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Posted: Thursday October 4, 2012 11:00AM ; Updated: Thursday October 4, 2012 11:01AM

Arkansas coach Smith now lists $40.7M in debt

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Arkansas' John L. Smith
Arkansas coach John L. Smith has amended his bankruptcy filing to list $40.7 in debts.
Wesley Hitt/Getty Images

LITTLE ROCK, Ark. (AP) -- Arkansas coach John L. Smith has amended his bankruptcy filing, listing $40.7 million in debts -- up from $25.7 million just last month.

The filing in U.S. Bankruptcy Court in Little Rock on Wednesday shows Smith has $1.3 million in assets. His previous filing listed $25.7 million in debts and $1.2 million in assets.

The difference appears to be $15 million owed to Branch Banking & Trust in Louisville, Ky. The original filing on Sept. 19 listed the amount owed to Branch Banking & Trust as unknown. The latest filing says the exact amount owed is unknown - but is more than $15 million.

Smith filed for Chapter 7 bankruptcy on Sept. 6 after a series of real estate investments went bad. The largest debt listed is $20 million to Terra Springs LLC of Louisville.

Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

 
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