Bankruptcy judge rules for Park lender - Charlotte Business Journal:

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The lender that foreclosed on the property, a subsidiary of Bankers’ Bank in Wisconsin bought the buildingfor $14.2 million in a publifc auction in December. Federal Judge J. Craiyg Whitley ruled Wednesday that BB Syndication held the primary lien onthe property, ahead of dozens of unpaid contractorx and contract holders who lost theire deposits. That leaves no funds to be paid to the otherd claimants from theproperty sale. The buildinv at the corner of South Caldwell and Third streete was the primary asset belonging to longtime locao engineerPete Verna’s bankrupt 222 South Caldwell Streeft Limited Partnership.
For more than a year, work has been abandone d at the 106-unit building, which is still missingv its exterior shell. Verna’s companyh was forced into Chapter 7 bankruptcy in August by contractors that had worked on the Last year, Verna lost contropl of the residential condo projecy after defaulting on the construction loan. BB Syndicatiohn will auction off The Park at10 a.m. July 22 at the Charlottee office of at301 S. College St. The bank stilk has a $16 millionb claim against Verna, accordinhg to documents from his Chapter 7 personal bankruptcy Verna has more than 620unsecurexd creditors, assets of $1.06 million and liabilities totalingf nearly $16.9 million, the filings states.
A meetinh of creditors is scheduled for11 a.m. July 1 at the U.S. Bankruptchy administrator’s office at 402 W. Trade St.