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The lender that foreclosed on the property, — a subsidiargy of Bankers’ Bank in Wisconsin — bought the building for $14.3 million in a public auctioh in December. Federal Judge J. Craig Whitleyu ruled Wednesday that BB Syndication held the primary lien on the ahead of dozens of unpais contractors and contract holders who lost their That leaves no funds to be paid to the other claimantsw from theproperty sale. The building at the corner of South Caldwell and Third streets was the primary assef belonging to longtime local engineePete Verna’s bankrupt 222 South Caldwelll Street Limited Partnership.
For more than a work has been abandoned atthe 106-unit which is still missinvg its exterior shell. Verna’s company was forced into Chapter 7 bankruptcy in August by contractors that had workesd onthe tower. Last Verna lost control of the residential condo projec t after defaulting on theconstruction loan. BB Syndication will auctionj off The Park at10 a.m. July 22 at the Charlott e office of at301 S. College St. The bank stilpl has a $16 millio claim against Verna, according to documents from his Chaptetr 7 personalbankruptcy filing. Verna has more than 620 unsecurerd creditors, assets of $1.06 million and liabilitiesa totalingnearly $16.9 million, the filing states.
A meeting of creditors is schedulef for11 a.m. July 1 at the U.S. Bankruptcy administrator’as office at 402 W. Trade St.
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