Jay-Z’s RocaWear Is Bankrupt According To Creditor Suing For $450,000 In Merchandise Not Paid For

Jay-Z

The bad business acumen of rapper Jay-Z strikes once again. Jay-Z, who has a string of failed businesses, is in legal hot water over his Rocawear clothing label, which he forced former partner and founder Dame Dash out of, taking full credit for his brainchild.

Rocawear has been sued this month by clothing manufacturer iSource of New York. The company had $1,000,000 in clothes made in Pakistan for Rocawear, who accepted the shipment and put the items on store shelves, but refuses to pay iSource the full amount, only remitting $500,000. As a result of the thievery, iSource has filed suit against Rocawear in Manhattan Supreme Court.

Jay-Z is struggling to keep up appearances, as business after business fails. While the sub par Rocawear line is widely available on store shelves, it simply has not been doing well...at all. Availability does not mean sale ability.

STORY SOURCE

Jay-Z’s outfit is a ‘deadbeat’

Last Updated: 5:06 AM, June 12, 2013 - Jay-Z is a rap mogul worth around $500 million — but his clothing brand Rocawear is in the red, a lawsuit claims. The apparel group allegedly owes $450,000 to wholesale company iSource NYC for urban-style duds made in Pakistan and shipped to New York last April through June, the Manhattan Supreme Court filing states.

The clothing items "were specially ordered goods . . . [with] the ‘Rocawear’ brand name imprinted on [them]," the Garment District company claims in the suit. "Defendant never returned the ROC goods to iSource." Rocawear paid for about half of the $1 million order, but has yet to cough up the balance, the suit alleges, and iSource wants the rest of the money plus 9 percent interest — because the bill was due last Summer.

http://www.nypost.com

Justin Bieber Calls Actress Lindsay Lohan A Broke Loser

Justin better be careful, Lindsay is a mean drunk, who throws punches like Tyson. Side Bar: boo, why is your shirt matching the plaque (in photo above). That's taking "swaggy" too far (LOL). 

Today, 19-year-old pop star Justin Bieber slammed fallen actress Lindsay Lohan by stating on the website Instagram, "And to those comparing me to Lindsey Lohan look at her 2012 tax statements;)." First off, Bieber spelled her name wrong. Well, most people do, but it's Lindsay, not Lindsey. Secondly, Bieber is calling Lindsay broke, for which he was slammed on TMZ.

Thirdly, the Judiciary Report is the site Bieber is referring to when he stated today, "And to those comparing me to Lindsey Lohan look at her 2012 tax statements ;)" as I did so in the January 26, 2013 article "North Carolina Disc Jockey Accuses Justin Bieber Of Spitting In Her Drink And Telling Her To "F*** Off"." In that article two months ago I stated regarding Bieber, "Getting into confrontations, mooning people, taking drugs, getting drunk and bedding numerous women is not the way. You'll end up like every other former child star who crashed and burned. Learn from them and do not repeat their errors anymore. That's how Lindsay Lohan got started."
 

Bieber slammed Lindsay on Instagram, then deletes it, but TMZ preserved it in screen shot seen above.

However, I was more referring to Bieber avoiding drugs to save his health and finances. Lohan is a former child star, who made a lot of money fast, but has fallen in with the wrong set of people that are basically drug carriers (for further reference Justin see: your friend Lil Twist). At the height of her fame, Lohan had about $60,000,000. Now she has next to nothing. It has happened to many child stars thanks to drugs, which led to other bad decisions that destroyed their wealth.

Drug addiction is no joke Justin and you are genetically predisposed to it due to your parents' struggle with substance abuse. It can start off mild and turn ugly on you really fast via full blown addiction. Therefore, it is in your best interest not to have certain people in your circle of friends or on your payroll.

Lindsay Lohan

Lohan used to be rich, until she started snorting cocaine everyday and popping pills, which led to wild spending via living in hotels, spending a fortune on hair and clothes and purchasing high maintenance luxury homes and cars. The drugs and Kabbalah led to Lohan becoming so strung out and mentally unstable, she started missing days at work on film sets, until it reached the point she was deemed "uninsurable" and unemployable in Hollywood. Drugs got her and many other former child stars to that place.

So don't think it can't happen to you. It's all based on the choices you make. Therefore, you need to avoid that path. That's all people are trying to warn you about. Other child stars who were huge in their prime lost millions due to drugs: Bobby Brown, Frankie Lymon, Dana Plato and Corey Haim. 

Lindsay Lohan Moves Back In With Her Mom But Now Their Home Has Been Hit With Foreclosure Papers

Lindsay Lohan

Lindsay Lohan's financial woes continue. After selling her body as an escort and living the high life for a couple weeks, actress Lindsay Lohan has crashed back down to earth once again, after moving back in with her mom and their $1,300,000 Merrick, Long Island (New York) family home being placed in foreclosure.

Sorry, I have no pity for Lohan in this manner. I've helped people with financial problems, in assisting them with navigating through the legal system and negotiating with banks to save their homes, but these were hardworking everyday folks doing what they were supposed to, but due to the economy, saw their salaries decrease.

Lohan, however, is a spoiled actress with entitlement issues that blows every dime she gets. Several months ago she was given $300,000 to star in the television film "Liz & Dick." But rather than buy a sensible condo in Los Angeles for $200,000, she opted to blow the money living the high life in a Beverly Hills rental home and at the Château Marmont hotel, where suites run from several hundred to thousands of dollars per night. You're not Bill Gates. Living at the Château Marmont was not a good idea for you.

Not to mention, when the IRS saw her living it up at the Château Marmont and driving around in a $100,000 Porsche (albeit a rented one she wrecked) and not paying her taxes, they froze her bank accounts. This led to her having sex with fellow cocaine addict Charlie Sheen, who gave her $100,000 to help reduce her $250,000 tax bill.

Lindsay Lohan's family home is in foreclosure

In December, Lohan became an escort to a rich Arab man, who paid her $75,000 for her, um, escort services for New Years Eve. He allowed her to stay at his family's hotel for two additional weeks with her drug addled mom, before giving her the boot.

Now Lindsay's back home with her mom. However, that security was short-lived, as she and mom, Dina have been foreclosed on by the bank, who seek to seize her childhood home.

There's a lesson to be learned in her story. I keep writing about it and while some listen, some don't believing they have everything under control. When you receive a check, learn to save some of your money, as you never know what could happen. Don't blow it all living the high life, expecting the money will always pour in. Not to mention, that same high life some are living is destroying their name to the public and in the business world.

Getting drunk and or high and or being sexually ambiguous or promiscuous will destroy many potential endorsement deals and sponsorships, as product makers and services never know what said celebrity will say or do and the impact it could potentially have on their products.

They don't know how to brand someone engaging in said behavior and avoid celebrities attached to it. That wild behavior won't seem like fun when you're saddled with addictions, can't pay your rent or mortgage and lost several hundred thousand to millions of dollars in the long run in work and endorsements, simply because you were cutting loose in public. You need to stop. You're hurting yourself.

Furthermore, to opt for living in a hotel for weeks and months, rather than using that same money to buy even a small condo, is not a good idea. Spending your money on flash cars and clothes, then not being able to pay for where you live is also a bad idea. There's nothing wrong with buying small. There's nothing wrong with getting a one bedroom house or condo. Trying to keep up appearances in a massive mansion or mega hotel suite you can't afford in the long run, will bankrupt you.