Arkansas Head Coach John Smith Struggles with Bad Loans Made on Kentucky Real Estate Deals

Arkansas Razorback Head Football Coach John L. Smith always believed real estate development was the safest investment of all, saying “you may not make money, but you won’t lose money.” But the taking on of too much debt has had the Arkansas coach to rethink that philosophy in recent years after several of his land deals went bust in Kentucky. Smith told The Associated Press that he is making plans to declare bankruptcy, perhaps during the upcoming season.

Bruce Burrow, Developer of the Mall at Turtle Creek in Jonesboro, Files for Bankruptcy

Bruce Burrow, the Jonesboro developer and political player, has filed for reorganization under bankruptcy laws, Mark Friedman of Arkansas Business reports. He listed assets between $10 and $50 million and debts between $50 and $100 million, including loans tied to struggling Hilton Hotel in Little Rock and the vacant, old Brandon's furniture building. Burrow used tax incentives to build a Jonesboro shopping mall. Court complications interfered with Burrow's plan to use the same tax incentives as leverage for a Bass Pro Shops development in North Little Rock.