OT: JLS in $25M of debt

Someone let his piss get a little too hot.

(Or something...that was the best I could do on such short notice.)

I am not sure this is worthy of a Sparty On. A lot of people took a bath when the market tanked.

Smith has said he made land investments when he was coaching Louisville from 1998-2002 and that he and other investors lost money when the real estate market tanked.

JLS wasn't hired by MSU until after the 2002 season. How is this "Sparty On"?

I'll never figure out how someone gets themselves in a situation like that...

But who puts 90% (or whatever it actually accounts for) of their eight figure savings into one investment?

"The documents filed Wednesday show Smith's biggest assets are two retirement accounts worth about $600,000 each." - from the article

There was an article published around the time he filed that said he could claim about $500 in checking and about $300 in cash, as well as real property valued at just a few thousand dollars in Idaho, so basically those retirement accounts - which are exempt under changes to the bankrupty code, I believe - are basically all he has beyond whatever he gets from Arkansas against $25 million in debt. Wow. Questionable investment strategy / focus aside (which has resulted in his owing over $10,000 per month to one developer in Louisville alone, if I remember this correctly, and who knows what else), that's definitely not where you want to be at 63 years old - I feel bad for him in that respct really.

Diversify.Diversify.Diversify.

Just wondering, but how exactly does one get $25,000,000 in debt while coaching college football? That's just really really bad luck.

What a shame.  Should have sent that $$ to Pahokee instead.

WHY?!?!?!

Did you hire him on a bet?

who in their right mind would lend that much money to that guy?

Its interesting that he filed for Chapter 7 protection instead of Chapter 13.  In a 7 he'll basically wipe all the debt out by making a one-time payment (or spread it out over time) rather than having his debt lumped into a monthly payment in a 13.  I'm not a consumer bankruptcy lawyer so don't quote me on that but its definitely an interesting part of the case.  Like LSA noted above, John L. will get to use all of his state law exemptions to keep his house and certain of his property as well.  Check out what Michigan state law exemptions look like:  http://www.legislature.mi.gov/(S(ouq5elfgrb01eknthwukdlap))/mileg.aspx?page=getObject&objectName=mcl-600-5451

With the unstable currency markets in today's world, I chose to invest my money in gold.  Gold has risen in value for almost a decade now and looks like prices will keep rising.  John L. Smith should've invested his nest egg in gold.

~Herm

Wanna know how I got these scars? My father, was a drinker...and a fiend. And one night, he goes off craaaazier than usual. Mommy gets the kitchen to defend herself. He doesnt like that. Not...one...bit. So, me watching, he takes the knife to her, laughing while he does it. He turns to me, and he says, "Why so serious?". Comes at me with the knife, "Why so serious?!". Sticks the blade in my mouth, "Let's put a smile on that face." 

He should sit Wilson and bet against his own team....not that I condone that.

Can someone embed the obligatory video of John L all POd going into half time in Colombus?

Could you coach a football team to the best of your ability while being 25m in debt is looming above your head?  Poor guy.  Poor POOR guy.

Still think JLS is crazy, but this hurt lots of people.  It was a bad investment on his part, but nothing to get all high and mighty about.

That's a dang investing mistake...I'm coaching my tail off, and the investors are screwing it up! 

1. What goes up can just as easily go down, and fast.

2. Speculation is gambling, and never bet more than you can afford to lose.

The coach is investing his tail off and the market is screwing it all up.

I really don't think this guy should be coaching right now, at least not at a major program like Arkansas. The stress of being that much in debt, coupled with the stress of having to compete in the SEC and having teams like Alabama and LSU on your schedule, as well as recruiting? I think JLS is in over his head.



I can see how coaching would help him take his mind off the situation, but he probably bit off a little more than he could chew. I feel bad for the guy, though. Is just two really shitty situations that he's in.

who've lost their shirts in bad investments, even going way back to old school guys like Johnny Unitas. Well-paid pros are magnets for scammers, crooks, and flim-flam artists, and most athletes don't seem to have the ability to tell who's a crook and who's honest.