John L. Smith's bankruptcy filing shows $500 in his checking account
Another day, another John L. Smith headline. Brent Schrotenboer of USA Today obtained a copy of the happy Arkansas coach's recent bankruptcy filing, which shows that Smith has $25.7 million in liabilities and just $1.2 million in assets, mostly in retirement accounts.
The documents claim that Smith had only $300 cash on hand and just $500 in his checking account on the date of the filing, Sept. 6. The coach said in July that he lost a lot of money on bad real-estate deals, with one claim against him for $20 million.
Smith's only real property is a quarter share, worth $2,000, in an eight-acre plot in Idaho owned by his deceased parents. Among his monthly expenses is nearly $12,000 to Mushtaque Juneja, a Louisville anesthesiologist who also develops commercial real estate.