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Uh Oh! American Apparel Investors Want To Sell Their Shares!


The Canadian investors who pumped $15 million into American Apparel last April is having a serious case of buyer's remorse.

According to WWD, Michael Serruya filed paperwork with the SEC on Tuesday that would allow the group of investors to sell their shares — all 43.2 million of them.


And to think Serruya was praising Dov Charney only 4 months ago.

[Image via Ramey Pix.]

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No Country For Old Men Lawsuit Heads to Trial

Filed under: Film FlickersLegal Matters


And its all Tommy Lee Jones' fault.

No, no. He deserve what was coming to him. Fair is fair.

Awhile back, Tommy Lee sued all the suits associated with the acclaimed film No Country for Old Men, including its studio, Paramount Pictures, claiming he was owed over $10 million for the movie. In the end, the studio coughed up $15 million, but now, an investor in the movie is suing the studio for the reason. They too feel like they were short-changed by Paramount. Difference is, Paramount is paying them off - they're taking them to trial!

Marathon Funding sued the studio last year over this matter and the dueling sides have been in litigation ever since. Marathon claims its arrangement with Paramount Vantage entitled it to 25% of "net distribution revenue" from movie and they sued after noticing an unusual $3.75 mil deduction in a profit statement, which ended up being a result of the $15 million payout to Tommy.

A judge ruled in favor of sending the matter to trial and the case should begin before the year is out.


[Image via WENN.]

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Proenza Schouler Might Be Selling 45% Stake In Its Company


For several months now, reports have been that Andrew Rosen, the founder of Theory, was buying 45% stock in Proenza Schouler, along with a few other investors.

But new reports now say the deal could happen as early as the end of this week.

The remaining 65% of the brand would stay with designers and founders of Proenza, Jack McCollough and Lazaro Hernandez (pictured above).

The new deal could mean a new line of goodies for Proenza, like perhaps jeans or eyewear.

We'll just have to wait and see what happens.

[Image via Flashpoint/WENN.]

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American Apparel's New Investor Praises CEO Dov Charney


Remember that little rumor about possible investors wanting to kick American Apparel CEO Dov Charney to the curb?

Welp, apparently that couldn't be further from the truth. In fact, AA's newest lifeline claims Dov was the number one reason why he invested into the struggling clothing company.

Michael Serruya, a private investor from Canada, said of his $15 million investment:

"I think American Apparel is a tremendously strong brand and Dov is a remarkable visionary and entrepreneur. I think he is one of the top trend-setters in America today. I think given the proper resources, American Apparel has the ability to really deliver results."

We hope you're right, Mikey.

[Image via AP Images.]

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Twitter Company Dramz!

Filed under: Business BlitzTwitterJustin Bieber

twitter company dramz

Looks like Justin Bieber may not be the only one who's ready to take a break from Twitter!

According to new reports, Twitter co-founder Jack Dorsey may be leaving the company/website sooner than later.

His spokesman has denied this, but sources say that Dorsey "has told associates that his involvement with the tweeting site will be "short-term.' "

Aside from Dorsey's uncertain future with Twitter, investors are also unsure about the company, due to concern about "stalled traffic and a dearth of advertising opportunities [that] could threaten its potential valuation."

Not only that, but there's also been dramz in the boardroom! Director John Doerr, a partner at tech investment firm Kleiner Perkins reportedly showed up for a January meeting at Twitter, even though the company " 'felt' he should step down."

Pull yourself together, Twitter! You can get through this!

Do U think Twitter will solve their drama? Or do U think it'll continue?

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A Great Way For Diabetics To Accessorize

Filed under: Business Blitz


Talk about a great idea! Hanky Pancreas has created a collection of accessories for those diagnosed with Type 1 Diabetes who have to use insulin pumps.

Forget about having to find a place on your body to strap the insulin pump to. Instead, you can incorporate it into your daily outfits.

The start-up company has currently created a line for women which features cute necklaces and accessories which cleverly hide the insulin pump.

Creator Jessica Floeh is also a Type 1 diabetic and a student at Parsons The New School of Design in New York City.

Unfortunately, her line isn't available to consumers yet as she's still looking for investors. Though 10% of her future proceeds will go towards diabetes research.

Check out HankyPancreas.com for more info and designs.

Hope to see these around soon.

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Ungaro Looking For Buyers To Take On Their Debt


After the hot mess known as Lindsay Lohan practically destroyed the label with those heart shaped pasties, Ungaro is looking for investors to get them out of their $25 million+ debt.

The label has already been slashing expenses, which included closing their Madison Avenue store, but that obviously wasn't enough to help their empty wallet.

Ungaro did see a glimmer of hope when one investment group was interested in a sale, but according to a source "all bets are off" after the craptastic showing in October.

See, Lindsanity was right when she said she's bad for business and cheapens things!

[Image via AP Images.]

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