We all know all about Teresa and Joe Giudice’s financial issues, and Joe and Melissa Gorga’s recent situation with their mortgage, but Jacqueline and Chris Laurita have also spent some time dealing with dicey financial issues.
Chris and brother Joseph Laurita were named in two multi-million
dollar lawsuits. It’s kind of complicated, but here’s the breakdown:
Jay-Z founded a clothing line 12 years ago called Rocawear, which he
no longer owns. A company called Iconix Brand Group licenses the brand
name out to different companies to make the different lines, and Chris
and Joseph Laurita’s now-bankrupt company Signature Apparel once made
Rocawear’s junior line. Over two years ago, however, Signature Apparel
liquidated and declared bankruptcy.
During that time Chris, Jospeh, and their wives were named in a $7.8
million dollar lawsuit, the two families are accused of draining the
company “of all its funds and assets in order to support their families’ increasingly opulent lifestyle of private jets, limousines, extravagant parties, premium automobiles, designer clothing, shopping sprees, ostentatious home furnishings and lavish vacations.”
According to documents published at Radar Online,
the company was very successful, and pulled in $250 million between
2005 and 2009. However, the lawsuit accuses the Lauritas of using the money on themselves instead of responsibly reinvesting in the business.
Chris denied
all 155 of the allegations against him, and Jacqueline denied knowing
anything about it. They tried to get the lawsuit thrown out, but a judge
has allowed all parties to prepare for a trial.
When the news broke of this lawsuit, Jacqueline Laurita took to Twitter to note the difference between a business bankruptcy
and a personal one: “sorry2disappoint some of u but Business is not the
same as personal &accusations don’t make it truth.We r doing
good.You’ll see..” Even so, this doesn’t sound like a cakewalk.
A second lawsuit in November 2011 was filed by a Signature Apparel trustee who accused Chris and Joseph of Joseph of conspiring with “[Rocawear licensee] ROC Fashions and its principals to transfer the Rocawear license and other valuable assets to the latter from the former while Signature faced bankruptcy.
In return, the suit alleges, ROC Fashions paid $2.8 million that the
Lauritas allegedly kept for themselves rather than deposit in Signature
Apparel’s coffers (where it could have been used to pay creditors).”
On What What Happens Live tonight Jacqueline Laurita was
asked a viewer question: “What would you think of Teresa questioning you
on camera about your families’ finances and lawsuits?”
Jacqueline answered “I didn’t bring anything out about Teresa. Teresa
brought it out about Teresa. If you watch the other episodes, Teresa’s
the one who talked about her bankruptcy on camera. She filmed with the attorneys.
She’s the one who put the magazines out there. She’s the one who filmed
adding onto her house, walking around with her expensive bags and
shoes. It was her chance to explain tot he viewers to make sense of it
all. If she was innocent of all this, that was her chance to set the
story straight.”
Throughout Season 7 of The Real Housewives of Orange County, Tamra Barney and Gretchen Rossi have mended fences and bonded over sex toys. All that goodwill is
being threatened by some nasty rumors. TMZ reports that Gretchen has been telling friends Tamra’s recent engagement to boyfriend Eddie Judge was set up by Bravo producers.
According to TMZ, the powers that be at the Real Housewives wanted a giant finale, so they asked Gretchen and Slade Smiley to get engaged — all Bachelor style with exotic locale and free