A judge who rejected Michael Vick’s first bankruptcy plan warned the suspended NFL star’s lawyers Tuesday that they have just one more chance to file a workable proposal for repaying the mil Lions 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.
Santoro said that if the new plan fails to address the shortcomings that prompted him to reject the first one in April, he will appoint an independent trustee to take over management of Vick’s finances.
“The feasibility of it the last go-round, as I ruled, left something to be desired,” Santoro said.