The auction results are in

Here's a complete listing of the results of the most recent auction, including the names of the bidders, who bought what and how much was paid. Now you can find out who bought Lou Pearlman's Kleenex boxes and who got the Backstreet Boys flashlight wands.

The grand total, including buyers' premiums, was $309,936. Of that $56,352 was the auctioneer's fee and $5,872.63 was expenses, leaving a net of $247,711.37 for the bankruptcy estate.

Comments

[Attorney]

Homestead is ineffective against a purchase-money mortgage. Other mortgages will have homestead rights to deal with.

[Kim]

That's a good question Klaas. Is this anonymous poster referring to Helen or LP? If at Helen, what would she have to worry about being in jail for? She hasn't done anything wrong.

Attn. Pearlman agents and fellow scammers: Have been told by credable sources a home fraudently paid for is NOT protected from creditors in Florida.

[Helen Huntley]

Thankfully I am not in jail :)
And actually I should have mentions there are a couple of limitations on the homestead protection. The most obvious is that you are still obligated to pay your mortgage and you can lose your home for nonpayment regardless of the bankruptcy exemption. In addition, if the judge rules that you bought your house with fraudulently-obtained money, you can still lose your house in bankruptcy. In Lou's case, of course, he did not attempt to protect anything in bankruptcy.

[klaas]

"You can't enjoy that house if you're in jail, can you?"

Peculiar remark. Is "you" referring to Lou or to Helen?

Hey Helen,

You can't enjoy that house if you're in jail, can you?

All I can hope for is that they are brought before the courts for their crimes. They are truely greedy woman and I can only hope that the higher power in this world will hold them accountable.

How about Janet and Kamla actually winning stuff. I didn't see where Fischetti actually won anything. But then again, I could have missed it. The document is a scan so it's not searchable other than by skimming.

What I find in bad taste is the Robert Fischetti wife was there or on line biding. You would think they had enought perks thru the years. Maybe they needed more items for the Coco Condo!!!

[Helen Huntley]

That's because in Florida you can keep your house regardless of value. If you are smart and plan your bankruptcy far enough in advance, you can protect lots of equity in your home and retirement plans.

[James]

Helen, I thought Florida's BK exemptions were more than that. Isn't it widely known that FL is the place to be if you have large judgments against you because the government cannot allow them to take your stuff?

Isn't that how OJ gets away with not paying the Browns and Goldmans? I thought that was why he moved to FL and can live in a mansion and play golf every day and not pay a dime. I know it's a different situation in regards to OJ. I'm just wondering because I always heard that FL was the place to be to do a BK or avoid judgments.

[Helen Huntley]

Dilly is correct that the bankruptcy is separate from the criminal case. If he had responded, he could have protected his home (assuming he was willing to make the mortgage payments), a car worth up to $1,000 and personal property worth up to $1,000, plus retirement accounts and life insurance. Here's a discussion of bankruptcy protections under Florida law: http://www.totalbankruptcy.com/state_exemptions_florida.htm

[James]

Exactly what Kim said. And Dilly too, he's completely correct on the un-American part.

I hear what 1:12 is saying though. And as far as I understand the BK code, one can protect their assets from sale but this case is a bit different from usual BK cases.

Most of the time a debtor will file voluntarily (like you might if you can't pay the cards or mortgage). Lou did not because he skipped the country. He tried to get away so the banks forced him into BK. If he had bothered to answer any of the complaints against him, he potentially could have protected his assets, I think. It would seem to me that because he never answered, they made a default judgment against him to sell all his assets to try to recoup the money the banks felt was theirs.

Also, if I am not mistaken, FL has very loose BK rules. I'm pretty sure Lou could have kept his clothes and a lot of other personal effects had he bothered to answer. He may have even been able to keep the mansion and a car.

I think in Lou's case, the fact he is sitting in the pokey awaiting trial is just coincidence.

[Dilly McGilly]

Dear September 13, 2007 at 01:12 AM

Lou's assets being siezed doesn't have anything to do with his criminal action, it has to do with bankruptcy law.

If you stop paying your debts altogether, and make no attempt to manage your finances the government can place you into mandatory bankruptcy.

A lot has to go on for this to happen, and there is a due process of sorts. Lou gets some protection under the law, but so do his creditors.

What's "un-American" is stealing the money of seniors and moving the assets overseas.

[Kim]

He skipped the country and failed to respond to any actions, the governments hand was forced and they did what they had to do. LP has yet to fight any step of it, which tells me, he knows he's guilty and he knows he can't win. So it is what it is. Ha Ha LP! Not a pot to piss in, how does it feel?

Today starts the Jewish new year. May Pearlman rot in hell for what he did to me and my family!

1:12am

Why didnt LJP file to stop the estate from selling his assets?

The fact that he did not means the Government was well justified in taking this action.

Bankruptcy laws say in a liquidation everything goes...

Pearlman like most aging gays, used hair color, not to suggest he was of that persuasion. Never did understand why people can't just accept getting older, it's much more attractive.

Way to go Soneet, nice job with the auction. Whatever it takes,eh?

Check out reg'd bidder #1357 (p. 13/15). John MacGregor from Clearwater, Florida.

Hmmm... that name sounds awfully familiar... ring any bells??? FXT, is that the guy you got on tape?

Mark NeJame, one of the reg'd bidders, is an Orlando criminal attorney, who once represented Pearlman? You think he also didn't get paid like Cheney and Mason?

Haha! Pearlman used hair color. How vain... check p. 19 of the auction results pdf. Item #704...

So "blondie" will soon be a brunette unless he asks the guards for a bottle of Miss Clairol??

It's probably really gray. Which doesn't look hot for boys.

