Arkansas coach John L. Smith holds over $27 million in debt - ABC 33/40 - Birmingham News, Weather, Sports

Bankruptcy filings show Arkansas coach John L. Smith has over $27 million in debt

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John L. Smith's financial woes began while he was coaching at Louisville.  (AP) John L. Smith's financial woes began while he was coaching at Louisville. (AP)

Arkansas head coach John L. Smith is having a tough time right now trying to get his temporary team back to their winning ways, but that challenge is minuscule compared to his lawyer's battle to clear Smith of $27.5 million in debt in bankruptcy court. 

Not to mention, Smith wants to keep $1.2 million in retirement accounts as well as some property he owns.

Smith's problems began while coaching at Louisville after investments in real estate began to go south, eventually leading to his recent Chapter 7 filing.

Smith's largest debtors listed in court papers filed on Wednesday:

  • $20 million Terra Springs LLC in Louisville, KY
  • $2 million to Republic Bank in Louisville, KY
  • $906,000 to King Southern Bank in Louisville, KY
  • $10,000 American Express

Smith's up-to-date 2012 earnings:

  • $115,000 of his $850,000, 10-month contract with Arkansas
  • $35,643 from Weber State before departing to Arkansas
  • $9,810 from Nike
  • $1,057 from a football camp

His two retirement accounts are reportedly worth about $600,000 each.  He has listed the two accounts and household furnishings as exempt from bankruptcy proceedings.

The long-time college coach has a meeting with creditors at U.S. Bankruptcy court in Fayetteville on Oct. 12.

The always colorful Smith told the media to smile this week at his weekly press conference or he wasn't going to talk to them.  Talk about an optimist. 

 

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