Search

got a tip? call (866) 667 - 2327 OR

E-mail us a tip

EXCLUSIVE: That 70’s Show Star Danny Masterson’s Company Files For Bankruptcy

wenn2875215.jpg

That 70’s Show star Danny Masterson is in financial ruin. RadarOnline.com has learned that his company, Bellalily LLC – a Nevada based limited liability company – filed for bankruptcy last month.

DOCUMENTS: Read The Bankruptcy Papers Here

“There is a legitimate dispute here,” the company’s attorney, Darvy M. Cohan told RadarOnline.com exclusively. “As I see it, it is not all my client’s fault and the matter will be litigated.”

PHOTOS: Danny Masterson And Other Celebs Attend DJ AM’s Memorial

The bankruptcy stems from a lawsuit filed against Masterson in March by TomatoBank to the tune of $2.9 million.

DOCUMENTS: Read The Masterson Court Papers

“Bellalily is a real property developer that is building a six unit apartment complex in Toluca Lake [California] intended to be turned into condominiums,” Cohan explained. “It had to file bankruptcy because it had a falling out with its major lender.”

PHOTOS: Celebrity Mug Shots

As RadarOnline.com previously reported, Masterson borrowed $3.2 million from TomatoBank in 2007 and after several extensions on payment, the bank eventually sued for $2,807,531 as well as accrued interest of $58,314 and delinquent property taxes summing $45,723.

“It is our intent to finish the project,” Cohan concluded. “We’re in bankruptcy to reorganize and ultimately finish the project and sell it and pay creditors where creditors are due.”

blog comments powered by Disqus