Another real estate sale for Pearlman bankruptcy

Soneet Kapila has a deal to sell a condo Lou Pearlman owned in Atlantic City, N.J. for $335,000. The condo had been listed for $425,000. SunTrust has a first mortgage of $188,648, which will have to be satisfied, but from there things get a little sticky. WDL Airship has a second mortgage of a whopping $588,888 on the property based on a note that was supposed to be paid off in 1997. Apparently it still has to be determined whether WDL has a right to any proceeds on this property. Kapila proposes dividing whatever is left after paying the mortgages and sale expenses between the bankruptcy estate and Orlando lawyers Cheney Mason and William Pringle, who got a judgment against Pearlman for unpaid legal fees.

Here is Soneet Kapila's latest letter to creditors

Comments

F-LJP..sure let him out so he can sell us something else. Wait till he tries to con the Judge and Prosecutors..should be a great show.

At least Soneet will get paid for the time being. Whoopee doo.

The Free LJP thing IS just a joke. Right???

I would like to donate to F-LJP, it sounds like a great opportunity. Where do I send my check?

You have to be kiding me. Free Lou sounds like Lou...I do however think there are many who want to donate to Lou, but he may perfer staying where he is at.

I'm sure some people are "disappointed" because they trusted him and as a result their lives were ruined.

ORLANDO, Fla. -- Former boy band promotion king Lou Pearlman in jail and could be facing fraud charges. Pearlman said he has no idea why he is being held.
On the advice of his attorney, Pearlman denied a one-on-one interview.
Dave Hedrick paid a visit to the most famous inmate at the Orange County Jail.

"He's disappointed in some of the things that they're saying about him, but overall his spirits are pretty high," Hedrick said.
Nicknamed "Big Poppa," Pearlman is the creator of boy bands such as N'SYNC and the Backstreet Boys.
Hedrick, who has bought and is selling Pearlman's personal possessions, sold at two recent auctions, said Pearlman may be in poor health.
"I suspect he's losing weight, you know, but he seemed very cheerful, you know. He's making the best of a bad situation," Hedrick said.
Pearlman is used to controlling every situation. He's famous for showing off his lavish lifestyle of private jets, pricey cars and Windermere mansion, but it was all confiscated and sold to pay off debt.

[F-LJP]

Having Lou in jail is unlikely to render investors any returns. The best course of action is to have him freed. And that's what we're all about here at the Free Louis J. Pearlman Foundation (F-LJP). Your contributions will be immediately put to work in freeing Lou, and Lou promises that those who contribute will gain a share of the immense cache of hidden offshore wealth which he will be able to release upon his freedom. Start organizing your finances right now, because F-LJP is almost ready to launch.