The AP also reported that one of Smith's former partners, John Mason, filed for bankruptcy in December in Kentucky, listing Smith as one of his creditors. In his bankruptcy filing, Mason listed liabilities totaling between $10 million and $50 million.
Mason's filing listed $250,000 in debt to one of Smith's investment limited liability corporations, while also listing an unknown amount of debt to Smith personally. The filing also listed numerous banks as creditors, with Fifth Third Bank in North Carolina listed as the largest.[2
Smith said in July that he began the land investments when he was coaching Louisville from 1998-2002 and that he and other investors lost money when the real estate market softened.
 see http://www.usatoday.com/sports/college/football/sec/story/2012-09-06/arkansas-coach-john-l-smith-chapter-7-bankruptcy/57653346/1