Despite success on field, Michael Vick still faces massive debt

   Michael Vick(notes) paid his debt to society. Now he's trying to pay back his massive debt to creditors.Despite earning $4.1 million since signing with the Philadelphia Eagles, Vick lives on a shoestring budget set for him by a court-appointed trustee. Most of his salary goes toward paying back creditors Vick owed before entering federal prison. Those creditors, which include banks, former business colleagues and former endorsement partners, were protected because of Vick's 2008 filing for Chapter 11 bankruptcy. 

A 112-page, court-approved document serves as Vick's "reorganization plan." It was uncovered by ESPN legal analyst Lester Munson.

Among the facts Munson discovered in the plan:

• Two-thirds of every dollar Vick earns goes to creditors and taxes.

• The rest of the money is strictly controlled. Think of it as an allowance.

• Vick can spend $4,250 per month on rent and utilities and $472 per month on a car. His mother, who was on Vick's payroll during his headier, pre-prison days, can receive $2,500 per month.

• Other obligations Vick owes include mortgages, child support, fees for his agent (who gets $800,000 through 2015) and for his tax lawyers (who will eventually receive a total of $2.6 million). The allowance does allow for Vick to pay $1,355 per month for private school for the two children he has with his fiancee, Kijafa Frink. (Munson calls it a "rare bit of extravagance.")

• His creditors stand to receive $12 million through 2015, provided Vick continues to receive a multi-million dollar salary. Munson also writes that before Vick filed for bankruptcy, he frantically gave away $5 million to family and friends so that creditors couldn't get to it. The court-appointed trustee is trying to recover that money, which was given to Vick's friends, family and the mothers of Vick's children. This is being done via a lawsuit, meaning that the man in charge of Michael Vick's money is also suing Michael Vick's family. (Though Munson says a judge will likely rule in the trustee's favor, recovering the money will be a much more difficult matter.)

There have been countless reports about Vick's financial woes since he first got into legal trouble for running an illegal dogfighting ring, but Munson's story is the clearest picture yet of what Vick still has to go through. To watch a broadcast of Vick's games and hear announcers rave about his recovery, you'd think everything was behind him. This document says otherwise.

The more money Vick makes, the more money goes to creditors. A salary under $2.5 million would force Vick to pay 25 percent. That percentage jumps to 40 if Vick signs a deal worth $10 million or more per season.

This path to financial redemption follows the same road that led to Vick's personal reclamation. In both, he made stupid mistakes and then compounded them by being dishonest once authorities found out. After serving his time, though, he's dedicated himself to making up for his past misdeeds. It's not heroic, per se, but it's admirable. He could have run away like he does so often on the field. Instead, he appears to be trying to make it right.

It's ironic. Vick's success on the football field is what caused him to get in trouble in the first place. That same success is now helping him get out of it.

Doug E. Fresh Owes Over $2 Million In Taxes

    Hip-Hop pioneer Doug E. Fresh's tax records have reportedly leaked online and show him owing over $2 million to the government.Eighties rap icon Doug E. Fresh is facing fresh financial woe after receiving a bill for more than $2.27 million in allegedly unpaid taxes.

The hip-hop star, real name Douglas Davis, had a lien filed against him by Internal Revenue Service (IRS) authorities in New York City in October 10th according to the Detroit News.Davis allegedly owes $2,276,848 in delinquent taxes making him the latest of many rappers who seem to be having tax trouble.

However, It's not the first time The Show hitmaker  has fallen foul of tax agents,  in 2008, he was being chased by the IRS for $367,000.

Bow Wow talks about is sucidial tweets

  Bow Wow dropped by WKYS 93.9 radio station yesterday evening to discuss his suicidal twitter rant, Young Money, Kat Stacks (who has gone into oblivion) and former B2K member Raz B. Last month, Bow Wow posted a message to his twitter that read “I swear I be wishing I was dead sometimes because I feel like that is the only way I’ll get peace“, however, he told Angie Ang that he wasn’t exactly suicidal:

All I know is the business. I didn’t have time to play football or none of the regular stuff so at times it haunts you because of course you are going to be unbalanced. You’ve never seen the other side. I want balance. I’ve only seen one side of life, I want to see the other side. It’s not by choice, it’s just how it is. Some days I wake up and I do want to fit in sometimes. I shop at Target and people look at me like “why are you in here”…so what I can’t shop at Target? So that’s how I meant it, it wasn’t “I’m about to go kill myself right now”.

Porn Star Claims Tiger Woods Paid Her Off, Pulls Sex Tape Off Market

   The porn star selling a purported sex tape of herself with Tiger Woods claims the golf superstar paid her off not to release it, and so she's closing a Web site that has been accepting orders for weeks.

Devon James claimed she recorded a sexual encounter with Woods and has been accepting MasterCard, Visa and Paypal on her Web site, where the tape was listed for $19.99. The Web site said the tape was shipping to buyers on December 1.

Several people who ordered the tape told RadarOnline.com that they never received it and had not heard anything about it. Late Tuesday, we contacted Devon's husband Nick Janette and he told us that the couple was paid off by Tiger and the tape would not be released.

"Our settlement is done so we're not releasing a tape," Nick told RadarOnline.com. He claimed that the couple would have the settlement money by the end of the week.

But RadarOnline.com learned from sources close to the situation that there is no settlement, and there NEVER was talk of a settlement.

Those sources, who are in a position to know, said Devon and Nick's story about the settlement is pure fiction.

James and her husband repeatedly refused to show RadarOnline.com any portion of the alleged tape or even a screen grab. They told various stories during the past few months, were often caught in outright
contradictions and ridiculous claims.

