Monday, April 6, 2009

Are You Ready To Be Rich Like Michael Vick???

Mr. Lovettelli Speaks,

So you want the cash, the house, cars and everyone to know your name everywhere you go? This is a peek in the world of NFL football player Michael Vick who signed a ten year, $130 million contract with the Atlanta Falcons in December, 2004. With endorsements he made well over $10 million per year. So he has the cash and he bought the house in the ATL. Cars, land, kids, fame and the girlfriend! You would think he has it made. Not so, as everyone knows by now. This is a story of "You can take the bot out of the hood but you can't take the hood out of the boy!" After being convicted of federal "Dog Fighting" charges he has spent some time in jail and is getting out and looking to make his way back into the NFL! Will he make it, God only knows but if he does I hope he learned a few things in the joint and he acts like he has some sense and do the right thing! Michael Vick comes from a less than desirable background from a poor community and a family who didn't have much and struggled like so many. He eventually made it to college playing football, doing very well with dreams of going pro and then his prayers were answered! Eventually he skipped his remaining season(s) in the NCAA at Virginia Tech after redshirting as a freshman and chose to enter the the NFL Pro Draft. Michael Vick was (is) a tremendous player but did not graduate. Where is he now? Most likely doing a bid with this guy that keeps licking his lips at him named Bubba.

Well this is a small glimpse in the world after football so far for Michael Vick. House arrest, house for auction/foreclosure and the place where he will do most of his house arrest which doesn't seem all that tough but who knows what will happen. I have pics and plenty for you to read so take a peek and see what Vick's home life was like before the dog fighting incident!

Vick will end sentence in posh surroundings
The Atlanta Journal-Constitution
Sunday, April 05, 2009

Hampton, Va. — Michael Vick will be a nearly free man soon, able to gaze at a placid lake from his five-bedroom house here or take a dip in his backyard swimming pool.
The suspended Atlanta Falcons quarterback will be able to exercise on one of the five workout machines in his 3,500-square-foot brick home. He could watch a movie on his 50-inch flat-screen television. Or he could just relax and listen to the birds chirping in the tall, thin pine trees surrounding his neighborhood on Haywagon Trail.

— sits on a half acre at the end of a quiet cul-de-sac of new homes.
Vick, who is serving a 23-month federal prison sentence for his role in a dogfighting conspiracy, is scheduled to be released two months early from prison in Leavenworth, Kan., to home confinement on May 21.
And that strikes Jacqueline Black as downright unfair.
“That’s not punishment,” said Black, who owns a year-old dachshund named Oscar. “What’s the point?”

“You do the crime, you serve the time,” one of Black’s coworkers said nodding as the two managed a housing center for the homeless next to the federal bankruptcy courthouse where Vick appeared last week.
Black responded: “What happened to the time?”
In practice, though, Michael Vick doesn’t appear to be getting special treatment.
Federal Bureau of Prisons officials declined to comment on the specifics of Vick’s release, and they did not respond to a request for related records under the Freedom of Information Act,
except for sending an automatic e-mail reply.

Generally, though, a spokeswoman for the federal agency said it is not unusual for federal inmates to be released early to a halfway house or to home confinement. Vick initially was to be released into a halfway house, but all such facilities in this area are full, so he was given home confinement, said Daniel Meachum, his business manager and one of his attorneys.
There were 1,881 inmates in some type of home confinement as of March 26, according to the Prisons Bureau.
Martha Stewart is among the most recent celebrities to undergo federal home confinement. She was confined to her 153-acre estate in Bedford, N.Y., for more than five months in 2005 and required to wear a monitoring anklet after serving time in prison for securities fraud.

