mickeyd
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
It's interesting to see how these professional athlete mega-deals are put together. Forget about the dead dogs.
Advisor, Trustee Explain Michael Vick's Financial Clean-Up Plan
$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