Former Michigan State football coach John L. Smith, now in the same post at Arkansas, has formally filed a chapter 7 bankruptcy petition. He claims he owes $25.7 million with assets he is trying to protect of $1.2 million. Smith told Arkansas officials before taking over for the fired Bobby Petrino last spring that he was involved in real estate deals in Louisville which went sour when the economy turned bad five years ago. Smith as a one year contract at Arkansas. His team is 1-2 with two straight losses and hosts 3-0 Rutgers this Saturday.
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