Posted: Oct 9, 2012 10:34 AM
Updated: Oct 9, 2012 10:34 AM
Source: Associated Press
FAYETTEVILLE, Ark. - Arkansas coach John L. Smith appears to have structured the bulk of his $850,000 salary to be paid after the likely end of his bankruptcy proceedings.
Smith, who was hired to a 10-month contract in April, filed for Chapter 7 bankruptcy in early September. An amended filing last week showed the former Michigan State and Louisville coach has $40.7 million in liabilities and $1.3 million in assets.
Smith's original letter of agreement in April called for him to be paid $425,000 in equal month installments from the university and the same amount from the athletic department's fundraising arm, the Razorback Foundation.