Losing Your Name in Bankruptcy
Along with the Rhino-Emblazoned Shirt On Your Back
Famed clothing designer Marc Ecko’s accumulated commercial debt is sure to have its naysayers, thanks to his widely publicized frivolous spending. In 2007, Marc Ecko spent over $752,000 on Barry Bond’s series winning home run ball only to give it away to the Baseball Hall of Fame. He not only lost $750 grand, but the ball and Barry Bond’s personal respect, who actually called him a “stupid idiot”.
Yet, boldly going against public opinion is what initially won the designer praise as a “hip hop fashion pioneer”, acclaim as one of the world’s most influential clothing providers…until now, as he has no profit to show for his brazen business choices.
Ecko Unlimited broadly diversified over the years, with empires that crumbled along with the unpredictable arc of print media and hip hop fashion: despite its savvy hybrid of a young men’s consumer interest magazine meets lifestyle publication, Ecko’s Complex Magazine timing was off. Complex hit newsstands in 2002, right when print media began to take its steady and cataclysmic downfall.
Marc Ecko has trifled with bankruptcy before in 1998, right before his red rhinoceros (and logo shirts as a whole) exploded into the mainstream. This second time around, he might not be so lucky. He is moving forward in a deal with Iconix Brand Group to erase its debt in exchange for 50% of the company, meaning all of Ecko Unlimited’s future business requires an Iconix co-sign.
The moral of the story? Unless you’re up for the gamble, you might want to keep from naming your company after yourself. Marc Ecko’s debt is very much commercial, but the easy connotation might tarnish his personal image. For personal or commercial debt issues, you need legal representation. Get the help you need with one of Legal Helper’s adept professionals: call us today for a free debt consultation at 1-800-260-1402.
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