Pearlman says he's not president of Trans Continental Airlines

Lou Pearlman says he is no longer president of Trans Continental Airlines and in fact is not a director or officer of the company any longer. The claim is part of a court filing by lawyer Jon Lambe in the Integra Bank lawsuit (see point 6 on page 2.)

In other news, FF Station LLC, owner of the Church Street Station complex in Orlando, has filed for Chapter 11 bankruptcy reorganization. Here is the bankruptcy filing. See news reports from the Times, Orlando Business Journal and Orlando Sentinel.

Last month Bank of America sued to foreclose on the property, saying FF Station owes more than $25-million and is in default on the loan. The bankruptcy filing will delay the foreclosure action. FF Station is not one of the companies under the control of Trans Continental receiver Jerry McHale.

Pearlman's travails have been mentioned on a CBS News blog.

Comments

[Helen Huntley]

The only explanation I can offer is that the wheels of justice often turn slowly. I expect that records of Lou Pearlman's property holdings are being compiled. However, he has not been charged with any crime and it takes a court order to seize assets.

Helen, can you give any insight as to why none of Pearlman's personal accounts or property have been frozen? With the State filing showing how much money he funneled into his personal accounts, I don't understand why nothing's been done to capture what assets there might be. My understanding is that he owns 2 houses and one lot where he resides, at least one house and one condo in Southern California along with some commercial property there, and a condo in New York. I'm sure there is even more real estate out there he owns, and there must be a record of it. Seizing these properties would at least start to put a dent in the hundreds of millions he ripped off from people. And something is better than nothing. Why hasn't anything been done?

Pearlman needs to be caught. He most likely is briding people to hide and protect him. Jail is where he belongs.

[Are you for real]

Ok I see let's all pretend...Pearlman is not the president anymore and I did not get ripped off by the pig!

[Now Homeless]

Did Mandy have any involvement in the EISA or the Trans Con stock?

[John of Clearwater]

An interesting website for those wanting to take some action vs Pearlman
http://scammedbypearlman.com/whathappened.php#churchill

Ben I still like the Big Dog idea considerring our governments dismal track record for finding kingpin terrorists, and Pearlman is a financial terrorist, maybe the feds should put Big Dog to work. It may not put bread on the table for us, but it could put some fear into these future psychopaths if that's possable.

[Ben]

to: scammedbypearlman.com

I was able to open the #1 and #2 letter,was not able to open the FBI letter.

It seems so fantastic that the accounting firm and all the financials generated were bogus. How could one man co-ordinate all that? How did the banks buy it? The planes do not exist, the companys are shells. And he walked on water all these years? Come on. What help he got was not as he was turning the lights out and gassing up the plane.

[Les Henderson]

I'd like to think that the FBI has the resources to do such a thing but they simply don't. I'm sure that they are watching a couple of people but without some kind of guidance, given that Lou paid several people as though they were unaffiliated or unimportant, a few key players will slip through any net.

Not that they had anything to do with anything (legal disclaimer) but I would cast a curious eye in the direction of Anthony DeCamillis and Richard Carl Jans just before I dug further into those who profited from his stock and movie deals.

[Mike]

I would agree with Les that Pearlman would move the assets from one company to another leaving a shell. I've heard of him doing this several times in the not too distant past to avoid judgments and such.

However, without him anywhere to be found, with McHale running the office, and with all the employees either gone or not giving a damn due to no pay, who would pull that off for him? If there is no money, why in the hell would anyone do anything for Pearlman??

And if Lou did indeed find someone to do that, I would think the FBI, et al would have them under surveillance and get them for some crime right there. I'd have to believe that everyone who works or has worked for Pearlman is under some kind of watch.

Again Les, it points to he could never have done this without help. No way. Not possable. Ben, it may take that to get him.

[scammedbypearlman.com]

We totally agree that Helen Huntley is doing a fantastic job of reporting this fraud! Please, don't let it drop until Pearlman and his associates are prosecuted for stealing millions from mostly senior citizens leaving many destitute. Also, we strongly feel that our government, both state and federal, do need to repay these victims. We won't get it unless we ask for it, though. Please see the letters on the scammedbypearlman.com website. Print them out and send them to your congressperson(s), senator(s), President Bush, Charlie Crist. There is a letter to the FBI asking them to extradite and punish all involved in this scam. We have to flood our elected officials with mail. It's just too scary to think Pearlman is going to get away with this! Let's not let it happen!

Pearlman needs to be brought to justice. Where is he?

[ben]

It dosn't look like FBI is interested in bringing Lou back. I would donate to a fund that could hire Big Dog the bounty hunter to find Lou and him our regards in a way that he would not like.

[Les Henderson]

I predicted long ago that this would happen. Classic Pearlman strategy. "Not my company anymore so therefore it follows that I was never responsible."

Pearlman did the same thing before, when he got too much bad press on his model scam. After running the company for a year he said he had rescinded the merger and it was as if it never happened.

But not before he sucked out all the assets at the last minute and then put it into bankruptcy, leaving all his creditors on the hook while he could carry on free and clear.

I'm surprised that he hasn't already transferred the building to yet a new company, leaving FF Station LLC as an empty shell.

[John of Clearwater]

Everyone who has lost money in this "FDIC Insured" scam of Pearlman's owes a great deal of gratitude to the efforts put forth by both Helen Huntley of the Times and to Danielle Brooks of the FLDFS located in Tampa.Both have been involved in this investigation since mid-December.Danielle has recently been directly involved in the Orlando mess and Helen has been on top of all current news as it breaks in order to keep the public and all of us unfortunate "investors" informed.Without these two hard working women,very little info would have been published and we would be at the mercy of the State of Florida to keep us up to date on this fraud--and as far as I have seen,NOTHING has been volunteered from the highest offices,agencies,or branches of the state.It is as if none of the state's leaders acknowledges that 300 million was stolen by Pearlman and Trans Continental from the citizens of Florida,and therefore the state will not have to acknowledge any mistakes made or resposibilities toward those who were defrauded.The amazing fact is that Pearlman has openly advertised his "FDIC INSURED SAVINGS PLAN" for many years.I think a good way to repay the 1400 plus, mostly retired citizens of Florida of their lost retirement funds would be to have the treasuries of both the Fed and Florida divide the cost of refunding,including interest,to these destitute investors
since both the state and federal governments look equally guilty in their mismanagement of these funds and in the protection of its citizens especially those of the aged.If the eyes of the world sees that Florida doesn't look after these older defrauded citizens,along with the defiance of Florida's citizens to the problems with the current higher property taxes and costly hurricane insurance premiums,a ledger sheet will be impossible to balance as well as the explanations of some highly placed state leaders.