(By Doug Smith, dougsmith@charlotteobserver.com) Charlotte consulting engineer and condo developer Pete Verna filed this week for personal bankruptcy protection.
In a Chapter 7 voluntary petition filed Tuesday, he estimated liabilities of $10,000,001 to $50 million and assets of $1,000,001 to $10 million. Virtually the only asset is the house Verna owns with his wife, said Richard Mitchell, his attorney. Verna, 83, lives on 1.3 acres in Myers Park, where his garden produces fruits and vegetables he and wife preserve and eat year-round. Creditors have filed dozens of lawsuits and mechanic’s liens for unpaid bills against Verna and his company, Verna & Associates, over the past year. Verna’s financial troubles first surfaced last year when The Park, his 21-story uptown condo tower at Caldwell and Third streets, went into foreclosure. Construction stopped last year with the building about 70 percent complete. The project’s lender, BB Syndication Services Inc., bought the building in a foreclosure auction last year, but it remains unfinished. The list of creditors included in Verna’s federal bankruptcy court filing totals 69 pages and ranges from building and construction suppliers to the Internal Revenue Service. Mitchell said the next step in the case is for the trustee to determine whether there are any assets to be distributed. In such cases, debts typically are discharged automatically within about 90 days after filing, depending on the extent of the trustee’s investigation.Staff researcher Maria David contributed.
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