Michael Vick’s finances are in such disarray that a bankruptcy judge will hold a hearing and could appoint a trustee to oversee the fallen quarterback’s dwindling estate.
U.S. Bankruptcy Judge Frank Santoro has ordered a hearing for Sept. 5, according to court documents filed in Virginia in the case of the Falcons quarterback.
“It has become clear since the filing of this case that Mr. Vick has very limited knowledge of the state of his finances. … It appears that Mr. Vick has routinely relied upon others to make financial decisions for him, giving them discretionary control over large sums of money,” Santoro wrote in his order on Wednesday. Vick filed for bankruptcy protection from his creditors, including the Falcons, on July 7. He stated that he had assets and debts in the range of $10-50 million.Vick originally sought to have David Talbot serve as his trustee in the case. He was called a “trusted advisor” in the original filing. However Talbot was charged with securities fraud by the State of New Jersey last Friday in Bergen County. He is accused of swindling $500,000 from church members. Vick has sought to have him dismissed as an advisor.
Friday, August 15, 2008
No Money Mo Problems
Michael Vick’s finances are in such disarray that a bankruptcy judge will hold a hearing and could appoint a trustee to oversee the fallen quarterback’s dwindling estate.
U.S. Bankruptcy Judge Frank Santoro has ordered a hearing for Sept. 5, according to court documents filed in Virginia in the case of the Falcons quarterback.
“It has become clear since the filing of this case that Mr. Vick has very limited knowledge of the state of his finances. … It appears that Mr. Vick has routinely relied upon others to make financial decisions for him, giving them discretionary control over large sums of money,” Santoro wrote in his order on Wednesday. Vick filed for bankruptcy protection from his creditors, including the Falcons, on July 7. He stated that he had assets and debts in the range of $10-50 million.Vick originally sought to have David Talbot serve as his trustee in the case. He was called a “trusted advisor” in the original filing. However Talbot was charged with securities fraud by the State of New Jersey last Friday in Bergen County. He is accused of swindling $500,000 from church members. Vick has sought to have him dismissed as an advisor.
