Imagine yourself – or someone you know – being forty million dollars in debt. Forty million! Can you imagine that?
Well, they can at the University of Arkansas! The football coach at the University of Arkansas is forty million dollars in debt.
He’s got a really big salary from Arkansas, of course, because Arkansas can tell a winner when it sees one.
But lately he’s been doing some funny stuff with his salary in his bankruptcy proceedings.
[O]ne week before he filed for bankruptcy, Smith arranged to have 71 percent of his $850,000 salary at Arkansas deferred until after the football season – a move that has raised legal questions about whether he was trying to shield that money from his creditors.
Smith claims “on his bankruptcy filing to have a net monthly income of just $107.66.”
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UPDATE: I should not have told Mr UD about this. He spent all of dinner anxiously figuring out how Smith can possibly be making ends meet. Numbers, numbers numbers — he was trying to do the math to make it possible for Smith to eat, commute, find shelter.
I reminded him that Smith lives in Arkansas, not Bethesda. “We pay five dollars for a loaf of Black Russian bread at Whole Foods. I’m thinking a cheap loaf of bread in Arkansas is like seventy cents.”
“Okay. Say seventy cents. And after all you don’t eat a whole loaf of bread every day… But there’s still rent! A car! Could he even afford a tv?”
“Soyez tranquille. He lives in his plush coaching quarters on campus, where you don’t have to be Jerry Sandusky to know they have showers and all. Plenty of tv screens available there too. And since he lives where he works, no need for a car!”
“Whew,” said Mr UD.
November 18th, 2012 at 7:10AM
Bear in mind that this is the coach Arkansas hired (on an interim basis, more or less) after being forced to fire his predecessor for … well, much more exciting stuff. Smith is Mr. Clean; he’s damage control. Oops.
November 19th, 2012 at 7:01AM
[…] Russian Bread I reminded him that Smith lives in Arkansas, not Bethesda. “We pay five dollars for a loaf of Black Russian bread at Whole Foods. I’m […]