Earlier in the summer, it was rumored that Arkansas Razorbacks head coach John L. Smith might have to file for bankruptcy. Well, those reports turned out to be accurate. Like, super mega accurate. Smith -- who as you may remember, was hired by Arkansas to replace disgraced coach -- is pretty much flat broke now.
Brent Schrotenboer of USA Today reports that Smith filed for bankruptcy on Sept. 6 after racking up nearly $26 million in liabilities against just over $1 million in assets. At the moment? Smith has $800 to his name.
Smith apparently made some bad real estate investments while he was at Louisville. I'd say that over $25 million in debt goes a little bit beyond "bad investments." In fact, the only logical explanation I can possibly envision is that this is some sort of Brewster's Millions scenario.
Maybe Smith's cantankerous late uncle or grandfather or something demanded that Smith spend $30 million in a month or else he wouldn't get any of his $100 million inheritance. And he couldn't quite do it. It's sad. Better luck next time, John and/or Arkansas.
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