So here we are gearing up to go and watch the Betsey Johnson Spring Summer show in New York when this news hits the desk! Betsey Johnson is in a spot of trouble and her knight in shining armour is none other than the shoe giant…Steve Madden! Go figure, right? Well as it turns out, Betsey Johnson LLC had a loan that was in default and Steven Madden Ltd. stepped in and took over the loan of $48.8 million! (Madden’s involvement is nothing new for Betsey Johnson. They already hold the license to produce accessories under the Betsey Johnson and Betseyville names). There’s always a catch though….should Johnson not be in a postition to repay the loan by August 20th 2012, Madden will then own Betsey and all that comes with the package including personal assets of Betsey Johnson herself!