The new Mike Hamilton?

I wonder what it is about Arkansas’ football program that makes people dizzy.  There were all the folks anointing the Hogs as the next big thing in the SEC West despite the fact they never played a lick of defense under Petrino or Smith.  And then there’s the respect for AD Jeff Long.

Granted, when he hopped on that motorcycle, Petrino left Long in a tough spot.  But the Smith hire was questionable from the start.  And the compensation package Long came up with for his new coach made things even worse.

Former Arkansas football coach John L. Smith has been accused of using his employment contracts with the Razorbacks to defraud several of his creditors, according to two complaints filed this week in U.S. Bankruptcy Court…

… Smith made a series of transactions “with the intent to hinder, delay, or defraud creditors,” said one of the complaints filed Monday.

The creditors cite his unusual contract with the Razorbacks last year, in which 71% of his $850,000 salary was deferred until right after the 2012 season. In general, the bankruptcy estate controls assets acquired by a debtor before the date of the bankruptcy filing, which was Sept. 6 in Smith’s case. Debtors generally can keep what they earn after the filing date.

Nothing like having your institution associated with bankruptcy fraud.  And Long’s explanation at the time – “… Long told reporters last year the deferral was made for Smith’s retirement” – seemed lame given that Smith made it quite clear then that he hoped he could do enough to turn his position from interim into something longer term.  And in fact as the article notes, Smith hasn’t retired since leaving Arkansas.

At least Long got a good season for his trou… oh, wait.

6 Comments

Filed under Arkansas Is Kind Of A Big Deal

6 responses to “The new Mike Hamilton?

  1. The Trustees in Bankruptcy I have worked with would take a dim view indeed…

  2. Hogbody Spradlin

    I get your drift there, and it looks shady for the school. However, if I’m John L.’s lawyer for asset protection, I’m gonna do everything I can proactively and make the creditors fight for it, rather than waiting to see what they’re gonna do. I assume the school has protections in the contract too.

    • I think it looks more stupid than shady for the school.

      • Hogbody Spradlin

        Is somebody did a decent job, the school’s gonna have language that says they don’t have to pay if a third party raises a claim against the compensation, and can wait for adjudication, and language that says John L. indemnifies the school if it has to pay anything, for example a payback to the bankruptcy estate. Of course, good luck collecting an indemnity against John L.

        Due to the rush job hiring John L., I imagine some deliberations and negotiations were a little hurried.

        • Dog in Fla

          To teach them a lesson because they are slow learners, part of the projected settlement with the trustee will be that the team shall forevermore be known as the Arkansas Clawbacks

  3. Scorpio Jones, III

    Comparing any AD to Mike Hamilton is the ultimate nasty comparison.