Home Videos Photos

All tag results for sec

Former Georgia Coach Charged In $80M Ponzi Scheme

Filed under: Legal MattersFootball

jim-donnan-ponzi-scheme-in-toruble.jpg

Former Georgia coach Jim Donnan has been accused by the U.S. Securities and Exchange Commission of orchestrating a Ponzi scheme.

They said that former players and other college coaches lost millions of dollars in Donnan's scheme!

Tags: , , , , , , , , , , ,

Permalink / Comments Off / Email this  »

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

american-apparel-investors-selling-43-million-shares.jpg

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.

Ouch.

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

[Image via Ramey Pix.]

Tags: , , , , , ,

Permalink / Comments Off / Email this  »

American Apparel May File For Chapter 11

american-apparel-posts-3rd-quarter-loss-of-almost-10-million__opt.jpg

It looks like American Apparel is finally coming to terms with their crappy financial situation.

The scandal-plagued company said in their filing with the SEC on Thursday, they "may need to voluntarily seek protection under Chapter 11 of the U.S. Bankruptcy Code" if cash flow doesn't improve.

AA went on to add they may be forced to liquidate if they can't come up with a reorganization plan or find bankruptcy financing.

Bummer.

[Image via AP Images.]

Tags: , , ,

Permalink / Comments Off / Email this  »

Steve Madden Help$ Out Betsey Johnson

betsey_steve_e.jpg

There's good news and bad news for Betsey Johnson.

On Thursday, papers were filed with the Securities and Exchange Commission that Steven Madden Ltd. will take over the $48.8 million loan BJ has defaulted on.

However, if Betsey can't pay back the copycat by August 20, 2012 Madden could end up owning the brand because the company's intellectual property was used as collateral to secure the loan.

Other items used as collateral include "personal property, accounts, deposit accounts and cash, equipment, fixtures, general intangibles, goods [and] inventory."

Wow, that's a lot to lose.

Lets hope she can pay it back!

[Image via Flashpoint/WENN.]

Tags: , , , ,

Permalink / Comments Off / Email this  »