John L. Smith officially files for bankruptcy
Back 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.