John L. Smith might be imploring others to smile these days, but a quick glance at the Arkansas football coach's finances reveals nothing so humorous. Smith recently filed for Chapter 7 bankruptcy, and documents filed today in federal court show that he has only some $1.2 million in assets, compared to more than $25 million in liabilities. He's making $850,000 as part of his 10-month contract to coach Arkansas, so it would appear Smith has quite a long-term problem here.
USA Today's Brent Schrotenboer has the details:
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. American Express is claiming $10,810.
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.
As for Bobby Petrino's whereabouts these days? One can only speculate.
Arkansas coach owes $25 million, court filings show [USA Today]