by Lance Turner
Posted 9/19/2012 07:08 pm
Updated 1 year ago
Bankruptcy documents filed Wednesday show Razorbacks football coach John L. Smith owes $25.7 million and has $1.2 million in total assets, mostly in retirement funds.
Smith first revealed he'd have to file bankruptcy in July, citing land deals in Kentucky that turned sour. He made a preliminary Chapter 7 filing on Sept. 6.
Documents filed Wednesday in the Western District of Arkansas list Smith's assets, liabilities and unsecured creditors. Assets include $2,000 in real property and $1.2 million in personal property, including retirement holdings, home furnishings and memoribilia. The documents also show the coach as having $300 cash on hand and $500 in his checking account.
Creditors holding the biggest unsecured claims are a trio of Louisville, Ky., banks: Terra Springs LLC, for $20 million; Republic Bank, for $2 million; and King Southern Bank, for $902,000.
He also owes John D. Rhodes of Louisville more than $865,000 after a legal judgment issued in April.
Other creditors include the Arkansas Department of Finance and Administration, the Internal Revenue Service, the Kentucky Department of Revenue and the Utah State Tax Commission.
The University of Arkansas hired Smith in April to replace Bobby Petrino, who was fired in April. Smith had been an assistant coach under Petrino for three seasons before leaving the UA in December to coach at Weber State.
Long has said Smith was up front about his financial problems during the hiring process.
Smith has a 10-month, $850,000 contract with the UA. Wednesday's filing show Smith's monthly income at $19,856.58. After payroll deductions, Social Security, retirement savings and other witholdings, he takes home $9,277.79.
But Smith's average monthly expenses total $27,620, the biggest amount -- $11,666 -- going to Dr. Mushtaque Juneja of Louisville, a creditor claiming $200,000 against Smith.
Those expenses also include a $545 rent or mortgage payment, $2,000 for food and more than $7,000 in installment payments. Those payments include $5,000 in attorney fees and $2,000 in American Express credit card payments.
Full DocumentJohn L Smith Bankruptcy Documents