Thursday, September 20, 2012
John L. Smith has debt over $25 million
By Edward Aschoff
New documents filed in Arkansas coach John L. Smith's bankruptcy show he has debts of more than $25 million and assets of just over $1.2 million.
Smith filed for Chapter 7 bankruptcy earlier this month after real estate investments he made in Kentucky didn't pan out. The documents filed show Smith's biggest assets are two retirement accounts worth about $600,000 each. Smith claims both are exempt from liquidation.
The largest debt listed is $20 million owed to a business in Louisville, Ky., called Terra Springs LLC.
According to ArkansasSports360.com, Smith's assets include $2,000 in real property and $1.2 million in personal property, which include retirement holdings, home furnishings and memorabilia.