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Pearlman Breaks The Bank
An Indiana-based bank that recently took Trans Continental mogul Louis Pearlman to court reported a loss of $2.6 million for the fourth quarter after charging off $17.7 million worth of Pearlman’s delinquent loans.
He reportedly took out four loans with Integra Bank beginning in 1997 to fund his chartered plane service, Trans Continental Airlines.
The Integra suit is just the tip of the iceberg. Pearlman is also facing action by three other banks and one former investor who claims Trans Continental stole his money from a savings program, according to the Orlando Sentinel.