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Carol Malony Files For Bankruptcy

James Poleski and Carol Malony at her booth at the Paris Mode City lingerie show in September 2008.
James Poleski and Carol Malony at her booth at the Paris Mode City lingerie show in September 2008.

(Filed Under Fashion News). Lingerie designer Carol Malony and her husband James Poleski filed for personal bankruptcy late last year in California. The bankruptcy petition, which lists 22 creditors holding unsecured claims totalling $1,022,455 and two creditors holding secured claims totalling $1,677,000, notes that the “debts are primarily business debts.”

The petition, filed at the end of October, 2009 notes that Malony (who is also identified as Carol M. Poleski) works as a fashion designer for “Russell Newman (RNA Holdings)” at a monthly salary of $14,572. That company produces two collections of lingerie carrying the designer’s name: Carol Malony Signature and Haute by Carol Malony.

Carol Malony lingerie became a division of Russell-Newman in mid-2008. Behind Russell-Newman is Industrial Renaissance, Inc. which described itself on its website as “a private equity firm in business since 1996 whose business mission is to build large, dominant, successful businesses.” On August 16, 2007 “Industrial Renaissance and senior management recapitalized Russell-Newman.”

Russell-Newman and Industrial Renaissance are not involved in the bankruptcy petition.

Malony and Poleski claim as exempt property a home valued at $1,675,000, retirement accounts totalling $940,000, two Jaguars and $11,400 in other assets.

Creditors include AAA Financial Services, Advanta, Air Tran, American Express, Amicus and Kinkus, Bank of America, Brandix, Capital One, Chase, Citibank, Citimortgage, Citi Cards, Comfortwear, Deacons Coastal Recovery Corp., Ezra Brutzkus & Gubner, Mary Hall, UCLA Medical Center, Unichela c/o Andrew Haley and Westfield.

The petition also notes that one or more of the parties involvcd also filed a bankruptcy case in 1994.

more Fashion News >>

Published 06-14-2010 by Nick Monjo

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Carol Malony Files For Bankruptcy

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