FAYETTEVILLE — Arkansas Coach John L. Smith has a $24.5 million deficit between his financial liabilities and assets according to documents filed Wednesday in U.S. Bankruptcy Court.
Smith filed for Chapter 7 bankruptcy Sept. 6 after it was reported in July he was likely to do so because of financial difficulties resulting from real estate investments in Kentucky — when he was Louisville’s coach in 1998-2002 — that went bad when the recession hit.
Court documents show Smith has $25.68 million in liabilities and $1.22 million in assets, most in retirement funds. He listed $300 in cash on hand and $500 in his checking account, according to court documents.
Smith was hired as Arkansas’ interim coach in April with a 10-month contract worth $850,000. He lists $9,278 in monthly net income and $27,620 in monthly expenses, the court documents show.
Sports, Pages 24 on 09/20/2012