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VICK BURNED THROUGH MONEY BEFORE JAIL December 8, 2008

Filed under: General News — Ryann Hayman @ 11:25 am
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The Atlanta Journal-Constitution has learned that Michael Vick spent $201,840 of his money in the hours before beginning what would be a nearly two-year prison sentence for his role in a dogfighting ring.      

       “The day he went to jail, Michael Vick bought a $99,000 Mercedes. He cashed four checks that totaled $24,900. He gave $28,000 to the mother of his oldest child. He paid a public relations firm $23,000 and gave a friend $16,000,” the newspaper reported.      

       The day’s spending, in fact, was but a small part of the $18.2 million that flew out of Vick’s hands from 2006 to 2008, according to documents filed recently in U.S. Bankruptcy Court in Norfolk, Va.

 

       Vick, 28, is currently seeking the court’s protection from his creditors. They are particularly interested in his increased spending in the three months before he reported for jail.      

       The documents reveal that Vick chose to handle most of his business in cash.  In 2007, documents show he used cashier’s checks to withdraw $908,500 from his bank accounts. During a two-year period, he wrote checks payable to “cash” totaling almost $1.1 million. His spending escalated as his prison sentence neared.

 

       From Aug. 27, 2007, the day he pleaded guilty in a Richmond federal courthouse, until Nov. 19, the day he bought the new Mercedes before reporting to jail, Vick shelled out $3,627,291.      

       Those transactions are “of special interest” to groups suing Vick for repayment from, said attorney Ross Reeves of Norfolk, who represents unsecured creditors, including the Atlanta Falcons. The team wants Vick to return $3.75 million from a 2004 bonus.      

       “Where did these assets go and for what purpose?” Reeves said in an interview. “A lot of what Mike Vick was doing was planning for being incarcerated. He wanted to provide for his family, and he made that clear.”

 

      Read the entire AJC article here.

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