University of Arkansas Football Coach Files for Bankruptcy
John L. Smith, the 63-year-old interim football coach at the University of Arkansas, recently filed for Chapter 7 Arkansas Bankruptcy protection after allegedly losing millions in Kentucky real estate deals.
ESPN News reports that Smith began making risky land deals in 1998 while coaching in Louisville, Kentucky. He continued to pour money into the investments until 2008. When the housing market began to crash across the United States, the coach realized he had begun to lose money on the deals. In July, he announced plans to file for bankruptcy.
Estimates show that the coach has up to $10 million in assets while carrying more than $50 million in liabilities to banks, including North Carolina-based Fifth Third Bank. Bankruptcy filings also stated that a limited liability corporation owned by the coach owed more than $250,000, while the rest was personal debt.
Smith is receiving $850,000 from the University of Arkansas as part of a 10-month contract to serve as interim coach for the Razorbacks football program.
The Arkansas Personal Injury Lawyers with Rainwater, Holt & Sexton understand the frustration that can come during tough financial times brought on by failed investments. The firm is always available to discuss legal rights and debt relief options with someone who needs help getting out of debt.