How To Go Bankrupt While In Prison!!
At one time or another I think we have all wished we could become millionaires overnight. For some people, especially professional athletes, that is exactly what happens. Many of these athletes have grown up with next too nothing and are then given millions upon millions of dollars over night. Because these atheltes have never really had money, it seems to be very difficult for them to manage.
I ran across an article about how Michael Vick went from multi-millionaire to bankrupt in less than 2 years with one of those years spent behind bars. I’ve listed some of the the more interesting expenses below that were part of his “statement of financial affairs” filed on November 13th.
Amount of deal Vick signed with the Falcons in 2004: $130 million
Pay, per hour, Vick gets for washing pots and pans at Leavenworth Prison: 12 cents.
Amount paid for an Easter egg hunt: $700
Amount of check labeled “chump chang”: $1,000
Amount Vick was sentenced to pay to house and care for the 47 pit bulls: $928,073
Number of cars Vick owned at one time: 9, including the ‘07 Land Rover for his fiancée; the ‘07 Cadillac Escalade for his fiancée’s mother; the ‘07 Land Rover for his brother Marcus; the ‘08 Mercedes Benz for his financial advisor, David Talbot; the ‘06 Cadillac DTS for his pal Rodney White; and the ‘07 Ford F-150 he drove himself.
Sticker price of the ‘07 Infiniti Vick bought for his fiancée to keep in Leavenworth so she has something to drive while visiting him in prison: $65,000
Amount mysteriously categorized as “miscellaneous” over two years: $3.5 million
Vick’s ongoing cost to support his fiancée, their two daughters, his brother, his mother, a former girlfriend and his son with her, per month: $20,000
Amount Vick still owes the Atlanta Falcons from his signing bonus: $3.75 million
Amount Charles Reamon, Jr., a friend Vick put in charge of his finances while in prison, went through: over $3 million……….0% has been accounted for
Here’s the full statement of financial affairs.
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