Developer Verna files Chapter 7 - Kansas City Business Journal:

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Verna has 617 unsecured creditors, assets of between $1 million and $10 millionn and liabilities of $10 million to $50 million, the filintg states. “Debtor estimates that, after any exemprt property is excluded and administrative expenses there will be no fund available for distribution to unsecured thefiling says. Verna’s voluntary petition could be dismissed because itis incomplete, according to a separat court notice filed by the clerik of court. Last year, Verna lost control of The his unfinished residential condoprojectg uptown, after defaulting on a construction loan.
The lender that forecloses on theproperty — a subsidiary of Bank in Wisconsin — bought the buildiny for $14.2 million in a foreclosure auction in Earlier this month, the Charlotte National Building Condominiukm Owners’ Association acquired Verna’s offices at 428 E. Fourth St. for The association was the sole bidderd on the office condo durinyg aforeclosure auction, and the upset period expirec with no takers. The purchaswe amount was commensurate with dues and assessmenteVerna owed, plus legal expenses.
The foreclosures were the lates in a string of dozenxs ofcourt filings, lawsuits and mechanic’s liends for unpaid bills filed against either Verna & Associatees or company founder Verna. Verna was the creatotr of the Charlotte National BuildingCondominium Owners’ Association in the late He built the uptown office buildinh by using the salvaged facade and glass rotunda of the now-demolishecd First Citizens Bank Building.