Boy band mogul creditors to vote on bankruptcy plan

The Chapter 11 bankruptcy trustee for Louis Pearlman, the person behind ‘N Sync and Backstreet Boys, filed his proposed bankruptcy plan after numerous lawsuits to secure funds for creditors. Kapila fled more than 700 lawsuits since 2007 when he was appointed to try to claw back more than $100 million. To date, he has collected about $30 million from the lawsuits. This translates into about four cents for every dollar owed to creditors. Creditors still must vote on the proposed plan.

For more details read, “Louis Pearlman Trustee Files Plan to Pay Jilted Investors.”

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