87°
Baton Rouge, Louisiana
3 Day Outlook
Thu
93°
73°
20%
Fri
94°
73°
20%
Sat
97°
74°
60%

Latest Weather Blog

Follow our weather team on social media

Arkansas coach Smith bankruptcy shows $25.7M debt

2 years ago September 20, 2012 Sep 20, 2012 Thursday, September 20 2012 Thursday, September 20, 2012 9:43:51 AM CDT in Sports
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.

More News

comments powered by Disqus

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
Radar
7 Days