Arkansas coach John L. Smith wants everyone to smile. Given that he’s recently filed for Chapter 7 bankruptcy because of some bad real estate investments, you have to give him credit for staying positive — especially when you find out just how much money he actually has (and owes).
Per the USA Today, bankruptcy documents filed Wednesday show that Smith has just $300 in cash on hand and $500 in his checking account. Smith’s 10-month contract with Arkansas pays him just under $20,000 a month. Of that, he lists $9,278 in net income but $27,620 in expenses. In all, he owes $25.7 million in liabilities and has only $1.2 million in assets.
Smith told the Associated Press in July that he was planning to file for Chapter 7 bankruptcy, which designed to liquidate debts.
Smith is a content machine for sites like CFT, and we admittedly have fun at the expense of his, shall we say, demeanor. But the financial struggles JLS is facing? It’s terrible.