Palm Beach entrepreneur Johnna Pomasan claims the so-called “King of Pants” fashion designer, Alvin Valley defrauded her out of $750,000 when she and her husband invested in the brand.
In a lawsuit filed earlier this year, Pomasan admitted that Valley convinced the couple to loan his company a total of $640,000, secured by convertible promissory notes.
But he claimed in court papers that the investor pair knew the company’s common stock was of limited value and, “there was no possibility of a ‘quality financing’ event as described in the convertible promissory note.”
The lawsuit further asserts that Valley approached Pomasan in the spring of 2023 with an “alleged business opportunity” related to his company, Alvin Valley Limited Inc.
“Alvin and AVL falsely represented that the convertible promissory note would be honored when at all times, Alvin and AVL had no intention of honoring the convertible promissory note,” the lawsuit states.
In addition, the lawsuit said the fashion brand refused to repay the Pomasans, “the amount of principal and interest received despite the expiration date and numerous requests for payment.”
He claimed to have tried to serve the Valley with court letters 17 times, but said that since April he had been, “deliberately avoiding affidavits,” Pomasan’s lawyer told Page Six.
Pomasan announced the fight earlier this month by announcing via social media that he was severing ties with the designer, “after careful reflection.”
“Since 2023, I have worked hard to support Pak Lembah with the aim of raising the brand. However, despite the dedication and many efforts, it has become clear that Pak Lembah does not share our values and principles,” he said.
Pomasan has gained support from Florida’s social set.
“I want to sincerely thank everyone who has reached out over the past few weeks… Your lectures have strengthened my belief in the power of integrity,” he wrote.
He also encouraged supporters to contact his lawyer, John Agnetti, to make a statement to the judge in the case.
Valley reposted her announcement as part of a video reel set to Madonna’s track, “The Power of Good-Bye.”
“Sometimes (sic) it’s hard to say goodbye,” she captioned the post.
A source close to the designer confirmed to Page Six, “he has not been officially given the newspaper,” but insisted, “he is not avoiding it in any way.”
The source added, “He travels a lot. Paris, the Hamptons. Every time he comes, he doesn’t come home. He’s in the Hamptons all summer. He could have served her there, but he didn’t.
Insiders also credited the drama with “investor relations going bad,” and some Palm Beach socialite jealousy mixed in.
The source speculated that Pomasan would come after the investment after the Valley allowed another Palm Beach socialite, Kara Ross, to host a trunk show at her home.
“(Pomasan) wants it in his house,” and, “is very jealous and competitive,” he said.
However, Pomesan called the speculation a “poor attempt at deflection and diversion.”
He added that the allegations, “do not negate the real problem of taking money from me and not fulfilling their obligations. Trying to put the name of Kara Ross is very sad and sad.
A spokesperson for Valley said, “because this is an active legal case, Alvin has been instructed not to comment. He hopes that everything will be resolved in court in the coming weeks.
Meanwhile, “Still as usual. The king of pants has launched a new denim line – which is absolutely amazing,” said the representative.
