Smith On Financial Troubles


Arkansas coach John L. Smith, as we learned yesterday, has $40.7 million in liabilities and $1.3 million in assets according to amended bankruptcy documents filed in federal court Wednesday. It was a change from two weeks ago, when Smith listed $25.7 million in liabilities and $1.2 million in assets.

A USA Today report also detailed the land deals that went sour in Kentucky and led to Smith filing for Chapter 7 bankruptcy. The report quoted one of Smith's partners, Louisville developer Steve Canfield, as saying the coach has "left us holding the bag on a lot of things."

There was a brief opportunity to ask Arkansas coach John L. Smith about his bankruptcy and the report after Thursday's press conference.

Below were Smith's comments regarding his ongoing financial situation:

(on the bankruptcy) “It’s in the hands of the professionals and they take care of it.”

(on USA Today report, which quoted one of his partners as saying Smith left them “holding the bag on a lot of things") “Well, when this is all over I could go through it with you over who held what bag."

(How did the extra $15 million on amended form come into play) “It was just a matter of research and finding out everything that’s out there, different loans. To be honest with you, I don’t know how many different loans there are"

(on if this is starting to tax him) “Not me, and I’m very fortunate. Because they’re taking care of it and I’ve got a wife that’s more on top of it."

(will there be resolution next week?) “There’s a meeting next week, but I don’t know that would be the end of it. I hope it’s the end of it.”