Michael Vick's signing bonus
THC
Posts: 525
I have to say...I think it is unbelievable that the Falcons can get back Mike Vick's singing bonus from several years back. A bonus in any career is an incentive an organization makes in order for you to sign w/ them. If there were no bonus...you would theoretically have a larger base salary.
In no other occupation could your employer go after a bonus they gave you years ago. Has any stock broker who falls due to insider trading or something, ever had the christmas bonus of three years ago taken back legally through the courts?
Its hypocrytical at best, and it should not be legal....
In no other occupation could your employer go after a bonus they gave you years ago. Has any stock broker who falls due to insider trading or something, ever had the christmas bonus of three years ago taken back legally through the courts?
Its hypocrytical at best, and it should not be legal....
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You're getting hung up on semantics.... It's not a bonus like a christmas bonus, or one for a great job done on a big project... It's upfront money for the future length of the contract. While it is "from several years back", it is for his current contract, it's not like they are going after money from a previously fulfilled contract.
I've never read Vick's contract, but I would guarantee it's spelled out very clearly that the team can recoup a portion of the signing bonus if he violates terms of the contract.
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
Well there is obvious some language in the contract that gives them the right because the lawyers for the Falcons are going on the basis that some of the money they gave Vick was used to finance his illegal hobby.
It isn't a done deal yet but from what I have read they have a good chance at getting the bonus money back, which they desperately need from the standpoint of rebuilding their team.
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see the CBA, they HAVE to get it back he is costing them 15% of thier Salary Cap next year if they don't have the money in hand. Basically the reason these guys get bonuses is to work around the regulations of the salary cap which have strict regulations around dates of the year and lengths of contract. You get a certain amount of money a year you can spend on your football team this keeps anyone team from being the New York Yankees but it also forces teams to evaluate talent well to be effective... the Falcons (Rich Mckay) suck at it.
All he had to do to keep it is to his not do anything illegal and show up for work. He's not smart enough to do that so he gets what is coming to him.
I think it's lame it's set up this way, I think the league should say, ok, it was ruled that this amount is what they should recover in cap relief and then let him keep his money, but this is the way the league has set up the process, they Have to get that money back to have money to spend next year. They aren't going after him to be punitive, if they don't get the money he continues to fuck them more than he's fucking them now.
He's going to file for bankruptcy anyway for defaulting on all his loans and the Falcons will be fucked anyhow. He's currently being sued by 4 or 5 different banks.
Typical dumbass with money. If he can't play football his life skills basically have prepared him to be a fry cook, I'm not sure he has the speaking skills to be a cashier. I'm sure Virginia Tech is very proud.
Vick comitted fraud when he signed the contract. He was knowingly engaging in illegal activity (dog fighting) when he signed the contract. And therefore should have to forfeit all bonuses which he has received. Hell I'd argue that he should forfeit any salary as well but the Falcons just want to get cap relief so they can start rebuilding their team.
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That's what I think is stupid... the courts ruled that that portion of his bonus is owed the team, but the league still makes the Falcons actually get the money in their hands before they are relieved of that salary cap hit... It's not the team's fault that Vick is bankrupt and they can't recover the money.
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
I'll agree. It's despicable what he did, but they shouldn't be able to make him return money from a previous year for something he did off the field that has nothing to do with football.
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
that is my point. i think what he did is dispicable. however...the punishment seems extremely excessive. they are trying to get back every cent the guy's ever earned.
-Big Fish
and they can because he defrauded them when he signed the contract.
Admin
Social awareness does not equal political activism!
5/23/2011- An utter embarrassment... ticketing failures too many to list.
Thats why lawyers get paid what they do, somewhere in that contract they have covered their ass and he will have to pay them back.
Pensacola '94
New Orleans '95
Birmingham '98
New Orleans '00
New Orleans '03
Tampa '08
New Orleans '10 - Jazzfest
New Orleans '16 - Jazzfest
Fenway Park '18
St. Louis '22
If he signed a contract that way, then so be it.
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
You got to spend it all