Hogs’ Coach Doesn’t Bring Home the Bacon
On Wednesday, Arkansas interim head coach John L Smith filed for Chapter 7 bankruptcy in federal court. Smith claims to owe $25.7 million in liabilities and represents he has merely $1.2 million in assets.
The former Michigan State head coach is currently earning being paid $850,000 to coach the Arkansas Razorbacks. Smith replaces Bobby Petrino who was dismissed after cavorting with a student-athlete volleyball player/Bob’s Your Uncle staffer.
Brent Schrotenboer reports in USA Today that Smith, “has just $300 in cash on hand and $500 in his checking account, the bankruptcy documents show.
Smith estimates the only real property he owns as worth $2,000 from a “1/4 interest in deceased parents real estate — 8 acres in Iona, Idaho worth $8,000.00 (total).”
Smith, 63, publicly disclosed in July that he faced financial problems stemming from real estate investment losses he suffered when he was head coach at Louisville from 1998 to 2002.
The latest court filing shows the extent of those difficulties. The biggest claim against him is $20 million from Terra Springs LLC, in Louisville. Republic Bank and King Southern Bank in Louisville claim $2 million and $902,000 respectively. American Express is claiming $10,810.”