No wonder this team is a disaster
Arkansas head football coach John L. Smith has $25.7 million in liabilities against only $1.2 million in assets, most of which is tied up in retirement funds, according to bankruptcy documents filed Wednesday in federal court.
EnlargArkansas head coach John L. Smith discl
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The documents detail the grave financial problems facing Smith, who filed for Chapter 7 bankruptcy on Sept. 6.
He 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. AMX is claiming $10,810.
At Arkansas, Smith has a 10-month contract for $850,000. He is paid $19,857 monthly, with $7,964 taken out in payroll taxes and $2,614 taken out for various insurance deductions, the documents show.
He lists $9,278 in monthly net income but $27,620 in monthly expenses, including a $11,666 note to Mushtaque Juneja, a doctor in Louisville, and $5,000 to four different law firms.
Chapter 7 bankruptcy is used to liquidate debts. Among the other assets Smith lists are: $5,000 in home furnishings, $2,500 in memorabilia rings and watches, $900 in books and pictures, $950 in clothing and accessories and $200 in golf clubs and a shotgun.
Arkansas head football coach John L. Smith has $25.7 million in liabilities against only $1.2 million in assets, most of which is tied up in retirement funds, according to bankruptcy documents filed Wednesday in federal court.
Nelson Chenault, US Presswire
Arkansas head coach John L. Smith disclosed to the school before he was hired as interim coach that he would be filing for bankruptcy stemming from bad real estate investments in Kentucky.
EnlargArkansas head coach John L. Smith discl
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The documents detail the grave financial problems facing Smith, who filed for Chapter 7 bankruptcy on Sept. 6.
He 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. AMX is claiming $10,810.
At Arkansas, Smith has a 10-month contract for $850,000. He is paid $19,857 monthly, with $7,964 taken out in payroll taxes and $2,614 taken out for various insurance deductions, the documents show.
He lists $9,278 in monthly net income but $27,620 in monthly expenses, including a $11,666 note to Mushtaque Juneja, a doctor in Louisville, and $5,000 to four different law firms.
Chapter 7 bankruptcy is used to liquidate debts. Among the other assets Smith lists are: $5,000 in home furnishings, $2,500 in memorabilia rings and watches, $900 in books and pictures, $950 in clothing and accessories and $200 in golf clubs and a shotgun.
