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Vick close to paying off his debts

Discussion in 'Sports and News' started by novelist_wannabe, Dec 17, 2014.

  1. novelist_wannabe

    novelist_wannabe Well-Known Member

  2. He's not that bright in paying it all back when he could have legally paid 10-20 percent and called it good. What's good for Wall Street is good for anyone else.
  3. RecoveringJournalist

    RecoveringJournalist Well-Known Member

    It's great, but when you've made $49 million over the last five years, it's not like he had to make any grand sacrifice to pay the money back.

    That being said, most people in his situation would not do what he did, so he does deserve credit for that.
  4. MisterCreosote

    MisterCreosote Well-Known Member

    No, he doesn't. Fuck him.
  5. LongTimeListener

    LongTimeListener Well-Known Member

    Yeah, I'm thinking there's some kind of legal reason he couldn't or shouldn't have gone the Chapter 7 route and Rovell missed that.
  6. Last edited: Dec 17, 2014
  7. Boom_70

    Boom_70 Well-Known Member

  8. Boom_70

    Boom_70 Well-Known Member

    Seemed like he did cover it:
    "What Michael did was the exception, not the rule," Luzinski said. "He didn't have to do this. The law allows you to skate by and pay your creditors 10 or 20 cents on the dollar, but he thought this was the right thing to do."

    Vick said he could have filed for Chapter 7 bankruptcy instead of Chapter 11, which he ultimately chose. The former would have meant most of his debts would have been forgiven.

    "I didn't want to stiff people who never stiffed me," Vick said.
  9. LongTimeListener

    LongTimeListener Well-Known Member

    "Vick said he could have filed ..."

    I would be more convinced if there were a legal expert saying he had the option to do either, with no other consequences. I have a feeling there was a reason other than his moral obligation that he chose Chapter 11.
  10. bigpern23

    bigpern23 Well-Known Member

  11. Boom_70

    Boom_70 Well-Known Member

    Either way if we take him at his word he is paying back his full debt. If not true I'm sure those creditors who did not get fully paid back will
    be on the phone with ESPN pretty fast.
  12. jr/shotglass

    jr/shotglass Well-Known Member

    If the story is debunked as myth, does this thread reach 70-some pages?
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