Sep 02, 2014
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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.
A company named Kerison and Willoughby Capital won a judgment against the 43-year-old business man in July 2011 in the amount of 330k. The judgment has remained unpaid and with interest had now grown to $406,370 in August 2013.
The company has been attempting to collect on their judgment for years and finally found that Dash has a 46.53% interest in the company Royale 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.
Then earlier this month, the company filed docs demanding that Dash and Rachel be stopped from entering into a deal with another company to sell off Rachel’s brand to another clothing co. The court ordered Dash to show up to court next month on September 3rd to explain why the judge shouldn’t enter an order prohibiting any deal selling off Rachel’s company until the judgement has been paid.
