Found September 20, 2012 on 60 Max Power O:
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University Of Arkansas head football coach John L. Smith is coaching on a 10 month contract, and the details of that contract won’t be nearly enough to satisfy the countless debts he owes.

According to USA Today John L. Smith owes creditors more than $25 million in liabilities stemming from real estate losses he suffered while he was the coach of Louisville from 1998-2002.

Smith filed bankruptcy documents in federal court Wednesday, and the details are extremely disheartening.

Smith has $1.2 million in assets which are tied up in retirement funds and other ventures.

In those court documents Smith admitted to have $300 to his name in cash and another $500 in his checking account.

The only real estate the interim coach owns is 8 acres of property in Iona, Idaho that belonged to his deceased parents valued at $8000.

The biggest claim against Smith is valued at $20 million from Terra Springs LLC, in Louisville.

Smith to his credit is facing this head on and is honest about the toll it has taken on him.

There have been some sleepless nights trying to get this resolved,” Smith said then. “There comes a point in time where you say ‘Enough is enough,’ and I want it cleaned up and whatever we have to do, we have to do.”

Be sure to check out other great articles at BlackSportsOnline.

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