Former Boy-Band Mogul Has Financial Headaches In Orlando
January 31, 2007 at 5:48 AM (PT)
THE ORLANDO SENTINEL reports city officials say taxpayers won't be left holding the bag for a $1.5 million loan to LOU PEARLMAN, the beleaguered developer of CHURCH STREET STATION but best known in the business as the one-time boy-band mogul responsible for the careers of THE BACKSTREET BOYS and 'N SYNC and the principle behind TRANSCONTINENTAL RECORDS.
Back in 2003, then-Mayor GLENDA HOOD announced a financial incentive package meant to kick-start the renovation of CHURCH STREET STATION. The entertainment district had been a popular draw for tourists and locals in its 1980s heyday, but competition from theme parks brought hard times.
PEARLMAN, who had bought a 50% stake in the venture, promised to breathe new life into the area with nightly street parties and entertainment centered on his stable of boy bands. PEARLMAN's companies have since been hit with several lawsuits from creditors.
The full article can be found here.