Betsey is such a cutie!

Steve Madden has stepped in to save Betsey Johnson from her debt by loaning her $48.8 Million. If she doesn’t pay him back by 2012 Madden will likely be possessing all things “Betsey Johnson”.

“Madden already holds a license for handbags, small leather goods, belts and umbrellas under the Betsey Johnson and Betseyville trademarks. The collateral for the loan includes the company’s intellectual property, so Madden could be in line for the labels it holds as licensee. Also included among the items securing the loan are “the borrower’s personal property, accounts, deposit accounts and cash, equipment, fixtures, general intangibles, goods [and] inventory.”

This makes me feel bad and want to buy a ton of Betsey Johnson stuff even though I haven’t been cray cray for her since like freshman year of high-school (some of my first designer pieces of clothing were a few Betsey Johnson dresses.  Awww!) Debt sucks! Yeah never-mind Betsey, I can’t buy more off your stuff to save you from debt because I kind of have to save myself.