John L. Smith had just $500 in his checking account, $300 in cash for bankruptcy filing
If you thought Arkansas’ 1-2 start was head coach John L. Smith’s greatest concern, you might be wrong. The Bobby Petrino replacement filed for bankruptcy on Sept. 6, and according to bankruptcy documents he filed, his financial situation is pretty sad.
Per USA Today’s Brent Schrotenboer, Smith wrote on documents that he had just $500 in his checking account and $300 in cash when he filed for bankruptcy. Overall, he has $25.7 million in liabilities against just $1.2 million in assets, but he says most of his assets are tied up in retirement funds.
Even though Smith has been a college football coaching since 1972 and earned millions as a high-paying head coach, he lost a good portion of his money in real estate investments.
We have some doubts about his checking account and cash figures (he could have hid some of his money elsewhere) and wonder if he really is that badly off, but clearly he’s trying to become relieved of all his debts and willing to endure the publicly humiliating process.
Between Smith and Vince Young, we’re seeing that stories about people losing their fortunes are almost as common ones about those who strike it big.