The Facts:
A judge who rejected Vick’s first bankruptcy plan warned the suspended NFL star’s lawyers Tuesday that they have just one more chance to file a workable proposal for repaying the millions he owes to creditors. As Vick sat silently in the front of the courtroom, U.S. Bankruptcy Judge Frank Santoro set a July 2 deadline for submission of a revised Chapter 11 plan. A hearing to confirm or reject the plan was set for Aug. 27.
Reported by the Associated Press
Fantasy Football Diehards Line:
Vick, the former Falcons quarterback who once was the league’s highest paid player and among its most popular, filed for Chapter 11 bankruptcy protection in July of 2008, claiming assets of $16 million and liabilities of $20.4 million. The first plan was based heavily on an assumption that Vick would resume playing for the NFL. However, NFL commissioner Roger Goodell has not committed to reinstating Vick after he completes his 23-month sentence on July 20 for running a dogfighting ring.
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