Not all memorabilia stories have happy endings.
Micheal Vick owes Georgia-based Radtke Sports $550,000 for an autograph deal signed before his conviction on dog fighting charges.
Vick’s legal troubles have made it impossible for him to fulfill the obligation to the company, which paid him to sign a large number of autographed memorabilia pieces for resale.
The news comes as Vick filed for bankruptcy this week. Radtke is one of a number of creditors Vick owes.
In Chapter 11 documents filed Monday in federal court in Virginia, Vick cites debts of between $10 million and $50 million with assets in the same range.
In the court documents, Vick lists seven creditors, including his former employer, the Atlanta Falcons, that are owed a total of $12.8 million. The debt to the Falcons is for $3.75 million, listed as a prorated signing bonus. The documents indicate the claim is disputed.
Vick is currently serving a 23-month prison sentence in Leavenworth, Kan. for his guilty plea in federal court to felony charges related to dogfighting. His release date is July, 2009.
"He is in the process of paying his debt back to society for the federal prosecution," said Peter R. Ginsberg, Vick’s attorney with the New York firm of Crowell and Moring told the Atlanta Journal-Constitution. "This will give him the opportunity when he gets out to start his life fresh."
The 25 year-old man arrested last year for biting his mother after she confronted him about a collection of baseball and hockey cards he was supposed to sell to pay a debt to her has now been arrested on rape charges in Massachusetts.