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 Post subject: Falcons want $22 million back from Vick
PostPosted: Sat Aug 25, 2007 5:31 pm 
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By STEVE WYCHE
The Atlanta Journal-Constitution
Published on: 08/25/07

The Falcons will try to recoup $22 million already paid to suspended quarterback Michael Vick, a person with knowledge of the team's plans told The Journal-Constitution on Saturday.

Vick was suspended indefinitely by the NFL on Friday after he pleaded guilty to federal dogfighting charges in Virginia. That cleared the way for the Falcons to pursue money paid to Vick in signing bonus money.


Vick has received roughly $40 million in guaranteed bonuses — and even more in base salary — but teams are only allowed to try to collect money paid in signing bonuses, per the collective bargaining agreement with the players' union.

That rules of the CBA supersede other contract laws that could entitle Atlanta to try and recoup more money.

In order to collect the money, Vick must remain on the Falcons' roster. So the team will not release Vick until the matter is resolved, the person familiar with the situation said. The Falcons are expected to cut ties with Vick, once their most popular player, once the signing bonus matter is finalized.

If Atlanta receives payment from Vick, that money will be applied to the salary cap of the upcoming season. For example, should Atlanta receive all of the $22 million it seeks before the 2008 NFL calendar year, it will be credited toward the 2008 salary cap.

That would provide a huge windfall of cap space for the Falcons to use in pursuing free agent players.

As for this season, the Falcons will not have to pay Vick his $6 million base salary. However, he will count roughly $8.5 million against their salary cap. Though Vick will remain on the roster, he will be placed on a suspended list, which will allow the Falcons to add a player in Vick's place.

This could be the latest financial hit for Vick. On Friday, Nike official severed its ties with the quarterback, saying in a statement, "We consider any cruelty to animals inhumane, abhorrent and unacceptable."

The shoe giant earlier had suspended Vick's endorsement contract.

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PostPosted: Sat Aug 25, 2007 11:18 pm 
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Has Vick qualified for the NFL pension yet? I'd like to see A.B. get his money back but I'd hate to see MV destitute.


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PostPosted: Sun Aug 26, 2007 5:06 am 
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As I recall, you have to be an active player for 6 years, so he would qualify. However, if he is not reinstated, there likely is some verbiage that would keep him from collecting. It's an ugly situation, but if he winds up destitude, it is due to poor money management, as he's made plenty in endorsements the Falcons cannot touch.

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PostPosted: Sun Aug 26, 2007 10:07 am 
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Rooster wrote:
Has Vick qualified for the NFL pension yet? I'd like to see A.B. get his money back but I'd hate to see MV destitute.


MV destitute. No way. No comparison but look at OJ. He's not suffering. MV will land on his feet even if he has to serve a suspension after the jail time. Sombody will pay to see him somewhere, somehow. Money talks.

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PostPosted: Sun Aug 26, 2007 11:55 am 
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Well, IIRC O.J. is not suffering because he has yet to pay most of the money that was awarded to the Goldman and Brown families in the civil case.

When he has to pay that $20-30 million, I'm sure he's going to suffer some.

I don't expect Vick to file for bankruptcy, but as I outlined in a previous thread, if Vick pays that money it will be a significant hit in his wallet, since he will have no forseeable income for the next 2 years, not counting if he has to serve further time in Virginia.


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PostPosted: Mon Aug 27, 2007 12:15 pm 
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Pudge wrote:
I don't expect Vick to file for bankruptcy, but as I outlined in a previous thread, if Vick pays that money it will be a significant hit in his wallet, since he will have no forseeable income for the next 2 years, not counting if he has to serve further time in Virginia.


Poindexter and VA are big unkowns. IMHO, they won't do anything until the Feds have wrung all they can out of Vick. Judge won't sentence until the procecutors tell the judge how much Vick has cooperated. Fed sentence will be based on that cooperation. IMHO, believe Poindexter wishes this would all go away. State trials will require a lot of county money against a well heeled accused.

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PostPosted: Mon Aug 27, 2007 12:25 pm 
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John O wrote:
Pudge wrote:
I don't expect Vick to file for bankruptcy, but as I outlined in a previous thread, if Vick pays that money it will be a significant hit in his wallet, since he will have no forseeable income for the next 2 years, not counting if he has to serve further time in Virginia.


Poindexter and VA are big unkowns. IMHO, they won't do anything until the Feds have wrung all they can out of Vick. Judge won't sentence until the procecutors tell the judge how much Vick has cooperated. Fed sentence will be based on that cooperation. IMHO, believe Poindexter wishes this would all go away. State trials will require a lot of county money against a well heeled accused.


Not really - they have a SIGNED confession in the Statement of Fatcs used by the feds in his appeal. They will have the transcript where he says how he did it. All they will have to do is corroborate the confession and the dog carcasses and the parephrenalia of dog fighting does that. It would be akin to taking candy from a baby.

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