The federal bureau’s policy says the agency shall let prisoners serve up to the last 10 percent of their prison terms, not to exceed six months, in situations such as home confinement to give them “a reasonable opportunity to adjust to and prepare for reentry into the community.”
This is critical in helping inmates find jobs and keep their noses clean, experts said.
“If you have ever traveled into other cultures and spent any length of time there and then tried to come back to your home culture, all of a sudden everything seems a little askew,” said Carl Wicklund, executive director of the Lexington, Ky.-based American Probation and Parole Association. “So you can imagine coming out of prison, which is a very different culture than the community.”
Federal policy says the Prisons Bureau may keep track of inmates on home confinement through electronic monitoring equipment the inmates must wear or by regular meetings or random daily telephone calls.
Some inmates may be allowed to leave their home for work. In those cases, they are supposed to maintain a 9 p.m. to 6 a.m. curfew, unless officials approve exceptions. A construction company already has offered Vick a 40-hour-a-week job at $10 an hour.
Keeping inmates on home confinement is cheaper than keeping them in prison because they pay for things such as their own utilities and food. It costs the federal government $70.75 per day, or $25,823 a year, to keep an inmate in prison, according to the Prisons Bureau. Depending on the contract the Prisons Bureau has with a local halfway house to monitor inmates in home confinement, the cost can range from $18.73 to $66.50 per day. Bureau policy requires inmates to contribute a quarter of their gross weekly income to defray the costs of the program.
Vick’s two-level house sits on a half acre at the end of a quiet cul-de-sac of new homes in a community called The Lake at Howe Farms. Hampton has assessed the property at $748,100. Vick says in his bankruptcy-court filings that he plans to keep the house for his mother, Brenda Boddie. Court records also show that most of the furniture and other items in the house are owned by his fiancee, Kijafa Frink.
“I’m happy he will be home because he will be able to spend time with his two daughters,” Frink said Thursday.
No one answered the door at the home Wednesday afternoon. But neighbors said they have spotted a woman, some children, and a family dog at the house. Several said Vick is welcome back.
“He was a good neighbor before he left and I’m sure he isn’t going to change,” said Vonnie Upchurch, who lives across the street from Vick’s house. “I think he got a bum rap.”

Behind the figures of Vick’s failed bankruptcy plan
Suspended Falcons quarterback Michael Vick testified in court last week that he is a changed man ready to take charge of his finances, but that wasn’t enough for the federal judge who rejected his plan to emerge from bankruptcy.
Judge Frank J. Santoro commended Vick for seeking to improve himself after spending nearly two years in prison in Leavenworth, Kan., on federal dogfighting charges.

MORE ON MICHAEL VICK (His Contract details)
But the no-nonsense judge told Vick the numbers simply don’t add up in his plan to climb out of debt, which totaled $20.4 million as of December.
Vick, for example, would have needed $1 million in cash to pull of his plan but could count on only about $210,000 for sure, Santoro told him. Also, Vick would have about $200,000 in annual living expenses under his plan, the judge said. But the only firm source of income Vick has lined up for himself once he gets out of prison next month is a $10-an-hour construction job.
Vick’s living expenses were based on him retaining three vehicles, including a 2007 Land Rover, a Lincoln Navigator and a 2007 Infiniti truck. He also planned to keep a home in Hampton, Va., for his mother, Brenda Boddie, and a home under construction in Suffolk, Va., for him and his fiancee and two young daughters.
Santoro suggested that Vick consider selling off more of his assets, including one of the two houses. The judge also told Vick he could face a $6 million to $9 million “hole” even after he pays his creditors.
“Your plan actually puts you below zero,” Santoro told Vick at the end of the two-day hearing in Newport News, Va., last week. “This plan will not work.”
Santoro called Vick’s other proposals to bring in income “speculative.” For example, the judge appeared skeptical about the one-page offer Vick received last week to star in a documentary for $600,000. Santoro pointed out that no one in the courtroom seemed to know much about the company that made the offer, Red Bird Entertainment.
Santoro also touched on another key part of Vick’s plan to pay his creditors: rejoining the NFL. Vick’s agent, Joel Segal, testified in bankruptcy court Thursday that he expects the NFL to reinstate Vick, and hopefully for the 2009 season. But, as Segal noted, that is not for certain.
The NFL suspended Vick indefinitely in 2007 after the details of his plea deal with prosecutors became public in his federal dogfighting case. NFL Commissioner Roger Goodell said he will review Vick’s status after he gets out of prison but wants to see true contrition from him.
Segal said the minimum salary for a player with Vick’s experience would be $620,000 but he predicted Vick could get a multi-million dollar contract with incentives and “escalators,” if he is reinstated. Santoro said those escalators and incentives had not been specified.
At one point, Santoro asked Vick how long he thought he had left in his professional football career. Vick said he had another 10 to 12 years left, assuming he stays fit and avoids injuries. But Vick is already 28, the average age for an NFL quarterback, according to the Associated Press, and he has exceeded the league’s 3.2-year career average.
Santoro told Vick he was a phenomenal football player but that he needs help staying on top of his money.
“You need to focus on your strengths … and let other people help you in areas where you are weak,” Santoro told him.
Sitting beside a team of his attorneys at a long table, Vick turned and waved at his mother and fiancee several times. He smiled occasionally but appeared tired, even fragile. He said he regretted the actions that landed him in prison. He also admitted that he did not do a good job managing his money and that he trusted the wrong people. But he vowed to do better, testifying that he had hired an accountant and would rely more on the advice of his attorneys.
Vick said that after observing fellow inmates in Leavenworth, he has “modified” his life and is well rounded. The former NFL star, who said he earned between $10 million and $12 million annually before he was sent to prison, is now being paid 12 cents an hour as a janitor in prison.
“I am going to live a different lifestyle,” Vick said. “I am not the same person.”

