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Vick's Deal
Old 09-02-2011, 07:04 PM   #1
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Vick's Deal

It's interesting to see how these professional athlete mega-deals are put together. Forget about the dead dogs.

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$40 Million Guaranteed

The deal is worth $100 million and guarantees the 31-year-old Vick about $40 million, Ira Spiegel, Vick’s financial advisor, said in a telephone interview. The Eagles didn’t disclose financial terms in a statement.

“Obviously it will be a relief to be done with this and be done with the bankruptcy plan early,” Spiegel said. “Michael’s plan going forward is to ensure that when he is done playing he doesn’t have anything to worry about.”

Under the contract, Vick would make about $16 million a season. Unsecured creditors stand to receive about $5.2 million a year from that contract. Vick owed creditors about $20 million and has paid off a “couple million,” Luzinski said.

“So far, it has been fairly minimal,” Luzinski said.

Under the restructuring plan, unsecured creditors, including Vick’s agent, Joel Segal, will be paid from a liquidating trust funded by his future income for up to six years, according to court documents. Other unsecured creditors that will share Vick’s future income include the Atlanta Falcons, with a $6.5 million claim; Royal Bank of Canada, owed about $2.6 million; and Wachovia Bank NA, holding a $1.1 million claim.
Advisor, Trustee Explain Michael Vick's Financial Clean-Up Plan
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Old 09-02-2011, 07:20 PM   #2
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Sorry, can't forget about the dead dogs. I will always associate Vick with what he did to those pit bulls. IMHO, the most awful thing any person can do is hurt the helpless - a child, an elderly or disabled person or an animal. I hope his work with the Humane Society of the United States is on the level. Still have doubts about the whole thing.
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Old 09-02-2011, 08:00 PM   #3
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I can't forget either. I think he's a thug. I'm too much an animal lover.
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Old 09-02-2011, 08:11 PM   #4
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Sorry, can't forget about the dead dogs. I will always associate Vick with what he did to those pit bulls. IMHO, the most awful thing any person can do is hurt the helpless - a child, an elderly or disabled person or an animal. I hope his work with the Humane Society of the United States is on the level. Still have doubts about the whole thing.
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I can't forget either. I think he's a thug. I'm too much an animal lover.

+1 times 2
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Old 09-02-2011, 08:21 PM   #5
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Hey, he went to jail, did his time. Then did the work to get back into the NFL, no easy task. Pretty much nobody wanted him, and he had to prove he could do the job. I'm not saying he's not a dumbass, but in my opinion if you get caught and pay the penalty, you're on your own. I don't like the tendency in this country to keep punishing people beyond their terms. If our penalties are not appropriate, change them. If he had stolen a car or something like that, nobody would be begrudging him his chance. I love dogs and think what he did was atrocious, although it's not that unusual in southern VA, especially down near VA Tech. I don't think he's much more of a thug than most other professional atheletes. Not even dumber than most of them. I don't respect him, but I don't begrudge him either.
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Old 09-02-2011, 08:44 PM   #6
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Hey, he went to jail, did his time. Then did the work to get back into the NFL, no easy task. Pretty much nobody wanted him, and he had to prove he could do the job. I'm not saying he's not a dumbass, but in my opinion if you get caught and pay the penalty, you're on your own. I don't like the tendency in this country to keep punishing people beyond their terms. If our penalties are not appropriate, change them. If he had stolen a car or something like that, nobody would be begrudging him his chance. I love dogs and think what he did was atrocious, although it's not that unusual in southern VA, especially down near VA Tech. I don't think he's much more of a thug than most other professional atheletes. Not even dumber than most of them. I don't respect him, but I don't begrudge him either.
Many good points Harley. He did do his time. Vick's been working with the Humane Society of the United States (HSUS) to teach kids about the evils of dog fighting. I'm mixed on this and still don't really trust the guy but hope he has his heart in it. After all, middle aged ladies like me are unlikely to convince kids in rough neighborhoods about the evils of dog fighting and animal abuse.

That's why I believe Wayne Pacelle, the President and CEO of the HSUS, is behind Vick's efforts. Pacelle has been criticized by the animal rescue community for supporting Vick. I hope Wayne's right about this.
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Old 09-02-2011, 08:57 PM   #7
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Hey, he went to jail, did his time. Then did the work to get back into the NFL, no easy task. Pretty much nobody wanted him, and he had to prove he could do the job. I'm not saying he's not a dumbass, but in my opinion if you get caught and pay the penalty, you're on your own. I don't like the tendency in this country to keep punishing people beyond their terms. If our penalties are not appropriate, change them. If he had stolen a car or something like that, nobody would be begrudging him his chance. I love dogs and think what he did was atrocious, although it's not that unusual in southern VA, especially down near VA Tech. I don't think he's much more of a thug than most other professional atheletes. Not even dumber than most of them. I don't respect him, but I don't begrudge him either.
I don't know much about dog fighting here in VA, but I don't think that's true. Vick's kennel was in the Hampton Roads area at the other end of the state, which is also around where he grew up. I googled and found other busts in Halifax County, Richmond, and South Boston, VA. None are that close to VA Tech.

I don't like what he did, but he served his time and he's free to earn his living. I respect how hard he must've worked to come back, but I'm not going to pay to see him play or be a fan in any way.
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Old 09-02-2011, 09:24 PM   #8
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With his history, the contract must be because they want to win as I can't see him being an endorsement magnet.

