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John L. Smith to file for Bankruptcy.

  • Royal said...

    I was in the band at the time of the ND game.

    Morning of gameday, we finished rehearsal and it was pretty well known we were going to get rain that night. The band pretty much collectively said "fuck it. It's ND. Let's just get drenched." By the end of the game, the wool uniforms felt like they weighed 50 pounds - an extra 15 due to the downpour, 35 more for the crippling depression.

    Did my best Kevin Bacon impression in that uniform. "Remain calm! All is well! Two score game!"

    banghead

    "SpartanTailgate.com - Ransacking the Freep since 1812!" - Mike Valenti

    Negotiator

  • Negotiator said...

    Did my best Kevin Bacon impression in that uniform. "Remain calm! All is well! Two score game!"

    banghead

    Quote of the night from Meredith: "oh jesus... not again."

    Royal

  • Tanfan said...

    Nerds vex me.

    I was about to post a calculus joke... but I'll refrain so I don't give you a heart attack.

    Royal

  • Looks like Chris Smeland took those same attributes he used as defensive coordinator and applied them to be JLS's real estate agent.

    Sports Mechanic

  • That's what happens when you have H.R. Pufnstuf and Teddy Ruxpin picking your investment properties.

    signature image signature image signature image

    419Spartan08

  • Tanfan said...

    Worst moment in my life sitting there drenched in the rain watching the choke unfold. Phoneman sitting next to me going berserk yelling obscenities at the players and JL as they left the field. I'll never forget walking slowly back to the habbit trail parking structure, not speaking to anyone, getting in my car and driving to livonia to find a hotel to stay in to recover from what I had witnessed. Still the sunshine blowers kept saying give JLS more time, don't fire him. rogue leader attacking everyone with a fury following the calls for JL's firing. Ahh, thank god the power of the rcmb won out over that worthless clique of enablers.

    Did you have to bring up that debacle? I was at that game. We were leading at half by running the ball. Idiot coach gave game away in second half. This game made me write a letter to the President asking for his dismissal.

    signature image signature image signature image

    Spartyshannon

  • In all seriousness, how can a guy who's pulling down a million dollar paycheck go bankrupt?

    Dicks Fake Eye2

  • JLS isn't the first or only person to borrow money to buy a farm at X and have the bank recall the loan. Problem is the farm is probably worth a lot less than the purchase price and he couldn't raise the funds.

    The money he made at Louisville and MSU is chump change compared to the assets of many who own and operate Kentucky horse farms.

    Only difference is he is a public figure who was a HC for a major sport at MSU. Too bad but even in these circumstances he will probably be able to find a some kind of asst. coaching job paying $75K- $100K/yr or more. That's a lot better than many folks who have to declare bankruptcy.

    GRR Spartan

  • ColonelAngus said...

    Anyone know if its true that Saban owns that corner of Haslett thats all out of business? Where the L&L used to be and the little Ceasars is the only thriving business?

    Famous Taco is in there now, and the coin laundry is there still. Don't know if Saban owns it.

    Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. - Groucho Marx

    tGreenWay

  • Warren Buffett's not walking through that door.

    joerco

  • McGeee said...

    This news just crossed the AP news wires this morning. He blames the situation on some bad real estate deals in Kentucky.

    Sucks when you spin the Wheel of Fortune in life and end up on Bankrupt.

    Play

    Wheel Of Fortune Bankrupt

    Another unfortunate sound, the Wheel Of Fortune Bankrupt sound

    http://www.youtube.com/v/CREcxhH9cs8

    Dallasparty: "With this attitude, the purest of crap is YOU.Dude, you need to start caring. And that goes for everyone else on here."

    TVs Frank21789

  • Tanfan said...

    Nerds vex me.

    It doesn't take much

    Dallasparty: "With this attitude, the purest of crap is YOU.Dude, you need to start caring. And that goes for everyone else on here."

    TVs Frank21789

  • Jeff Riger said...

    First mistake: Buying investment property in Kentucky.

    To be fair, everything was roses until that dang meddling US Marshall Raylan Givens showed up and turned everything to shit.

    signature image

    boozhoo

  • If it's a working farm in kentucky you' don't pay any property taxes.

    Raygunz

  • Raygunz said...

    If it's a working farm in kentucky you' don't pay any property taxes.

    If you bought the farm for 50% more than its current value and the bank calls in your loan you are screwed even with no taxes.

    Buying a working farm isn't a cut and dried like a home mortgage. If JLS bought in 2004-2007 before the crash anticipating selling off a portion or not expecting the bank to call in his loan he just got caught.

    GRR Spartan

  • GRR Spartan said...

    If you bought the farm for 50% more than its current value and the bank calls in your loan you are screwed even with no taxes.

    Buying a working farm isn't a cut and dried like a home mortgage. If JLS bought in 2004-2007 before the crash anticipating selling off a portion or not expecting the bank to call in his loan he just got caught.

    Wow, Dude. Is there anything you are not an expert on?

    duffy munn

  • Frank Wrench said...

    I'm guessing the investments made a lot of money until September 30th, but then went bad in the 4th quarter.

    Fan-friggin-tastic!

    007Spartan

  • duffy munn said...

    Wow, Dude. Is there anything you are not an expert on?

    Yes. My thoughts exactly.

    Acts as a know it all in every thread in this mug.

    The Matador

  • The Matador said...

    Yes. My thoughts exactly.

    Acts as a know it all in every thread in this mug.

    He also knows why Tom Cruise can't keep a woman and it's not because he's gay.

    duffy munn

  • Spy vs. Spy said...

    Exactly.

    Not to mention the millions be made at MSU during his tenure ignoring the instate talent who wanted to play in EL but went elsewhere due to his 40 hour work weeks he spent planning his "next breathtaking adventure".

    I understand his wife had cancer and by all means should have been his #1 priority. But instead of showing some class by going to Mason and admitting he couldn't put in the time necessary to build a competitive program (not to mention earn the 7-figure salary he was making), he choose to take the money and run while letting the program go to shit for another half decade and making MSU the nation's laughing stock in the process.

    ...

    If only all of us could have had it as bad as John L. no

    Apparently the real estate development started when he was coach at Louisville, so we can add "managing real estate development investments" to the list of distractions that kept him from recruiting effectively.

    Spartan86

  • duffy munn said...

    Wow, Dude. Is there anything you are not an expert on?

    Wow

    You mean you went to MSU, call yourselff Duffy Munn and never met any fellow students who went into farming/ag or grew up on a farms?

    Just cruise through MSU with your HS drinking buddies and sober up a few years after graduation?

    GRR Spartan

  • Can someone tell me how much JLS got paid per year at MSU? And what was his buyout?

    L_Himmler

  • GRR Spartan said...

    Wow

    You mean you went to MSU, call yourselff Duffy Munn and never met any fellow students who went into farming/ag or grew up on a farms?

    Just cruise through MSU with your HS drinking buddies and sober up a few years after graduation?

    I'm well aware that Michigan is a HUGE farming state, GRR. As a matter of fact, I currently work with farmers daily but will never pretend that I'm an expert. The point of my post was that you pass yourself off as an expert on EVERYTHING.

    duffy munn

  • duffy munn said...

    I'm well aware that Michigan is a HUGE farming state, GRR. As a matter of fact, I currently work with farmers daily but will never pretend that I'm an expert. The point of my post was that you pass yourself off as an expert on EVERYTHING.

    Anything you say Tommy Boy

    GRR Spartan

  • Tanfan said...

    Nerds vex me.

    Dude, you're a tennis player. Nerds???

    kaiserpete