This weathervane is atop the Trans Continental building in downtown Orlando. Being the building was recently seized by the government, I hope this weathervane will remain in place.
This building was owned by the (in)famous Lou Pearlman, founder and manager of the boy band 'N Sync. Pearlman is constantly surrounded by controversy.
Louis J. Pearlman (born 1954) is an alleged con man from Flushing, Queens, New York, last residing in Orlando, Florida. His current whereabouts are unknown.
Lou played guitar for a band in his hometown when he was in his teenage years, apparently inspired by being the first cousin of Art Garfunkel, who out of pity for Pearlman in his early days of struggle and at the urging of Pearlman's mother, purchased his first luxury apartment for him in Queens, as well as his first luxury car (a red Rolls Royce).
It was Trans Continental Airlines (also known as Planet Airways, a.o.) that would eventually lead Lou Pearlman to his involvement in the music industry again. Trans Continental Airlines also appears to have been the vehicle for a major fraud.
After years of occasionally chartering a jet, Louis Pearlman "received a charter request from the pop musical group, New Kids on the Block. After learning that these five young kids had made hundreds of millions of dollars in record, tour and merchandise sales, Louis Pearlman created Trans Continental Records", so the story goes. The first band to sign to Trans Continental Records, the Backstreet Boys allegedly sold 65 million records worldwide and hitting gold and platinum in 45 different countries. After that Lou Pearlman and Trans Continental Records repeated their success with the band 'N Sync, which allegedly sold over 56 million records globally.
Also Pearlman's involvement in Chippendales dancers predated his boy-group success. "I got involved with Chippendales before Backstreet and it's Chippendales and New Kids on the Block that gave me the idea to pursue Backstreet.".
Other boy bands managed by Lou Pearlman are/were O-Town (created for the ABC/MTV reality TV series Making the Band), Lyte Funky Ones (LFO), Take 5, Natural and US5. Further artists on the Trans Continental's label include Aaron Carter, Jordan Knight, Sean van der Wilt, C Note, and Smilez & Southstar. Pearlman owned an entertainment complex in Orlando, including a recording studio (Trans Continental Studios).
On December 27, 2006, the State of Florida Office of Financial Regulation (OFR) - after a year long investigation - filed a complaint against Pearlman and his companies for a huge savings / investment program fraud, alleging Pearlman has been operating a record-length Ponzi scheme, using falsified FDIC documents to gain his investors' confidence. A Ponzi scheme usually offers abnormally high short-term returns in order to entice new investors. The high returns that a Ponzi scheme advertises (and pays) require an ever-increasing flow of money from investors in order to keep the scheme going.
Pearlman's companies have been taken over by a court appointed receiver, having receivership over the assets of Trans Continental Airlines, Inc., Trans Continental Airlines Travel Service, Inc., Trans Continental Enterprises, LLC., Louis J. Pearlman Enterprises, Trans Continental Records, Trans Continental Talent, Fashion Rock, Trans Continental Travel Service, Trans Country music Group, Trans Continental Studios, Trans Continental Aviation and Aegis Consulting.
Current figures indicate the amount involved may be more than US$500,000,000.
UPDATE: April 05, 2007 - Church Street Station Auctioned.
The only bid on the property was the minimum, $34-million, which is about what is owed to secured creditors (mainly Bank of America). There's an option to purchase the "tangible personal property" in the buildings for an additional $500,000. Developer Cameron Kuhn says he wants to restore the property to its former glory. Current tenants will have to vacate or renegotiate their leases.