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Betsey Johnson Dunzo?

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Yesterday, Steven Madden took over a $48.8 million loan to Betsey Johnson—a loan that is currently in default. According to WWD, if Johnson's company is unable to pay Madden back by August 2012, Madden will own Betsey Johnson's company and "could even seize the personal assets of Johnson and her chief executive officer." Steve Madden currently owns the licenses for handbags, leather goods, belts, and umbrellas made under the Betsey Johnson and Betseyville name. [WWD]