Thursday, September 6, 2012
Arkansas coach files for bankruptcy
LITTLE ROCK, Ark. -- Arkansas coach John L. Smith has filed for bankruptcy protection over debts he incurred through real estate investments in Kentucky.
The Chapter 7 bankruptcy petition was filed Thursday in federal court in Arkansas. Smith told The Associated Press in July he expected to make the filing.
Documents filed in the case show Smith has assets of between $1 million and $10 million and debts of between $10 million and $50 million. A more detailed filing is to come later.
Smith said in July that he began the land investments when he was coach at Louisville from 1998-2002 and that he and other investors lost money when the real estate market softened.
After Arkansas fired Bobby Petrino in the spring, Smith came on board for a 10-month contract worth $850,000.