Taylor Armstrong has had a rough year. In the past twelve months, she split from her husband, lost her husband to suicide, and got sued. To add insult to injury, the lawsuit brought against her may not have had anything to do with her. Did her deceased husband’s final blow come in the form of a massive debt?
The Real Housewives of Beverly Hills star is now being forced to hand over valuable items in an attempt to partially compensate the $1 million which MyMedicalRecords.com reportedly lost because of her late husband, Russell Armstrong.
The lawsuit, which was filed a month before Russell hanged himself, claimed that he was pocketing money from investors – and Taylor was allegedly helping! Russell, who owned 60 % of MMR’s stock, was required to disclose all investors, which he did not do. The company later caught him red handed when they found out about three investors who were unreported. Even though the case was set for a trial next month, the two parties came to an early agreement. Here’s why:
“After many meetings with their side and going through various forms of settlement conversations, it became obvious that even if we won the battle, we could lose the war since collectability from Taylor at $1.5 million or more was questionable,” said Robert Lorsch, CEO of MMR. “So…we began the process of negotiating for personal property that we were told had very high values and a note for a nominal amount of money in case we didn’t get anything we bargained for.”
In other words, since they weren’t going to get their money, they opted against spending anymore legal costs and settled on taking as much of Taylor’s valuables as the court would let them. Taylor obliged. She has since forked over her 10 carat yellow stone diamond engagement ring, which was valued at $251,000, and two Birkin bags which turned out to be fakes!