Former NFL quarterback Michael Vick just finsihed erasing a whopping $17.4 million of debt he owed when he filed for bankruptcy in 2008.
Paying 99 cents on teh dollar, all debt is forgiven with Vick’s final payment to creditors this week.
“Paying 99 cents on the dollar, which he did, is remarkable,” Joseph Luzinski of Development Specialists Inc. said.
“It happens in, maybe, one out of 100 cases.”
Per ESPN: ‘In the five-year period from 2010 to 2014 in which he agreed to go on a restrictive budget to pay back his creditors, Vick earned nearly $50 million during four seasons with the Philadelphia Eagles and one with the New York Jets. Vick played his final games in 2015 with the Pittsburgh Steelers and now works for Fox Sports as a studio analyst for its NFL coverage.
All the creditors were made almost completely whole by Vick, although the Atlanta Falcons, which gave him a retirement ceremony this year, lost out on their big bet.
The Falcons were owed $6.5 million from Vick in a salary settlement negotiated in 2009. Less than two years later, the Falcons sold that liability to Fortress Capital, the investment firm co-founded by Milwaukee Bucks co-owner Wesley Edens.’