He released a statement regarding the matter back in July, but today John L. Smith made it official and filed for Chapter 7 bankruptcy protection. The culprit? The ever popular real estate deal gone bad during the housing market collapse. That’ll do it every time. Smith is claiming between $10-$50 mil. in debts and $1-$10 mil. in assets. The good news is that having a real estate deal go bad is basically a rite of passage in Northwest Arkansas (See Barber, Brandon), and Smith is currently gainfully employed and could be so long term if the most awesome things ever occur and Arkansas is forced to keep him based on his on-field success.
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