12:29:38 am on January 14, 2007 |
MINNEAPOLIS — American Bank of St. Paul is suing Orlando businessman Lou Pearlman for failing to pay back a $28.5 million loan relating to an attempt to buy a British television show.
Pearlman took out the loan in March 2006 to refinance debt and to purchase Top of the Pops, a long-running weekly music show the BBC canceled last year, according to papers filed Wednesday in U.S. District Court in Minneapolis. It is not clear whether Pearlman actually bought the show.
To back the loan, Pearlman offered as collateral a stake in Trans Continental Airlines Inc., a charter service, and in Trans Continental Records Inc., which still owns royalty rights to songs from the Backstreet Boys and ‘N Sync, two top-selling boy band acts.Advertisements