Now Jannette tells RadarOnline.com that everyone who ordered the tape has had their money refunded, except for 25 people who filed a claim for their money. But two RadarOnline.com  staff members who purchased the tape have yet to have their $19.99 refunded. Both had their credit cards charged, but the merchandise failed to ship on the Dec. 1 deadline, as the Web site had promised.

On the Web site the shipping date was pushed back multiple times, most recently stating that the delay was due to the high volume of sales. But when Jannette spoke to RadarOnline.com on Tuesday, he seemed to forget that and said the date was delayed "because we didn't know if we would have a settlement or not."

When we pointed out the obvious contradiction that he delayed the tape's shipment to finish negotiations versus the site's claim that it was delayed due to an overwhelming number of orders, Nick insisted: "We didn't lie. We did have high demand. We had 180,000 buys.

"We didn't really know what to do. That was our reason. I didn't want to cancel our orders and not have a settlement, so that's what we decided to do.

"That's not lying." Jannette also says he and Devon -- who have filed for bankruptcy -- didn't take any money from the orders placed. But when one RadarOnline.com employee attempted to get his money back, the couple told him to file a complaint with PayPal, which promised to take the matter up with the vendor.

However, the Jannettes have yet to respond to PayPal, we've learned. RadarOnline.com exclusively revealed that Devon's former manager Gina Rodriguez said the tape didn't exist and was a scam by the couple.  "This is definitely a scam and I would advise anyone thinking of buying it to not send sending in your money for pre-order," Gina Rodriguez told us previously.

"Because the tape does not exist and if they have a tape, it's not Tiger."

Rodriguez went on to say that everything James "has said and done thus far has been a lie." The sex tape Web site will be coming down later this week but that hasn't stopped Nick from continuing to make ridiculous statements. "You've got to realize that the site was generating so much traffic that we were in the top 1% of all internet websites in the world," he told RadarOnline.com.

Internet traffic statistics prove that statement is not even close to being true.

Jannette's attorney did not return a phone call from RadarOnline.com seeking comment.

Janette confidently told us he isn't worried about being to be sued for fraud -- by Woods or by those who ordered the alleged tape.

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Im fortunate to be dating my dream woman

         

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       “I don’t date Janet Jackson. She is my girlfriend; there is a difference. She is a very special and talented woman who never ceases to amaze me” -Wissam Al Mana in VMAN

I don’t know much about Janet Jackson’s boyfriend Wissam Al Mana, but he seems like a special type of guy who’s not afraid to openly express his feelings for her. In a recent feature for Harper’s Bazaar November Issue, we find out more about the 36 year old billionaire including what he does for a living, how he likes to dress and what he considers his dream girl.

I think a man’s dream woman changes as he goes through different stages in his life. I’m fortunate to be dating my dream woman now.             

    Career in a nutshell:

I work in a family business founded by my late father over 60 years ago. Today our group comprises over 50 companies in the Gulf region in real estate, automotive distribution, engineering and construction, retail, food services and media, and is managed by my two brothers and I. In 2004 I wanted to expand our retail division nto luxury. Today, our luxury division comprises of over 40 stores in the Gulf, representing brands such as Dolce & Gabbana, Giorgio Armani, Hermès, Balenciaga, Chloé and Roberto Cavalli. We have also developed two Saks Fifth Avenue department stores, one in Dubai and the other in Bahrain, with plans to open more.

How did you pick your career path:
I spent many years growing up in London where I developed an early love of fashion and remember applying for a job at every fashion boutique on the Kings Road. At 14 I finally found a weekend job at a multi-brand store. I really enjoyed it and began to acquire an insight into the world of retail that would prove crucial for my career.

Who is your career role model:
My father was a very humble and down to earth man, and was known for being very honest and trustworthy. He taught us many great values such as to treat our employees with dignity and respect.

What ambitions do you harbour:
I would like to get more involved in art, photography and design. I would also like to get more involved in philanthropy and maybe take some time off everything to do just that.

What do you wear to work:
I’m usually wearing a pair of jeans by Dior, PRPS or Dolce & Gabbana. An Hermès or Balenciaga hoodie, Rick Owens tank top and leather jacket with a pair of sneakers or Louboutin hi-tops. Sometimes I wear a suit – only Giorgio Armani made to measure – with an Hermès shirt, belt and shoes. When I’m in the GCC I like to wear my traditional attire; thobe and ghutra, which is so comfortable and I love the fact that it’s tailor made and you can choose between different fabrics. Besides, it’s part of my culture and heritage.

Who is your dream woman:
I think a man’s dream woman changes as he goes through different stages in his life. I’m fortunate to be dating my dream woman now.

What is your dream boy’s toy:
Ha! That’s funny because my girlfriend [singer Janet Jackson] just bought me the most amazing gift; a 1964 Lincoln Continental convertable with suicide doors… and it’s in mint condition. That’s my ultimate boy’s toy.

Is greed good:

Greed is terrible. I think we need to learn how to be content with what we have. Money doesn’t buy happiness, nor do material things.                 

Tiny Talks Communicating With T.I. In Jail

     

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T.I.'s wife Tiny is continuing to hold him down with interviews and promotion for his new album No Mercy.

As previously reported, Tip's latest project hit stores Tuesday while the Grand Hustle head remained behind bars for probation violation.

On Wednesday Tiny took to V-103 Atlanta as a guest on the “Ryan Cameron Show” to speak on the King's latest project and assure fans that he was in good spirits.

She tells hosts Ryan Cameron and Rashan Ali,

“He's doing pretty good…I think he's excited about the album coming out.”'

Tiny also adds that the happy couple talk at least twice a day and are allowed to send and receive emails.

“He calls about twice a day and we email throughout the day…He can't go on the internet and look at websites, he can only email people that are on his list…it takes an hour to get there and an hour to get back.”

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