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MUMMY DEAREST: Tamara Mellon will take the stand in a Channel Islands courtroom next month as part of a 6 million pound, or $9.5 million, lawsuit against her mother, Ann Yeardye. Mellon is suing her mother for breach of contract in the sale of Jimmy Choo to Lion Capital in 2004. A source close to Mellon said Yeardye also planned to give evidence at the civil hearing, which is scheduled for mid-November at the Royal Court of Jersey, Channel Islands. Meanwhile, a similar lawsuit in Los Angeles that Mellon filed in January 2008 has been dropped due to jurisdiction issues. Mellon and Yeardye held stakes in Jimmy Choo through family trusts and, at the time of the sale to Lion Capital, money was paid to the family in cash and stock of the new owner. Mother and daughter reached an agreement partly verbally and partly in writing that Yeardye would receive her share in cash only, and Mellon would take her share solely in stock.
The lawsuit alleges Yeardye mistakenly received some of the stock that was supposed to go to Mellon, and refused to return it when the error was discovered. The 4 million pounds, or $6.3 million, in disputed stock was later liquidated after Jimmy Choo was sold once again in 2007, and is sitting in a frozen bank account. In 2004, Lion Capital acquired a majority stake in Jimmy Choo in a deal that valued the company at 101 million pounds, or $187 million, at the time of sale. In 2007, Lion Capital sold Jimmy Choo to TowerBrook Capital Partners LP in a deal valuing the London-based accessories company at 185 million pounds, or $364.5 million, at the time of sale.