The Broke and the Beautiful: Greek Soccer Edition

This week on The Broke and the Beautiful, Greek soccer club AEK Athens is readying for bankruptcy. Also, Lou Pearlman’s bankruptcy case is coming to a close, and Kerry Katona is back on TV. AEK Athens likely has a new goooooal in mind: to make it through bankruptcy. According to the Associated Press, Greece’s third-largest soccer club is going to launch a liquidation and seek relegation to the third division. The Scotsman noted that the team reportedly owes 170 million euros ($290 million) in taxes. AEK Athens, which gained some notoriety earlier this year when a player made a Nazi salute after making a goal, has been hit by financial ills because of the country’s debt crisis. We’re sure boy-band mogul Lou Pearlman wants to see bankruptcy go out that door, and he might not be that far from it. As Bankruptcy Beat reported, the trustee in Pearlman’s bankruptcy case said he’s close to figuring out a creditor-payment plan. “The trustee and committee each believe that they have made good progress towards a global resolutions of issues,” trustee Soneet Kapila noted in court papers. Read the rest at http://blogs.wsj.com/bankruptcy/2013/05/17/the-broke-and-the-beautiful-greek-soccer-edition/