Jock Jerseys’ Flash

Former Atlanta Falcons quarterback Michael Vick has filed Chapter 11 bankruptcy, in lieu of the recent lawsuits and collections against him for numerous outstanding debts. Vick is in arrears to the tune of over $10 million, according to reports from Fox Sports.

Can you read the words that are comin’ out of my mouth?

If you’re like me, you’re asking yourself - what the hell is a Chapter 11? For answers, I turn to God… Sorry, I mean “Wikipedia”.

A chapter 11 filing is usually an attempt to stay in business while a bankruptcy court supervises the “reorganization” of the company’s contractual and debt obligations. The court can grant complete or partial relief from most of the company’s debts and its contracts, so that the company can make a fresh start.

I hate legal jargon, but I guess that this means the debt collectors will get some (if not all) of the money they are seeking. The bankruptcy filing just ensures that there is a process to determine who gets what money, how much, and precedence over another collector.

Michael Vick’s lawyer also had some great info to share w/ the public as well, stating that Vick is looking forward to starting a new life when his prison sentence ends:

The suspended Atlanta Falcons quarterback hopes he “can, after the conclusion of the bankruptcy case, rebuild his life on a personal and spiritual level, resurrect his image as a public figure, and resolve matters with the NFL such that he can resume his career,” according to the filings.

Great to see Vick has his priorities in order… LOL. With as much money as he “should have”, I would be surprised if there aren’t millions of dollars hidden in offshore accounts, trusts or other entities. A man with that much money should not be facing bankruptcy IMHO.

Surely, if you know more about this legal crap than I do, by all means… enlighten us.

The season started with a lot of hope & promise for the Falcons, including a new offense geared towards quarterback Michael Vick’s talents - hint: it’s not throwing.  Bobby Petrino was brought in from Louisville, where he’d been extremely successful. 

Before the season was underway though, things got messed up. Vick was accused of being involved with dog fighting - he denied it.  After investigators found more evidence, Vick could no longer deny it and finally fessed up to being involved.  This week, Vick learned his punishment for the crime - 23 months in prison.  Two full years (nearly) in prison for being involved w/ dog fighting… how many days did Paris Hilton get for her DUI(s)?  Which is worse?

Without Michael Vick, the Falcons plain sucked.  They’ve gone through 3 quarterbacks and have only won 3 games all year.  The pressure to win, despite not having his best player, finally got to Petrino, and on Tuesday he bolted Atlanta for another college coaching job - this time at Arkansas.

You have to feel for the Falcons’ players and staff - they’ve just been stabbed in the back.  You don’t leave your team w/ 3 games left - you finish it out.  Is it tough? Sure… Is it hell? Maybe… But you’re getting paid close to $5 million per year to deal w/ it, so GET OVER IT!

These two incidents have left the Atlanta Falcons in shambles.  They will be able to rebound and turn this into a positive, but it could take a year or two before everything turns around.