Razorbacks Coach Has $300 Cash, Owes $26 Million
Bankruptcy documents filed Wednesday show Razorbacks football coach John L. Smith owes $25.7 million and has $1.2 million in total assets, mostly in retirement funds.
Smith first revealed he’d have to file bankruptcy in July, citing land deals in Kentucky that turned sour. He made a preliminary Chapter 7 filing in August.
Documents filed Wednesday in the Western District of Arkansas list Smith’s assets, liabilities and unsecured creditors. Assets include $2,000 in real property and $1.2 million in personal property, including retirement holdings, home furnishings and memoribilia. The documents also show the coach as having $300 cash on hand and $500 in his checking account.
Creditors holding the biggest unsecured claims are a trio of Louisville, Ky., banks: Terra Springs LLC, for $20 million; Republic Bank, for $2 million; and King Southern Bank, for $902,000.
To read more, see the original story at ArkansasBusiness.com.