((HT: WAVY-TV))A federal judge has denied Vick's bankruptcy plan, basically saying the plan would not get Vick out of debt.
Judge Frank Santoro gave Vick more time Friday to figure out how he can revise the plan. Vick's plan was based on the goal of returning to professional football after he is released from prison, but the judge says there is no guarantee that will happen.
The judge suggested Vick start by considering liquidating one of his two Virginia homes and three cars he had planned to to keep.
The judge ordered a new hearing on April 28th, where Vick's attorneys will have to present a new plan. Vick's attorneys asked the judge to rule whether or not Vick can stay here while they rework the plan.
The judge says he does not have the authority to make that decision. That decision would have to come from the Bureau of Prisons. The judge did say he thinks Vick needs to stay in Hampton Roads to be close to his attorneys to participate in the plan.
Suspended NFL star Michael Vick began outlining plans for life after prison Friday, telling a judge his time behind bars gave him a chance to reflect and that he hopes to play pro football for another 10 years.
The ex-Atlanta Falcons quarterback, who is serving a 23-month prison sentence for bankrolling a dogfighting operation, said he knows he committed a "heinous" act that was very irresponsible.
"I can't live like the old Mike Vick," he told a courtroom filled with his family, friends and fiancee. "I was very immature. I did a lot of things I wasn't supposed to do being a role model."
In prison, he's filled his days by reading, writing, playing basketball and working a 12-cent-an-hour job as a janitor, he said. The experience has given him a chance to develop what he called "an exit strategy."
Vick testimony was part of a hearing to evaluate his plan to emerge from financial ruin, and is expected to explain parts of his bankruptcy plan while on the stand. He was once one of the NFL's highest-paid players, but lavish spending and poor investments, coupled with the backlash from his dogfighting case, led to his downfall. Vick filed for bankruptcy in July claiming assets of $16 million and debts of more than $20 million.
His plan to pay his creditors is based largely on the goal of returning to a professional football career. When Judge Frank Santoro asked Vick how many more years he thinks he could play in the NFL, he said he thinks he has another decade on the field if he's reinstated.
"If I keep my body in shape, and do the right things, I think I have maybe 10 or 12 more years in my career," Vick said.
Vick is expected to be released from custody in July, and traveled from a federal prison in Kansas to attend the hearing. He could be transferred to home confinement at his eastern Virginia home by late May, and his agent testified Thursday that he hopes Vick can return to the NFL by September.
In order for that to happen, NFL Commissioner Roger Goodell would have to reinstate Vick, who was suspended indefinitely after he was indicted on the dogfighting conspiracy charge in 2007. Goodell has said he would consider Vick's case after his release.
Vick testifed that he's optimistic about his chances at being reinstated, "if I do the right things, if I keep showing I'm remorseful, show true remorse."
Vick's agent, Joel Segal, said on the stand Thursday that he would try to negotiate a short-term contract filled with incentives for playing time and starts that could bring in millions. He also said Vick has agreed to plans for a television documentary that will pay him $600,000.
Earlier this week, Vick and the Falcons agreed he would repay $6.5 million of his Atlanta contract, moving closer to cutting ties with a team that doesn't want him. Segal said he hasn't spoken to teams because Vick is still under contract with the Falcons, but that he is in shape and will be prepared for his return.
"There will be determination like we've never seen before to be structured and disciplined," Segal said.
A committee representing most of Vick's unsecured creditors has endorsed his Chapter 11 plan because the alternative -- a Chapter 7 liquidation of his assets -- would not provide them any portion of his future earnings. But some other parties, including a former agent who won a $4.6 million judgment against Vick, opposed the plan.
One of his sources of income will come from a job he'll take when he is sent to home confinement. Vick will have a 40-hour-a-week, $10-an-hour job at one of W.M. Jordan Co.'s 40 commercial construction jobs, said John Robert Lawson, whose father helped start the Newport News company.
Lawson, 57, said that he has known Vick for more than 10 years and that they have been involved in charitable work together. He said Vick's representatives approached him when the former hometown hero was turned away by other employers.
"I believe all of us make mistakes, and once you've fulfilled your commitment and paid the price, you should be given a second chance," Lawson said in a telephone interview. "He's not a bad person. He made some bad choices."
Here's coverage from Kay Young and our friends at WAVY-TV...
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