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Newport News, Va. — Suspended Falcons quarterback Michael Vick is due to appear in federal court here at 10 a.m. Thursday, when teams of lawyers will face-off over his plan to emerge from bankruptcy.

Under the plan he submitted to the court, Vick would keep the first $750,000 of his annual income over the next five years. After that, a percentage would go to his creditors based on a sliding scale.


“The plan should be approved because it provides substantially all the benefits of the liquidation of Vick’s assets,” said Ross Reeves, one of the committee’s attorneys.

But an array of creditors and other parties have filed objections. In its complaint filed last month, the Labor Department accuses Vick of illegally spending about $1.3 million in pension plan funds for his own benefit, including paying his bankruptcy attorney and restitution ordered in his dogfighting case.

The complaint alleges Vick and others violated federal employee benefits law by making a series of transfers between March 2007 and July 2008 from a pension plan sponsored by his celebrity marketing company, MV7. The company sponsored a retirement plan for nine current and former employees. Vick failed to show his $1.3 million in debt to the plan in his bankruptcy filings, according to the complaint.

Vick’s plan calls for liquidating much of his assets — including boats, vehicles, horses and three pieces of real estate — to pay off liens and expenses. He plans to retain three vehicles, including a 2007 Land Rover, a Lincoln Navigator and a 2007 Infiniti truck; a home in Hampton, Va. for his mother, Brenda Boddie; a home under construction in Suffolk, Va., a defined pension plan; some clothing; and furniture.
 

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Under the plan he submitted to the court, Vick would keep the first $750,000 of his annual income
Shaking head in disbelief. He will never play football for a NFL team, so why would they let him keep the first $750K. He will be lucky to be a backup QB for the Canadian Football League.
 

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Oh I think that Mr. Vick is in for a bit of a rude surprise. Three cars, two homes and 750K a year? I'm thinking the bankruptcy judge is going to get a good chuckle out of that filing.
 

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Well the house for the mother should be able to be hers, right? WHAT FREAKING HORSES? I thought they'd remove every animal he ever owned after the pit thing?
 

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Well the house for the mother should be able to be hers, right? WHAT FREAKING HORSES? I thought they'd remove every animal he ever owned after the pit thing?
Probably an interest in race horses to which he has no real access.

The house for the mother isn't hers unless it is in her name and she's making the payments, which doesn't sound like it's the case. The fact that he lets Mom live in one of his houses doesn't keep it from being his asset. You can save your own house in a bankruptcy but not ones that you let others live in.
 
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