((HT: TodaysTHV.com/USA Today, Schroetenboer))
Arkansas coach John L. Smith's has filed for bankruptcy and it's not pretty.
Documents in the case show he has debts of $25.7 million and assets of just over $1.2 million.
Smith filed for Chapter 7 liquidation earlier this month after real estate investments he made in Kentucky went south while he was head coach at Louisville from 1998-2002.
His two biggest assets are retirement accounts worth about $600,000 each that he claims are exempt from liquidation.
The largest debt listed is $20 million owed to a business in Louisville, called Terra Springs LLC. 2 banks claim almost $3-million owed to them and American Express says they're owed over $10,000.
Now we know why he took the quick money of the Arkansas deal- a 10-month contract worth $850,000. If he succeeded, he could get a big-money deal that could alleviate some of those issues...
The piece in the USA Today also has these nuggets:
Smith lists $9,278 in monthly net income but $27,620 in monthly expenses, including a$11,666 note to Mushtaque Juneja, a doctor in Louisville, and $5,000 to four different law firms.
Among other assets he lists: $5,000 in home furnishings,$2,500 in memorabilia rings and watches, $900 in books and pictures, $950 in clothing and accessories and $200 in golf clubs and a shotgun.
As much as in the case of Vince Young, the HQ simply asks "How in the hell does this happen...???"
But we already know the answer...
Here's FOSG Nicole Muracco with Johnelle before the Alabama debacle...
((HT: 5NewsOnline.com))
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