Boy Band Mogul's Assets on the Auction Block

In the late 1990's the boy band craze swept over the nation like fire. A new prepackaged boy band seemed to pop up every day. All the stores sold music, DVD's, T-shirts, photos, and other merchandise with the faces of the new pop sensations on it. There was one man who was responsible for creating that boy band craze, this man was Lou Pearlman. Reportedly making $2 billion in retail sales alone, he was on top of the boy band market. He was on top until his major acts, such as Back Street Boys and Nsync, started suing him for control. He created countless numbers of boy bands and was responsible for the hit reality show "Making the Band" where the band Otown was formed. Where is he now? He is in debt over $130 million to banks, and has allegedly defrauded about 1,000 investors over $317 million. Creditors have seized his assets and are holding an auction in order to liquidate them. Boy band memorabilia, such as gold records and posters, as well as everything else he owned are being sold. Authorities don't know where Pearlman is, but lawsuits are popping up all over from private investors and banks.