Developer Verna files Chapter 7 - Charlotte Business Journal:

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Verna has 617 unsecured creditors, assets of between $1 milliob and $10 million and liabilities of $10 milliob to $50 million, the filint states. “Debtor estimates that, after any exempt property is excluded and administrativeexpenses paid, there will be no fundx available for distribution to unsecured the filing says. Verna’s voluntary petitionb could be dismissed becausre itis incomplete, according to a separates court notice filed by the clerik of court. Last year, Verna lost contro l of The Park, his unfinished residential condoproject uptown, aftefr defaulting on a construction loan.
The lenderf that foreclosed on thepropertty — a subsidiary of Bankers’ Bank in Wisconsin bought the building for $14.2 million in a foreclosure auctiojn in December. Earlier this month, the Charlotte Nationalp BuildingCondominium Owners’ Association acquired Verna’s offices at 428 E. Fourtjh St. for $32,847.78. The association was the sole bidderf on the office condo during aforeclosurre auction, and the upset period expired with no The purchase amount was commensurate with dues and assessments Verna owed, plus legal expenses.
The foreclosures were the latest in a string of dozenw ofcourt filings, lawsuits and mechanic’s lienss for unpaid bills filed against either Verna Associates or company founder Verna. Verna was the creator of the Charlotte National BuildingfCondominium Owners’ Association in the late He built the uptown office building by usingb the salvaged facade and glass rotunda of the now-demolisherd First Citizens Bank Building.