Helen,

Does it ever seem unconstitutional to you or anyone else that you can seize and sell a man's assets--EVERYTHING he owns and holds dear to his heart, that he's collected over a life time--without him being convicted?

I think he's guilty and should spend life in prison, but it just seems so unamerican. Like he's guilty until proven innocent. How can bankruptcy law turn traditional due process on its head?

And in America you're allowed to bear arms and shoot people who try to steal your property, but someone else can take it all away if you're in jail awaiting trial, unconvicted?

Has it always been this way? Did the US Supreme Court never hear a case on the constitutionality of asset sales pre-conviction? Did nobody protest proposed legislation back in the day?

If Pearlman gets a public defender for his fraud case, why doesn't he get one to protect his assets?

[Amazed]

The one former employee that I noticed bought something at the auction actually bought something she should have already had. At least I would think she would have had one.

Well I hope the state and some other agency looks at some of the greedy employees who were at the auction and the items they were bidding on. Not only did they get hugh paid checks and perks but were there to buy his goods. It makes me sick.
mike

[Kim]

Yes, right Bob. Thanks Jake! My heart goes out to all of those hurt by Pearlman. I just wish there was something the State would do to help these unfortunate victims.

[Bob West]

Jake, Thanks. All of us that use this blog should I.D. somehow. I do, and I'm sure others, appreciate your response. I wish other " No Names" would be so inclined.
Again, thanks from all of us. Right guys?

[Jake]

Thanks Bob West, very much appreciated. I would love to identify myself, unfortunately there are those that will use anything they can to have things go favorably for them, because they only care about their own interests. I will use this Id if that helps, when I can. The attacks on this blog are not something I care to open myself up to, so for now, this is fine.

[Bob West]

10:31, 9/12/AM
Your post today is sensitive and and meaningful. I, and I am sure others would like it if you would identify yourself somehow. To be able to connect these good bloggers from the other no names is a good idea, as we will get to know that bloggers thoughts. All it takes is an I.D., of some sort. If you are bashful, hay, use a dogs name or something. Again I like your post today and would like to be able to know some good posts in the future are from the same blogger. Another thing, I have read a lot of good "No Name" posts in the past on this site, I just wish I could connect them.

Look at all those framed newspaper articles about what a great genius he was... someone should frame one of Helen's reports and his mugshot ... and send it to him for his jail cell wallspace!

[Dilly McGilly]

I had to practically promise my bank my first born male son to get a $7,500 unsecured business loan. These idiots gave this guy hundreds of millions based on cooked books by his fake accounting firm.

Certainly most of the investors didn't have the resources, or a good reason, to inspect Pearlman's books.

Where is the due dilligence?

The entire Pearlman ordeal is sad. From the "professionals" picking up the scraps to abandonment of the victims by the state, to the banks posturing as if they did nothing wrong simply because they can, and of course Pearlman being defended by a public defender at taxpayer exoense and housed at taxpayer expense. Very sad. All we are seeing is legal bullying while the little guy takes it on the chin. Not right.

Where did it say our names could be disclosed?

The sad thing here is all items purchased were from investors money. LP bought that stuff with there money. I would not want to eat off a plate he owned or drink from a glass that sat on his table. The people who worked for him that purchase items our pretty low in my book.

Look at the ones that bought a lot of that overpriced crap. I mean the ones that bought a lot of it, not just one here and there. Are any of those names of any value when it comes to LP? I think their numbers are posted early in this topic.

Many of the names on the list are people who registered online just to watch the bidding online. It does not mean that they bid or that they were there in person.

Looking over the names I feel sick to think people I worked with were there bidding. I find it in very bad taste.

NO

Did everyone who registered for the auction know at the time that their names would be public record?

One name really stuck out Heather Fischetti

[Amazed]

Dilly, you are correct, most of the crap was WAY overbid. My favorite example is that WebTV unit for 86 bucks more than eBay.

However, the Krell audio equipment was a deal from what eBay shows. Some of the Krell stuff was half price at least. So there were some deals but the majority were WAY overbid and in some cases, like the clothes, it is obvious Hedrick and others were bidding for Lou.

[Dilly McGilly]

Sid, I don't think anybody got the stuff cheap. IT looked like some crap went for much higher than it was worth.

[Amazed]

But wasn't there a 20% premium on buying at the auction, therefore the 20% was built in? Am I correct or missing something? I know there was some kind of premium but can't remember the amount.

[Dilly McGilly]

20% auctioneer fees do seem very high.

[Sid]

What a scam again. We're not dumb. Lou's still in control. This auction was just a way for him to get his stuff back cheap by having friends bid for him.

[Kim]

I think the fee's are just a bit high. Maybe I should change career's.

Soneet is not trying to get the investers money back. He is letting friends buy high cost items cheap.

Auction is small potatoes. What a joke. Soneet find the big stuff!

[Amazed]

I am STILL amazed at some of the prices at the auction.

Just paging through there, it appears there were a few power bidders buying a lot of stuff. Specifically, 119, 102, and 242; who are they in relation to LP?

It may be able to be alleged that someone *may* have purchased "stolen" equipment. The Scientific Atlanta Explorer was possibly property of the cable company. I don't think people could buy those but I may be wrong about that.

It can also be said that 1355 has about the sense of a rock. That person paid 85 bucks too much for that WebTV unit. He should have gone on ebay and gotten the thing for 13 bucks shipped instead of 100 bucks. I don't even think the service is available anymore for that matter.

I'm sure there is more to laugh at in that list. Oh...check out the list of buyers, a few names popped out at me, how about you?

[Bob West]

I should be an auctioneer, I would recover most of my losses in no time at all. It may take 3 or 4 more auctions though.