APBack in July, Arkansas coach John L. Smith told the Associated Press that, because of some shabby real estate investment deals he made in the state of Kentucky more than a decade ago, he planned to file for bankruptcy.
Since everything needs confirmation these days, the AP has reported again that Smith has indeed filed for Chapter 7 bankruptcy to liquidate his debts. “Documents filed in U.S. Bankruptcy Court in the Western District of Arkansas show Smith has assets of between $1 million and $10 million and debts of between $10 million and $50 million,” per the AP.
Smith began investing in real estate when he was head coach at Louisville from 1998-2002.
Smith has a 10-month contract with Arkansas and was hired after Bobby Petrino was fired this spring. The Hogs are 1-0 under Smith so far.
And his salary is?
his current deal is 10 months for $850k…..Im sure once all his property is liquidated and his ch 7 is discharged, he will sign a big deal in 2013, should Arkansas decide to keep him around