Damon Dash Goes Broke, Katie Plans to Stay in NYC

Things are going from bad to worse for Damon Dash and Rachel Roy: Three months after a bank foreclosed on their two Tribeca condos, Dash's Chevy Tahoe was seized this week after he failed to make the monthly lease payments. Does this mean he's already lost his Maybach? [NYDN]
Lindsay Lohan and Samantha Ronson were supposedly getting engaged yesterday. Today the relationship is supposedly "heading for choppy waters," because Lindsay wants to "explore her heterosexuality." [The Sun]
How is Lindsay's publicist explaining her client's description of Barack Obama earlier this week as the country's first "colored President"? She says no one knows what LiLo really said, since it was "unintelligible." [MSNBC]
Katie Holmes is supposedly refusing to move back to LA after she's finished on Broadway. Why? Because she doesn't get dragged to as many Scientology events when she's in NYC. [NYDN]

Just the news you were waiting to hear: Rachel Zoe and Nicole Richie seem to have ended their two-year-old feud and are now pals again. [P6]
Angelina Jolie says she's planning to give up acting beginning at the end of February, so she can take at least a year off and "get ready to be a grandma one day." [Us, People]
A Manhattan judge has scheduled a date for Ron Perelman and Pat Duff to meet in court next month to determine if custody arrangements with daughter Caleigh need to be adjusted. [P6]
Ari Emanuel may have lost his temper and gotten thrown out of his son's flag-football game last Saturday, although his flack says it was all just a misunderstanding. [P6]
Kanye West seems to be trying to start a feud with Justin Timberlake. [People]
Former HBO chief Chris Albrecht and his fiancée Karla Jensen may have split up. [P6]
Elizabeth Edwards was spotted wearing a ring at yesterday's Time luncheon, although it "may not have been the one philandering husband John gave her." [R&M]
It looks like Billy Ray Cyrus is backtracking on his revelation that Malia and Sasha Obama would "probably" be appearing on Hannah Montana. Now he says the appearance probably isn't going to work out. [People]
Paula Abdul has a secret TV project in the works. Hopefully it's a disappearing act. [OK!]
Rihanna canceled a concert in Indonesia out of security concerns. [NYT]
Party of Five's Scott Wolf is still alive. And he's having a baby with Real World alum Kelley Limp. [People]
Zac Efron bought girlfriend Vanessa Hudgens a $50,000 Louis Vuitton steamer trunk as a housewarming gift. [Star]
Naomi Campbell, Mariah Carey, and Nick Cannon all flew on the same British Airways flight last week. [P6]
Alan Cumming was sworn in as a US citizen last week. [P6]