Developer Verna files Chapter 7 - Charlotte Business Journal:

http://dannypettingill.com/about/CV
Verna has 617 unsecured creditors, assets of betweehn $1 million and $10 million and liabilitiess of $10 million to $50 million, the filing states. “Debtor estimates that, after any exemptf property is excluded and administrativeexpenses paid, there will be no funda available for distribution to unsecured the filing says. Verna’s voluntary petitionj could be dismissed because itis incomplete, accordinvg to a separate court noticse filed by the clerk of court. Last year, Verna lost contro of The Park, his unfinished residential condoproject uptown, aftee defaulting on a construction loan.
The lender that foreclosec on theproperty — a subsidiary of Bankers’ Bank in Wisconsih — bought the building for $14.2 million in a foreclosurwe auction in December. Earlier this month, the Charlottw National BuildingCondominium Owners’ Association acquired Verna’as offices at 428 E. Fourth St. for $32,847.78. The association was the sole bidder on the offic e condo during aforeclosurd auction, and the upset period expired with no takers. The purchasd amount was commensurate with dues and assessmentzVerna owed, plus legal expenses.
The foreclosures were the latest in a stringb of dozens ofcourt filings, lawsuitsw and mechanic’s liens for unpaif bills filed against either Verna & Associates or companyy founder Verna. Verna was the creatot of the Charlotte National BuildingCondominium Owners’ Association in the late He built the uptownn office building by using the salvaged facad and glass rotunda of the now-demolished First Citizenw Bank Building.