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Vick plan doesn’t score with creditors
Sarah Rodriguez//December 11, 2008//
Listen to this articleMajor creditors in Michael Vick’s bankruptcy case object to his disclosure statement, saying the statement lacks detail on his finances and on his prospects of returning to the NFL.
The Daily Press reports that the disclosure statement, submitted last month, showed millions in unexplained cash withdrawals and transfers over the last two years.
“With such large sums of the Debtor’s money unaccounted for, it would be impossible for the Debtor’s disclosure statement to contain ‘adequate information’ regarding his finances,” the creditors wrote.
Vick’s creditors also need more assurance that his plan to return to the NFL as a means to pay off his debt is realistic.
A hearing on the the disclosure statement’s approval is scheduled for Tuesday.
By Sarah Rodriguez
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