Posted: Sep 20, 2012 10:43 AM
Source: Associated Press
FAYETTEVILLE, Ark. - New documents filed in Arkansas coach John L. Smith's bankruptcy show he has debts of more than $25 million and assets of just over $1.2 million.
Smith filed for Chapter 7 bankruptcy earlier this month after real estate investments he made in Kentucky went sour. The documents filed Wednesday show Smith's biggest assets are two retirement accounts worth about $600,000 each. Smith claims both are exempt from liquidation.
The largest debt listed is $20 million owed to a business in Louisville, Ky., called Terra Springs LLC.
Smith has said he made land investments when he was coaching Louisville from 1998-2002 and that he and other investors lost money when the real estate market tanked.
After Arkansas fired Bobby Petrino, Smith accepted a 10-month contract worth $850,000 to lead the Razorbacks.