The company's stock, which had once been pumped up to $6 a share, dropped to a price of three cents a share, and the company was shut down. Pearlman then relocated Airship International to Orlando, Florida, in July 1991, where he signed MetLife and SeaWorld as clients for his blimps.Īirship International suffered when one of its clients left and three of the aircraft crashed. He leased the blimp to McDonald's for advertising. On the advice of a friend, Pearlman started a new company, Airship International, taking it public to raise the $3 million he needed to purchase a blimp, falsely claiming that he had a partnership with Wüllenkemper. The two parties sued each other, and seven years later Pearlman was awarded $2.5 million in damages. He used the funds from Jordache to construct a blimp, which promptly crashed. Returning to the U.S., Pearlman formed Airship Enterprises Ltd, which leased a blimp to Jordache before actually owning one. Suspicions of insurance fraud and pump and dump He persuaded German businessman Theodor Wüllenkemper to train him on blimps and subsequently spent some time at Wüllenkemper's facilities in West Germany learning about the airships. By the late 1970s, he had launched the business based on his business plan, starting with one helicopter. During his first year as a student at Queens College, Pearlman wrote a business plan for a class project based on the idea of a helicopter taxi service in New York City. As a teenager he managed a band, but when success in music proved elusive, he turned his attention to aviation. Garfunkel's fame and wealth helped inspire Pearlman's own interest in the music business. This is disputed by Gross, who claims he was the school reporter, and allowed Pearlman to tag along. According to his autobiography, Bands, Brands, & Billions, it was during this period that he used his position on his school newspaper to earn credentials and get his first ride in a blimp. Pearlman's home at Mitchell Gardens Apartments was located across from Flushing Airport, where he and childhood friend Alan Gross would watch blimps take off and land. He was a first cousin of the musician Art Garfunkel. Lou Pearlman was born and raised in New York City, New York, the only child of Jewish parents Hy Pearlman, who ran a dry cleaning business, and Reenie Pearlman, a school lunchroom aide. In 2008, Pearlman was convicted and sentenced to 25 years in prison. He pled guilty to conspiracy, money laundering, and making false statements during a bankruptcy proceedings. After attempting to evade capture, Pearlman was apprehended in Bali, Indonesia in June 2007. In 2006, he was accused of running one of the largest and longest-running Ponzi schemes in United States history, leaving more than $300 million in debts. After their massive success, he then developed NSYNC. He was the person behind many successful 1990s boy bands, having formed and funded the Backstreet Boys. Louis Jay Pearlman (J– August 19, 2016) was an American talent manager and scam artist.
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