John L. Smith's bankruptcy filing shows $500 in his checking account

Thursday September 20th, 2012

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.

also develops commercial real estate
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