John L. Smith owes over $25 million - wave3.com-Louisville News, Weather & Sports

John L. Smith owes over $25 million

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FAYETTEVILLE, Ark. (AP) - 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.

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