The Rolls That Pearlman No Longer Has

From St. Pete Times:

The government’s got Lou Pearlman’s 2004 Rolls-Royce Phantom, but Jerry McHale said Monday he’s still a long way from finding enough assets to make any meaningful restitution to investors in Trans Continental Airlines. Trans Continental owes more than $317-million to investors and about $160-million more to banks. More than 1,800 people invested in Pearlman’s enterprises, most of them thinking they were getting an FDIC-insured savings account.

McHale said he will be “very surprised” if he can find as much as $100,000 in cash. He said Pearlman owes Bank of America $130,000 on the Rolls, which had a $6,600 monthly payment. McHale said he also has recovered a 2005 Cadillac limousine and two trucks, and expects to be able to recover two touring buses.

McHale said he expects to net $150,000 to $200,000 from the sale of the smaller of Pearlman’s two Windermere homes after paying off the $1.5-million mortgage plus overdue taxes and closing costs. However, he said he doubts that Pearlman’s mansion will bring enough to retire its $15-million mortgage.

McHale said he will need to hire a German lawyer to try to establish rights to royalties being earned by Pearlman’s current hit boy band, US 5.

US 5 was In The Club and couldn’t be reached for comment

Just who is in control of US 5 now? They better hope it’s somebody other than Lou.

Church Street Station (downtown Orlando Florida), the Orlando office, retail and entertainment complex, will be auctioned April 5 by the U.S. Bankruptcy Court in Orlando. It is owned by F.F. Station, another Pearlman company in bankruptcy.

According to the Church Street Events web site, there are no events scheduled for March. Unless you count the upcoming razing of the entire area to the ground.