Deferring payment in order to ease the pain of filing bankruptcy feels as wrong as punching your grandmother. Trying to wipe away $25.7 million in debt in bankruptcy court and also hang onto $1.2 million in retirement accounts and personal property, Arkansas football coach John L. Smith is clearly not in a position to be teaching ethics courses. By deferring 71% of his Arkansas pay until several months after his bankruptcy filing, Smith could keep it away from his creditors. Naturally, this move raises legal questions.
There’s a line from the song “Caravan” by Canadian rockers Rush that reads: “In a world where I feel so small I can’t stop thinking big.” Apply that to the weaselly coach and, in my opinion, the line becomes “Living large, living wrong.” Whatever advisors this clown has should be ashamed of themselves.
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