or mortgage payments: $4,500
Electricity and fuel: $700
Water and sewer: $100
Pest control: $400 (3-4 months)
Home maintenance: $400
Laundry and dry cleaning: $75
Medical and dental: $300
Transportation (not car payments): $1,800
Charitable contributions: $800
Auto insurance: $550
Medical maternity bill: $200 (for complications from birth of London Vick, youngest daughter)
All this drama for Michael Vick and his former deep pockets: PRICELESS
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