BETSEY JOHNSON OWES STEVE MADDEN HELLA COINS!

Betsey Johnson defaulted on a loan to Steve Madden Ltd. and if she doesn’t come up with the money by August 20, 2012, Steve Madden could own the company.

World Wide Web- Here’s the deets: Betsey Johnson owes money to Steve Madden and defaulted on her loan. So unless Johnson can come up with $48.8 million dollars to cover the loan that she took out by August 20, 2012, Steve Madden could get the brand. The loan includes Betsey’s intellectual property so Madden really could be hitting the jackpot with this one. [The Cut]

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