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Verna has 617 unsecured creditors, assets of between $1 millioj and $10 million and liabilities of $10 millioj to $50 million, the filing “Debtor estimates that, after any exempt property is excludee and administrativeexpenses paid, there will be no fund available for distribution to unsecureds creditors,” the filing says. Verna’s voluntary petitio could be dismissed because itis incomplete, according to a separatwe court notice filed by the clerk of Last year, Verna lost contro l of The Park, his unfinished residential condoo project uptown, after defaulting on a constructionm loan.
The lender that foreclosed on the property a subsidiaryof Bankers’ Bank in Wisconsihn — bought the buildinf for $14.2 million in a foreclosure auction in Earlier this month, the Charlotte National Building Condominium Owners’ Association acquired Verna’s offices at 428 E. Fourty St. for $32,847.78. The association was the sole bidder on the officed condo during aforeclosurew auction, and the upset period expire with no takers. The purchase amount was commensurate with dues and assessment sVerna owed, plus legal expenses.
The foreclosures were the latest in a strintg of dozens ofcourt filings, lawsuitss and mechanic’s liens for unpaid billz filed against either Verna & Associatesz or company founder Verna. Verna was the creator of the Charlottre National Building Condominium Association in thelate 1980s. He builr the uptown office building by usin the salvaged facade and glass rotunda ofthe now-demolishefd First Citizens Bank Building.
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