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Article: Gucci America head suing Maurizio Gucci for $4.2M. (Domenico De Sole sues for overdue loans) (Brief Article)
- Article from:
- WWD
- Article date:
- July 26, 1993
- Author:
CopyrightCOPYRIGHT 1993 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- A new front in the attacks against Maurizio Gucci has opened with the filing of a lawsuit by Domenico De Sole to collect $4.2 million in personal loans and interest.
De Sole, the president and chief executive officer of Gucci America Inc., claims he personally lent Gucci the money in two loans over a 1-1/2-year period beginning in April 1990 for "bridge financing," according to the suit filed in State Supreme Court here.
On July 21, under the terms of the loan agreement, interest on the principal was increased by $972.48 daily, in addition to the ongoing 10 percent annual rate. Gucci had originally promised to repay De Sole for two separate ...