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Suspended NFL star Michael Vick is leaving a job with a Virginia construction company to work with youngsters at Boys & Girls Clubs.
Steven Kast, CEO of the Boys & Girls Clubs of the Virginia Peninsula, says Vick will be working with children on health and fitness activities at several clubs in the Hampton Roads area. Vick was a regular at the Boys & Girls Club in Newport News as a youngster.
"We were disappointed by some of his recent actions and decisions but believe he has learned from these experiences and is now conscious of his obligations and responsibilities as a prominent sports figure that impacts and influences our kids," Kast said in a written statement.
Vick needed a job to meet the conditions of his probation and had been working as a $10-an-hour laborer.
Vick's lawyers were in U.S. Bankruptcy Court in Norfolk on Tuesday. Attorney Paul Campsen outlined the highlights of Vick's revised bankruptcy plan, which was still being drafted, at a status hearing. Campsen assured U.S. Bankruptcy Judge Frank J. Santoro that he will have no trouble filing the document by Thursday's deadline.
Santoro in April rejected Vick's first Chapter 11 plan, saying it was not feasible. Among his concerns was that the plan depended heavily on Vick returning to the NFL and that Vick was trying to hang on to too many assets. His first bankruptcy plan would have allowed him to keep the first $750,000 of his annual salary, and Vick also intended to keep two houses and several cars.
The revised bankruptcy plan would funnel more of Vick's future pay to his creditors and ensure that they receive a portion of his earnings even if he doesn't return to the league.
Under the new plan, 10 percent of the first $750,000 Vick earns would go to creditors, and he's agreed to liquidate a house under construction in Virginia. If Vick doesn't return to the NFL, the new plan would give creditors a portion of whatever he earns from a lower-paying job.
His prospects for playing again in the NFL rest with league commissioner Roger Goodell, who has said he will review the matter after Vick completes his 23-month federal sentence for operating a dogfighting ring.
Vick's legal troubles wrecked his finances as well as his reputation. Once the NFL's highest-paid player, Vick filed for Chapter 11 bankruptcy protection in July 2008, listing assets of $16 million and liabilities of $20.4 million.
Under the bankruptcy plan, creditors would get a percentage of any income above $750,000 per year, and their cut has increased under the revisions. The sliding-scale percentages would be increased as follows: $750,000 to $2.5 million in earnings, from 20 percent under the old plan to 25 percent under the new one; $2.5 million to $10 million, from 25 percent to 30 percent; over $10 million, from 33 percent to 40 percent.
Ross Reeves, attorney for a committee representing Vick's unsecured creditors, said the committee supports the plan.
"The committee's view has been that these numbers are based on Mr. Vick being highly incentivized not only to re-enter the NFL but to stick with it," Reeves said.
Campsen said Vick will also liquidate his $2 million home under construction in Suffolk. Santoro suggested in April that Vick sell one of his two Virginia homes. The Hampton home is assessed at $748,100, according to city tax records.
The revised plan will also settle a dispute between Vick and his former agent, Joel Enterprises Inc. Joel won a $4.6 million judgment against Vick in a breach of contract case and had been fighting to collect before the former Atlanta Falcons quarterback's unsecured creditors are paid. Campsen said Joel will now get $6 million but will be treated as an unsecured creditor, getting paid a little at a time.
Santoro also approved the sale of two bass boats and three larger fishing boats owned by Vick.
A confirmation hearing on Vick's new plan is tentatively scheduled for Aug. 27.
Steven Kast, CEO of the Boys & Girls Clubs of the Virginia Peninsula, says Vick will be working with children on health and fitness activities at several clubs in the Hampton Roads area. Vick was a regular at the Boys & Girls Club in Newport News as a youngster.
"We were disappointed by some of his recent actions and decisions but believe he has learned from these experiences and is now conscious of his obligations and responsibilities as a prominent sports figure that impacts and influences our kids," Kast said in a written statement.
Vick needed a job to meet the conditions of his probation and had been working as a $10-an-hour laborer.
Vick's lawyers were in U.S. Bankruptcy Court in Norfolk on Tuesday. Attorney Paul Campsen outlined the highlights of Vick's revised bankruptcy plan, which was still being drafted, at a status hearing. Campsen assured U.S. Bankruptcy Judge Frank J. Santoro that he will have no trouble filing the document by Thursday's deadline.
Santoro in April rejected Vick's first Chapter 11 plan, saying it was not feasible. Among his concerns was that the plan depended heavily on Vick returning to the NFL and that Vick was trying to hang on to too many assets. His first bankruptcy plan would have allowed him to keep the first $750,000 of his annual salary, and Vick also intended to keep two houses and several cars.
The revised bankruptcy plan would funnel more of Vick's future pay to his creditors and ensure that they receive a portion of his earnings even if he doesn't return to the league.
Under the new plan, 10 percent of the first $750,000 Vick earns would go to creditors, and he's agreed to liquidate a house under construction in Virginia. If Vick doesn't return to the NFL, the new plan would give creditors a portion of whatever he earns from a lower-paying job.
His prospects for playing again in the NFL rest with league commissioner Roger Goodell, who has said he will review the matter after Vick completes his 23-month federal sentence for operating a dogfighting ring.
Vick's legal troubles wrecked his finances as well as his reputation. Once the NFL's highest-paid player, Vick filed for Chapter 11 bankruptcy protection in July 2008, listing assets of $16 million and liabilities of $20.4 million.
Under the bankruptcy plan, creditors would get a percentage of any income above $750,000 per year, and their cut has increased under the revisions. The sliding-scale percentages would be increased as follows: $750,000 to $2.5 million in earnings, from 20 percent under the old plan to 25 percent under the new one; $2.5 million to $10 million, from 25 percent to 30 percent; over $10 million, from 33 percent to 40 percent.
Ross Reeves, attorney for a committee representing Vick's unsecured creditors, said the committee supports the plan.
"The committee's view has been that these numbers are based on Mr. Vick being highly incentivized not only to re-enter the NFL but to stick with it," Reeves said.
Campsen said Vick will also liquidate his $2 million home under construction in Suffolk. Santoro suggested in April that Vick sell one of his two Virginia homes. The Hampton home is assessed at $748,100, according to city tax records.
The revised plan will also settle a dispute between Vick and his former agent, Joel Enterprises Inc. Joel won a $4.6 million judgment against Vick in a breach of contract case and had been fighting to collect before the former Atlanta Falcons quarterback's unsecured creditors are paid. Campsen said Joel will now get $6 million but will be treated as an unsecured creditor, getting paid a little at a time.
Santoro also approved the sale of two bass boats and three larger fishing boats owned by Vick.
A confirmation hearing on Vick's new plan is tentatively scheduled for Aug. 27.
