April 28, 2009

Vick close to resolving bankruptcy case

Former NFL quarterback Michael Vick, serving time for dogfighting, has settled his disputes with his creditors, his attorneys said in Virginia Tuesday.

However, an attorney for the Atlanta Falcons said at the federal bankruptcy hearing that while the NFL club will retain its contract with Vick, it has no plans to play him if he is reinstated by the league, The (Norfolk) Virginian-Pilot reported.

NFL Commissioner Roger Goodell suspended Vick, 28, indefinitely during the quarterback's state and federal dogfighting case. Vick, who ultimately was given a 23-month federal sentence in December 2007, is expected to be released from federal prison next month and return to Hampton for home confinement.

Vick's lawyers and his creditors announced in court that they have settled their differences. It was reported Vick will submit a new reorganization plan based on one the bankruptcy judge rejected previously this month. The plan calls for a percentage of Vick's future income used to paying back the millions he owes to banks, the Falcons, his former agent and other creditors.

U.S. Bankruptcy Judge Frank J. Santoro set a June 9 hearing date for the attorneys to present the revised plan.