Arkansas Coach 40.7M in debt

[arieshorn]

Seriously?? How the heck do you focus on your job as head coach when you have that kind of debt hanging over your head and so far a losing season? On top of that his contract is only one year so you know he won't be back next year. Bet on that. He revealed his financial woes to the AD at the time of his hire when it was $25M but since has ballooned. What was the AD thinking?? Out of all the coaches out there available this was the best option? lol With that kind of debt to his creditors he pretty is much working for free. that is a damn shame.

]Link

 

[Horn2Run]

 

[accuratehorn]

Can't you purchase the entire state for that amount?

 

[dillohorn]

How can a person get in debt for that much? More than I can even wrap my brain around.

 

[arieshorn]

I wonder how those credit collector phone calls go? lol Do you just hang up or do you let your voice mail pick up??

 

[Statalyzer]

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[Zona Horn]

Okay, some banker answer me this question: how does a career assistant with roughly $1 million in assets get a $15 million loan from a community bank in Kentucky, while managing to rack up another $25 million in other debt?

My guess is he has a serious gambling problem or something like that (or he personally guaranteed defunct real estate projects or something), but that still doesn't answer the questiion of who would loan him that much money against his existing salary (in a notioriously unstable profession like coaching) and assets.

 

[Statalyzer]

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[Crockett]

Bankruptcy laws make this a manageable problem. To paraphrase a quote from someone more colorful than me: When you owe the banker $40,000 and can't pay, you're in trouble. When you owe the banker $40 million and can't pay, the banker is in trouble.