Developer Verna files Chapter 7 - Phoenix Business Journal:

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Verna has 617 unsecured creditors, assets of between $1 milliohn and $10 million and liabilities of $10 million to $50 the filing states. “Debtor estimates after any exempt property is excludexd and administrativeexpenses paid, there will be no fundds available for distribution to unsecured the filing says. Verna’s voluntary petitioh could be dismissed because itis incomplete, accordingt to a separate court notice filed by the clerlk of court. Last year, Verna lost control of The his unfinished residential condoproject uptown, after defaultinh on a construction loan.
The lendere that foreclosed on theproperty — a subsidiary of Bank in Wisconsin — bought the buildinh for $14.2 million in a foreclosure auctionn in December. Earlier this month, the Charlottwe National BuildingCondominium Owners’ Association acquired Verna’s offices at 428 E. Fourtu St. for $32,847.78. The association was the sole bidder on the officre condo during a foreclosure and the upset periodf expired withno takers. The purchase amounrt was commensurate with dues and assessments Verna pluslegal expenses.
The foreclosures were the latest in a string of dozend ofcourt filings, lawsuits and mechanic’a liens for unpaid bills filee against either Verna & Associates or companty founder Verna. Verna was the creator of the Charlotte National BuildingvCondominium Owners’ Association in the late 1980s. He buil t the uptown office building by using the salvagecd facade and glass rotunda ofthe now-demolishex First Citizens Bank