Originally posted on 60 Max Power O  |  Last updated 9/20/12

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.

GET THE YARDBARKER APP:
Ios_download En_app_rgb_wo_45
MORE FROM YARDBARKER

WATCH: Bubba Watson's caddie owns heckler at PGA Championship

NFL denies sending Donald Trump letter about schedule

Michael Bennett calls out NFL stars for not speaking up on social matters

Nationals make astute move in acquiring Melancon

Son of former NFL player Antonio Armstrong charged with death of parents

LIKE WHAT YOU SEE?
GET THE DAILY NEWSLETTER:

U.S. Senator “appalled” by Bettman’s stance on concussions

Team USA’s Opening Ceremony uniforms look a little treasonous

Lawyer who reps concussion lawsuit wants to speak with Bettman

Tyler Eifert says he will never play in the Pro Bowl again

Australian athletes evacuate the Olympic village after fire

Russian weightlifting team banned from Rio

Texans GM 'disappointed' in DeAndre Hopkins

Can Andre Johnson end his regression in Tennessee?

Favre opens up about painkiller addiction during career

Miami women’s basketball coach criticizes Texas A&M following slideshow

Twin Cities preparing for influx of sex trafficking during Super Bowl LII

WATCH: Bautista bat flip will be available as NHL 17 celebration

Former USMNT, current MLS forward Davies battled cancer, in remission

The definitive guide to U.S. Men's Basketball at Rio 2016

Tony Romo training camp picture leads to fat jokes, concern

Matt Cullen’s family eats cereal out of the Stanley Cup

Texas A&M suspends coaches for sexist slideshow

10 most dangerous college football defenders in 2016

College Football News
Delivered to your inbox
You'll also receive Yardbarker's daily Top 10, featuring the best sports stories from around the web. Customize your newsletter to get articles on your favorite sports and teams. And the best part? It's free!

By clicking "Sign Me Up", you have read and agreed to the Fox Sports Digital Privacy Policy and Terms of Use. You can opt out at any time. For more information, please see our Privacy Policy.
the YARDBARKER app
Get it now!
Ios_download En_app_rgb_wo_45

Dr. Phil calls out the Patriots for their cheating ways

Everything that's already gone wrong at the Rio Olympics

Amar'e Stoudemire's presence (and absence) changed the NBA

We asked Team USA: What other Olympic sport would you play?

Why Gary Bettman's CTE denial is cause for concern for NHL

WATCH: Inside the Nike SNKRS BOX in SF for Golden Air Celebration

WATCH: Five other uniforms Chris Sale should cut up

QUIZ: Name every Olympic event in which the USA has never won a gold medal

Five U.S. Olympians favored to win multiple gold medals

WATCH: What teams should join the Big 12?

Today's Best Stuff
For Publishers
Company Info
Help
Follow Yardbarker