Damon Dash can’t catch a break financially — now having all money made from his ownership in his ex-wife Rachel Roy’s clothing brand garnished to pay off a 400k debt, theJasmineBRAND.com exclusively reports.
A company named Kerison and Willoughby Capital won a judgement against the 43-year-old business man in July 2011 in the amount of 330k. The judgement has remained unpaid and with interest had now grown to $406,370 in August 2013.
The company has been attempting to collect on their judgement for years and finally found that Dash has a
46.53 % interest in the companyRoyale Entenia, which is a joint venture he shares with his ex-wife Rachel. The company is part Rachel’s clothing & design business. Kerison and Willoughby Capital explains that the company is considered successful. They filed docs in New York demanding a court order that any money paid to Dash through Rachel’s company should be directed towards them to pay off the 406k debt.
The company also wanted a court order to issue a restraining order from Dash transferring any funds around because they accused him of hiding his assets due to his various creditors.
The judge came back and ordered that any funds Dash makes from Rachel’s company is to be turned over to the company. However, the order notes that they are ONLY to be paid after his child support obligations are paid. The child support payments include 6k for 2 kids and then another $6,511 for another child.
Read more: http://thejasminebrand.com/2014/08/...ing-co-garnished-pay-400k-debt/#ixzz3CGfOceF7
Only thing you can learn from this guy is how Not to do it. No wonder he doesn't want anyone talking about anyone pockets LOL.
Tried to give him benefit of the doubt but he's a scumbag. It's what I thought with Jim Jones issue too. Dame transferring funds around from all his businesses. You can be very rich then go broke very quickly by throwing money at everything. Especially failing businesses. I've watched folks liquidate businesses they were losing money on. Dame trying to sell motor oil for luxury vehicles......Fam..............
A company named Kerison and Willoughby Capital won a judgement against the 43-year-old business man in July 2011 in the amount of 330k. The judgement has remained unpaid and with interest had now grown to $406,370 in August 2013.
The company has been attempting to collect on their judgement for years and finally found that Dash has a
46.53 % interest in the companyRoyale Entenia, which is a joint venture he shares with his ex-wife Rachel. The company is part Rachel’s clothing & design business. Kerison and Willoughby Capital explains that the company is considered successful. They filed docs in New York demanding a court order that any money paid to Dash through Rachel’s company should be directed towards them to pay off the 406k debt.
The company also wanted a court order to issue a restraining order from Dash transferring any funds around because they accused him of hiding his assets due to his various creditors.
The judge came back and ordered that any funds Dash makes from Rachel’s company is to be turned over to the company. However, the order notes that they are ONLY to be paid after his child support obligations are paid. The child support payments include 6k for 2 kids and then another $6,511 for another child.
Read more: http://thejasminebrand.com/2014/08/...ing-co-garnished-pay-400k-debt/#ixzz3CGfOceF7
Only thing you can learn from this guy is how Not to do it. No wonder he doesn't want anyone talking about anyone pockets LOL.
Tried to give him benefit of the doubt but he's a scumbag. It's what I thought with Jim Jones issue too. Dame transferring funds around from all his businesses. You can be very rich then go broke very quickly by throwing money at everything. Especially failing businesses. I've watched folks liquidate businesses they were losing money on. Dame trying to sell motor oil for luxury vehicles......Fam..............
