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Arkansas coach Smith claims over $25M debt in bankruptcy filing

CBSSports.com wire reports
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FAYETTEVILLE, Ark. -- New documents filed in Arkansas coach John L. Smith's bankruptcy show he has debts of more than $25 million and assets of just over $1.2 million.

Smith filed for Chapter 7 bankruptcy earlier this month after real-estate investments he made in Kentucky went sour. The documents filed Wednesday show Smith's biggest assets are two retirement accounts worth about $600,000 each. Smith claims both are exempt from liquidation.

The largest debt listed is $20 million owed to a business in Louisville, Ky., called Terra Springs LLC.

Smith has said he made land investments when he was coaching Louisville from 1998-2002 and that he and other investors lost money when the real-estate market tanked.

After Arkansas fired Bobby Petrino, Smith accepted a 10-month contract worth $850,000 to lead the Razorbacks.

Copyright 2014 by STATS LLC and The Associated Press. Any commercial use or distribution without the express written consent of STATS LLC and The Associated Press is strictly prohibited.
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