Vick revises bankruptcy plan regarding his attempt to return to the NFL

Michael Vick would have to keep a court official informed about his attempts to be reinstated by the National Football League after his release from prison, according to a revised bankruptcy plan proposed by his lawyers.

The amended Chapter 11 reorganization plan was filed today in U.S. Bankruptcy Court in Newport News. A committee representing Vick's creditors endorsed the plan and urged the creditors to vote for its confirmation.

Vick, once the NFL's highest-paid player, said in a November disclosure statement that he expected to resume his career after serving his 23-month prison term for bankrolling a dogfighting conspiracy. His plan for paying his debts is premised on again earning a big salary.

Vick's major creditors complained last month that they had no real assurance Vick would be able to achieve that goal.

"The creditors are obviously interested in Michael's moneymaking prospects in the near future," said Peter Ginsberg, Vick's bankruptcy attorney.

For that reason, the revised bankruptcy plan includes a provision requiring Vick to provide the trustee overseeing liquidation of his assets with "detailed information" about his progress toward NFL reinstatement. That information, according to the plan, will be kept confidential.

To return to the league, Vick must have his suspension lifted by NFL Commissioner Roger Goodell. To date, Goodell has not said whether he would consider reinstating Vick. Even if his path to the league is cleared, it is unclear whether any team would offer a contract to Vick, who is certain to attract negative attention from animal-rights activists and a broad cross-section of the public.

The NFL provision is part of an entirely new section of the bankruptcy plan titled "Covenants of the Debtor." The section spells out other Vick duties, including that he cooperate with the liquidating trustee in locating and disposing of assets.

The disclosure statement submitted in November listed real estate holdings, luxury cars and boats, business interests, bank accounts and expenses to support a large extended family. However, it also showed millions in unexplained cash withdrawals and transfers.

Vick is scheduled to be released from federal custody around July 20. Ginsberg said today that lawyers are still working on getting Vick transferred to a halfway house in Virginia, perhaps as early as Jan. 20.

U.S. Bankruptcy Judge Frank Santoro has ordered Vick's appearance at a bankruptcy hearing Jan. 30 in Newport News.

Vick filed for federal bankruptcy protection in July, claiming assets of $16 million and liabilities of $20.4 million.