The former mogul behind NSYNC and The Backstreet Boys has been in prison for a few years after his ponzi scheme unraveled: At the time it was among the largest in history, although it has since been eclipsed many times over by Bernie Madoff.But Lou Pearlman isn't one to let a minor inconvenience like prison get in the way of his business. Operating from a federal prison cell in Florida, Sweet Lou is managing a southern rock band called Biteboy with collect calls from the prison pay phone. Tyler Gray -- the author of a biography of Mr. Pearlman that I reviewed here -- reports that "Pearlman has also facilitated what could be Biteboy's breakthrough -- a reality-TV series about the group's attempts to become famous, put together by Jonathan Murray, the television producer behind MTV's The Real World."
The whole arrangement seems strange but with a $300 million restitution order hanging over his head, it's in everyone's best interests for Pearlman to find some way to work: For every million dollars he returns to creditors he gets a month off his sentence -- and the people he ripped off get some money back.
Biteboy has to be considered a longshot: Any band so desperate for attention that it will seek the counsel of a corpulent jailbird who has alienated pretty much every connection he ever had is highly questionable. But as a gimmick, the Pearlman connection could lead to some good publicity and a shot at media exposure.
I'll do my part: Check out the band's MySpace page here.
Closing Bell: When We All Love the PIIGS (NBG, SQNM, PG, ERTS, KO)
Serious Money: Cheapest Stocks List Shrinks from 26 to 21
Chasing Value: Hasbro Earnings Makes My Point
