Posted 10/3/2012 04:04 pm
Updated 1 year ago
Razorbacks head football coach John L. Smith has amended his bankruptcy filing Wednesday to show $40.7 million in debt, up from the $25.7 million he showed in his original filing.
The amendment filing in U.S. Bankruptcy Court in the Western District, also shows that he has $1.3 million in assets. Smith's original filing on Sept. 19 reported $1.2 million in assets.
ArkansasSports360.com has the complete bankruptcy filing here. You can also access the filing here.
The amended document now shows an additional $15 million owed to Branch Banking & Trust in Louisville, Ky. In his earlier filing, Smith listed the debt as "unknown." The debt, which Smith had personally guaranteed, is tied to Terra Springs LLC, a residential real estate investment entity in Louisville, Ky.
"Don't know the exact amount of debt, but is in excess of $15 million," the filing said. "This debt may have been sold to others."
The filing said Smith is disputing this amount.
Wednesday's amended filing also shows that Smith recently cashed in a life insurance policy, stocks and an annuity held with his wife to pay bills.
Smith and his wife cashed an annuity worth $141,715 in August and split the money. The coach used $50,000 of his portion to pay "various obligations," including taxes and attorney fees, according to the filing. He paid $20,000 to the Jacoway Law Firm in Fayetteville to handle his bankruptcy.
Smith and his wife also sold stocks worth $47,276 and divided the money. The bankruptcy filing also showed that Smith cashed in a portion of a life insurance policy worth $11,605 in August.
In his original bankruptcy filing, Smith reported having $300 cash on hand and $500 in his checking account. The amended filing now shows Smith with more than $22,000 in checking.
Creditors holding the biggest unsecured claims against Smith are a trio of Louisville, Ky., entities: Terra Springs, 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 judgment issued in April.
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 in Ogden, Utah.
Smith earned $9,147 from Weber State in 2011 and $35,644 from the college this year.
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.
Smith received $215,922 from the UA in 2011 and has received $134,832 from the college so far this year, the filing shows.