I am mixed about him. On one hand the thought of hurting the innocent animals is horrendous. Yet, at the same time, is there such a thing as redemption if one has (according the the law of the land) paid their debt to society? I'm sure from all walks of life, there are those who have had a dark past, yet have redemption. As I said, I'm mixed.
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Old 09-02-2011, 09:42 PM   #9
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I don't have any mixed emotions about him. I don't like the SOB.
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Old 09-02-2011, 09:48 PM   #10
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I don't have any mixed emotions about him. I don't like the SOB.

Love ya dawg. *huggs*
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Old 09-02-2011, 09:55 PM   #11
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I don't have any mixed emotions about him. I don't like the SOB.
My sentiments as well.
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Old 09-03-2011, 06:38 AM   #12
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I get that this is a mega-deal in the field of athlete contracts, which are mega deals to begin with. But the financial numbers disclosed show he's burned through about 20 million of credit in the last couple of years, which he will start paying back with the 40 million guaranteed. If he keeps spending at that rate, in a couple more years he will have spent another 20 million, plus paid back the first 20 million, assuming he doesn't ratchet up spending based on actually having a contract, and will have completely used up the guaranteed money in the contract. He either needs to get a lot of money through the performance clauses, or he's going to be in financial trouble again shortly. Unless he also needs to pay taxes on this deal, in which case he looks like he's already underwater.
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Old 09-03-2011, 07:57 AM   #13
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I don't think that's true. The $20M he owes is pre-bankruptcy, and as part of the bankruptcy settlement he has to pay it back out of future earnings. He's on a court mandated budget right now, so I don't think he's going deeper underwater. MICHAEL VICK: Despite New Contract, Vick Owes More Than $19 Million In Debt

Why he was that much in debt before, I'm not sure, but he had an even larger contract that was voided when he was convicted. He also lost all of his product endorsements. He was probably spending money counting on future earnings to pay it off, but it does sound out of control.
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Old 09-03-2011, 09:35 AM   #14
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I don't have any mixed emotions about him. I don't like the SOB.
+1
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Old 09-03-2011, 10:24 AM   #15
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Since you suggest we "forget about the dead dogs" (easier said than done, but I'll try for the purpose of this reply), I think part of the disgust and backlash (above and beyond the animal abuse) is the double standard so many in the sports and entertainment fields receive when they screw up. They get convicted of a felony, they get busted for drugs, guess what? They're likely to find work again. Even after *repeat* offenses in many cases.

If everyday folks like you or me (or most of us here) had that strike on our permanent record -- even ONE, let alone a repeat offense -- we'd have no chance. We're toast. We're unemployable. No one would hire us. For us, the scarlet letter is indelible; it doesn't wash off after "paying our debt to society" or "doing our time" or after a few months of good behavior.
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Old 09-03-2011, 10:38 AM   #16
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As heinous as his treatment of those dogs is, he did pay his debt to society and they are animals. How about we talk about Donte Stallworth who ran over and killed a human pedestrian while driving drunk and served a massive 24 days in jail? Hes back in the NFL also but since nobody like PETA is going crazy about it, nobody is disgusted with him. Vick spent a relatively long time in prison and I think he should be forgiven.

Having said that, I think the Eagles will be very sorry they gave him that kind of contract. Hes the most injury prone QB in history and has the lowest career QB rating of any QB in history (with any significant playing time). One good year and they forgot all about that. Big mistake!
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Old 09-03-2011, 10:44 AM   #17
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As heinous as his treatment of those dogs is, he did pay his debt to society and they are animals. How about we talk about Donte Stallworth who ran over and killed a human pedestrian while driving drunk and served a massive 24 days in jail?
Yeah, this was mostly because he gave the victim's family a massive financial settlement in exchange for their willingness to be lenient on the sentencing.
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Old 09-03-2011, 10:49 AM   #18
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Yes and that's something else we should be disgusted by. I'll bet Mario Reyes (the dead pedestrian) isn't so happy about the deal his family made. He didn't get any money and is dead. The prosecutor is supposed to stand up for the victim and not allow a ridiculous sentence to be "sold" to the family. As a 21 year police officer, I have no problem saying that the prosecutor should be fired and / or the DA should resign.
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Old 09-03-2011, 12:59 PM   #19
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As heinous as his treatment of those dogs is, he did pay his debt to society and they are animals.
Which is precisely why so many people still hate him.

Some time over the past 30-40 years pets displaced humans from the top of the respect ladder.

They don't talk back, they tend to be nice to their close associates, and they are not sarcastic.

Ha
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Old 09-03-2011, 01:04 PM   #20
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Since you suggest we "forget about the dead dogs" (easier said than done, but I'll try for the purpose of this reply), I think part of the disgust and backlash (above and beyond the animal abuse) is the double standard so many in the sports and entertainment fields receive when they screw up. They get convicted of a felony, they get busted for drugs, guess what? They're likely to find work again. Even after *repeat* offenses in many cases.

If everyday folks like you or me (or most of us here) had that strike on our permanent record -- even ONE, let alone a repeat offense -- we'd have no chance. We're toast. We're unemployable. No one would hire us. For us, the scarlet letter is indelible; it doesn't wash off after "paying our debt to society" or "doing our time" or after a few months of good behavior.

How does the saying go, something like, "Everyone is treated equal, but some are more equal than others."

To be a bit of a devil's advocate though, should be believe the possibility of redemption? Or is the mere fact of having a parole system an injustice?

A case which another chance perhaps was "worth it" I think is Robert Downey junior and his drug problems. If I was a betting man, when he would get in trouble time and time again, my thought was he'd be a drug addict for life, not worth trying to give him another chance. But seems like he's been able to keep clean for some time. I know this is a bit different than Vick as Downey was more destructive to himself (and his family/friends) than to innocent animals.

http://en.wikipedia.org/wiki/Robert_Downey_Junior
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