Suspended NFL quarterback Michael Vick has submitted a revised bankruptcy plan that funnels more of his future earnings to creditors, though a judge did not immediately rule on the proposal. Vick filed the new Chapter 11 plan yesterday in U.S. Bankruptcy Court in Newport News. A judge rejected Vick’s original plan in April. The new plan also ensures creditors will get some money even if Vick can’t resume his NFL career.

An attorney for General Motors urged a bankruptcy judge yesterday to approve the automaker’s sale plan, saying that the only other alternative would be a liquidation of the company’s assets that would have “horrific” consequences. But an attorney for a trio of bondholders opposed to General Motors’ sale told the judge to call the government’s bluff and require the automaker to restructure itself through a more traditional Chapter 11 process instead of through the quick sale of its assets.

A bankruptcy judge ruled yesterday that a group of dissident General Motors Corp. bondholders challenging the automaker’s plan to sell its assets to a new company don’t need their own official committee. Judge Robert Gerber denied the request of the Unofficial Committee of Family & Dissident GM Bondholders, saying the group is already represented by the unsecured creditors committee. It is made up of 15 members representing a variety of GM stakeholders, such as its unions, suppliers, dealers and bondholders.

A handful of employees still working at LandAmerica Financial Group Inc., a one-time Fortune 1000 company, could get a total of nearly $500,000 in incentive bonuses as the firm winds down operations. Approved yesterday in U.S. Bankruptcy Court in Richmond, the plan identifies 17 “key” employees who would be eligible for extra money if they meet certain goals, such as selling off subsidiaries, closing businesses down, or meeting tax-filing requirements.

Eddie Bauer Holdings Inc. is seeking Chapter 11 bankruptcy protection, the latest retail casualty of the recession.

LandAmerica Financial Group Inc. is readying to battle some banking giants over investment advice the title insurer now claims led to its undoing. Attorneys for the bankrupt Henrico County-based company have asked to hire a New York law firm to investigate and pursue claims that the company was misled when investing in auction-rate securities. A hearing on the request is scheduled Thursday in U.S. Bankruptcy Court in Richmond.

Here are the major players in the real estate investment venture that promised high returns:

• Donald C. Lacey, a former Henrico County police officer, ran 33 limited liability companies that bought and renovated fixer-uppers using investors’ money.

NORFOLK—A judge who rejected Michael Vick’s first bankruptcy plan warned the suspended NFL quarterback’s lawyers yesterday that they have just one more chance to file a workable proposal for repaying the millions he owes to creditors. As Vick sat silently in the front of the courtroom, U.S. Bankruptcy Judge Frank Santoro set a July 2 deadline for submission of a revised Chapter 11 plan. A hearing to confirm or reject the plan was set for Aug. 27.

Located: Henrico County
  President: Joseph R. Audi
  Operations: Started in 1983 by the Prospect family
  Sales: 114 residential units, nearly $36 million in sales in 2008
  Communities: 16 in Chesterfield, Hanover, Henrico, Louisa and Prince George counties and Farmville

Prospect Homes of Richmond Inc., one of the area’s largest builders, has filed for bankruptcy protection. “This is a reflection of the market,“ said Roy M. Terry Jr. of DurretteBradshaw law firm in Richmond, which is representing the Henrico County-based home builder. Sales of newly built homes are just beginning to inch up after hitting new lows in January, according to the National Association of Home Builders.

Even though the companies are in bankruptcy and mere shells of their former selves, shares of Circuit City Stores Inc., Chesapeake Corp. and LandAmerica Financial Group Inc. are still trading. Shares of these firms are no longer listed on the New York Stock Exchange. Instead, the stocks trade over the counter and for pennies per share.

Automaker’s bankruptcy filing today is the fourth-largest in U.S. history and the largest for an industrial company. GM pledges continued warranty coverage, service and customer support.

Chrysler CEO Robert Nardelli said he expects the sale of the bulk of Chrysler’s assets to a group headed by Italy’s Fiat Group SpA to close today, assuming the judge overseeing the automaker’s bankruptcy protection case approves the deal.

DETROIT (AP)—General Motors bondholders felt they deserved something like a 58 percent stake in the company in exchange for their billions of dollars in debt. What they were offered wasn’t even close.

The LandAmerica Financial Group Inc. estate will be $28.5 million richer after the approval to sell six subsidiaries yesterday. U.S. Bankruptcy Court Judge Kevin R. Huennekens gave the OK for the bankrupt company to sell two Virginia subsidiaries, LoanCare Servicing Center Inc. and LC Insurance Agency Inc., to Fidelity National Financial for $16.3 million.