Judge rejects Vick’s bankruptcy plan
Newport News, Va. — A judge has rejected suspended Falcons quarterback Michael Vick’s plan to emerge from bankruptcy, but he is giving Vick another chance as he nears the end of his prison sentence on federal dogfighting charges.
Judge Frank J. Santoro called Vick’s plan unworkable Friday, saying it would leave the suspended NFL star with up to a $9 million “hole” on top of the payments he would have to make to his creditors. As of December, Vick had $16 million in assets and $20.4 million in debts, court records show.
The judge added that some of Vick’s plans to make money once he gets out of prison are speculative — including a $600,000 proposal for him to star in a documentary. And Santoro suggested that Vick should consider selling more of his assets, including one of the two houses he wants to keep for himself and his mother in Virginia.
“I am going to give you one more chance to come up with a workable reorganization plan, but that is your last chance,” Santoro told Vick, who wore a gray suit and white dress shirt to the two-day hearing. “I think it would be important for you to make the best of it.”
Santoro ordered a hearing on the status of Vick’s next bankruptcy plan for April 28. Vick’s attorneys, meanwhile, complained they have been handicapped in working with Vick because he has been imprisoned in Leavenworth, Kan. They asked Santoro to allow him to remain in a local jail here until the April 28 hearing. Santoro said he did not have the authority to do that but would consider ordering his appearance at the April 28 hearing.
During his ruling, Santoro called Vick a phenomenal football player who had “limited financial sophistication” and trusted some people with his money when they “may not have been worthy of your trust.”
“You need to have strong controls in place with respect to your finances,” Santoro advised Vick.
Earlier in the day, Santoro asked him if he realized that he had racked up about $3.7 million in bills for professional services during the course of his bankruptcy case, or about $13,700 a day for the last 270 days. Vick said he was aware of the costs.
Vick also testified that a series of financial advisers made bad investments with his money and inexplicably bought $90 million in life insurance for him and his mother, requiring him to pay $1.2 million in annual premiums. Vick also talked about how he has financially supported a large group of relatives and friends.
“I put a lot of strain on myself. It was a big burden,” Vick said. “I don’t know why, but I feel I was obligated to do that, coming from where I came from.”
Santoro commended Vick for financially supporting his family but he urged him to strike a balance, saying: “You can’t be everything to everybody.”
Vick said he has hired attorneys and an accountant to help him manage his money better once he gets out of prison.
One of Vick’s key creditors, Joel Enterprises, objected to his bankruptcy plan during the hearing. An attorney for Joel Enterprises, which claims Vick owes about $4.5 million, questioned Vick’s credibility and past money management while he was on the stand. Andrew Joel, a Richmond sports agent, filed a lawsuit against Vick in 2006, claiming he reneged on an endorsement deal.
“You have won. And that’s enough,” Santoro firmly told the Joel Enterprises attorneys at the end of the hearing Friday. “I think this process has gone far enough.”
Vick, who said he earned between $10 million and $12 million annually before he went to prison, is now being paid 12 cents an hour as a janitor in prison. He said he works an 11 p.m. to 3 a.m. shift. The time in prison, Vick added, has given him time to reflect on the actions that got him in trouble with the law.
As part of a 2007 plea deal, Vick admitted bankrolling a business called Bad Newz Kennels to raise and train pit bulls for dogfights on his property in Virginia and in other states. He said he provided most of the money to operate the business and bet on fights. He admitted to being involved in killing several pit bulls that did not make the grade as fighters.
“I committed a heinous act,” Vick said. “It was very irresponsible. I didn’t do all the right things at that point in my life. What I did was wrong. When you know better, you are supposed to do better.”
Vick also talked about a key part of his plan to emerge from bankruptcy and pay his creditors: rejoining the NFL. Under the plan the judge rejected Friday, Vick would keep the first $750,000 of his annual income over the next five years. After that, a percentage would go to creditors.
Vick testified that he believes he has a shot at being reinstated by the league because he is remorseful for his actions. He predicted he has another 10 to 12 years left in his football career, assuming he stays in shape and avoids injuries.
“If I do the right thing and show true remorse, I think I will have an opportunity” to rejoin the NFL, Vick told the court.
That wording is key because NFL Commissioner Roger Goodell has said he wants to see true contrition from Vick before considering lifting his suspension.
The former Virginia Tech standout added that he has been staying in shape, reading, writing and playing basketball on a championship-winning prison team. Now 28, he said he wants to build a new life with his fiancée and children once he gets out of prison. He is scheduled to be released to home confinement at a house he owns in Hampton, Va., on May 21.
“I can’t live life like the old Mike Vick,” he said. “I was very immature. I was naïve to a lot of things.”

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