Athletes have been known to make some shady or downright terrible investment decisions, but Michael Vick’s dogfighting enterprise has to be the worst ever. Vick’s dog academy has divided his family, ruined his career, and landed him in jail. It has also strangled his bank account.
Chapter 11 bankruptcy protection papers were filed on behalf of Michael Vick on Monday in a Virginia federal courthouse. Vick is claiming to have debts from $10 million to $50 million, and the Atlanta Falcons are listed as one of the companies that Vick owes money.
One of the creditors listed in the court papers filed by the imprisoned Falcons quarterback is the Atlanta Falcons for a claim of $3.75 million as a pro-rated signing bonus. The claim is listed as disputed.
Of the six other creditors listed in the court documents three are banks, including two that recently won judgments against Vick. The largest creditor is Joel Enterprises, Inc. with a claim of $4.5 million. That claim is also listed as disputed.
I’m no business major but that’s a terrible return-on-investment. Michael Vick threw away a lifetime of hard work because he wanted to watch dogs fight. The only good news from this story is that some of Mike’s former dogs are living safe lives.