1842 ET - Jessica Simpson has moved a step closer to buying a majority stake in her namesake fashion line from bankrupt Sequential Brands Group Inc. The celebrity and her family have been in talks about buying the 62.5% of the collection -- which includes footwear, apparel and fragrances -- that they don't currently own for $65 million. The paperwork that includes those terms was filed Friday in the U.S. Bankruptcy Court in Wilmington, Del. The offer is subject to higher bids and court approval. Proposed terms also include a breakup fee of nearly $2 million and potential expense reimbursements of $400,000 if another buyer is selected. (becky.yerak@wsj.com; @beckyyerak)