Sunday, August 17, 2008

Vick's Insolvency

This week came word that David Talbot had been removed as a "responsible person" in handling former Atlanta Falcon, Michael Vick's bankruptcy case. It had been discovered that Talbot's been accused of securities fraud in New Jersey. Nationally renowned bankruptcy attorney, Peter Ginsberg has now been brought on to preserve what little is left of Vick's money.

Lester Munson, an attorney and legal writer for ESPN has delved into Vick's poor decision making and written an article that profiles the decisions that led to the decimation of Vick's fortune. Munson points out that when Michael Vick was forced to pay the restitution to the State of Virginia for the dog fighting charges, he had to borrow the money.

I've heard other stories of NFL players who have squandered nearly $1 million bonuses in less than a year. I assume the the NFL and other professional sports leagues give all of their athletes basic financial planning advice. The advice that they don't give them is how to keep the vultures away, who simply want to steal their money.

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