Steve Madden has taken over a $48.8 million loan to Betsey Johnson LLC that is currently in default. SEC documents filed Thursday show that if this loan is not paid by August 20, 2012, Madden will end up owning the brand and possibly the collateral that secured the loan in the first place – namely the designer and her business partner Chantal Bacon’s personal assets, as well as the company’s intellectual property, aka its brand name.
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