John L. Smith, Michigan State's football coach from 2003-2006, has had his $40 million bankruptcy case settled this week by a federal judge. Smith filed for chapter 7 bankruptcy last year while he was interim coach at Arkansas claiming $40 million in real estate debts from deals while he was coach at Louisville. Under the settlement he must pay $265,000 to creditors and approximately $400,000 in real estate. Smith, now 64, claimed he had assets of $1.3 million when he filed a year ago. Smithis now beginning his tenure as head coach at division two Fort Lewis College in Durango, Colorado.
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