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A Pearlman company files for reorganization
By HELEN HUNTLEY
Published February 22, 2007
One of Orlando music producer Lou Pearlman's companies, FF Station LLC, filed for Chapter 11 bankruptcy reorganization Tuesday night to stop foreclosure proceedings against its primary asset, the Church Street Station entertainment, retail and office complex. A lawyer for the company says she wants to sell the property, which she estimates is worth $38-million to $50-million, to pay off $30-million in mortgages. Bank of America is the primary mortgage holder. Whatever is left would be divided among other creditors. Some part of the money could end up with the receiver for another Pearlman company, Trans Continental Airlines, which owes investors $317-million. About $350,000 in investor money was transferred to FF Station, according to Florida regulators. Pearlman, who is out of the country, is trying to put some legal distance between himself and Trans Continental. He is no longer president or a director of Trans Continental Airlines, according to a statement filed recently in a pending lawsuit.
[Last modified February 22, 2007, 01:43:32]
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by MIA
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02/23/07 12:42 AM
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To the Executor of Rae Lehrer, she was a nice lady, Who is Elaine Calix?
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by lewis not louis
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02/22/07 05:44 PM
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will we ever know how he fooled the professionals along with the greedy lay persons----were all this financial institutions just as greedy as the rest of us. i would certainly hope they have ways to gather and check out thoroughly his representations
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by Conrad
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02/22/07 04:00 PM
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So far I did not here from Jerry McHale he was going to send a letter to investors nothing about my $30,000
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by Homeless
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02/22/07 10:46 AM
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What about the money he gave for a pool in his name and the money he gave to honor his mother to the temple in the Orlando area.
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by Willie
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02/22/07 09:09 AM
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Lou Pearlman should never be allowed to do any type of business ever. The investors he stole from should own Church St.
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