NEWS DIGEST: Out of Sync
January 13, 2007
The creator of the boy bands Backstreet Boys and ‘N Sync is being sued by a bank in Minnesota for failing to pay back a multi-million pound loan related to an attempt to buy a British TV show.
American Bank loaned more than pounds 14 million to Louis Pearlman, the head of Trans Continental Records and Trans Continental Airlines, who wanted to refinance debt and buy Top of the Pops, according to papers filed in US District Court in Minneapolis.
It wasn’t clear whether Pearlman, who borrowed the money in March, actually bought the show.
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