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Thursday, October 4, 2012
Arkansas coach Smith now lists $40.7M in debt

Associated Press

LITTLE ROCK, Ark. -- Arkansas coach John L. Smith has amended his bankruptcy filing, listing $40.7 million in debts -- up from $25.7 million just last month.

The filing in U.S. Bankruptcy Court in Little Rock on Wednesday shows Smith has $1.3 million in assets. His previous filing listed $25.7 million in debts and $1.2 million in assets.

The difference appears to be $15 million owed to Branch Banking & Trust in Louisville, Ky. The original filing on Sept. 19 listed the amount owed to Branch Banking & Trust as unknown. The latest filing says the exact amount owed is unknown -- but is more than $15 million.

Smith filed for Chapter 7 bankruptcy on Sept. 6 after a series of real estate investments went bad. The largest debt listed is $20 million to Terra Springs LLC of Louisville.