Mediation ordered on Veranda Park building - Puget Sound Business Journal (Seattle):

haga-aa8xuq.blogspot.com
U.S. Bankruptcy Judge Karen Jenneman on June 22orderee Azzouz’s related firm and the bank to mediate theie dispute on the partially built-out Officexs at Veranda Park 1500 building. Azzouz on May 6 filedf a voluntary Chapter 11 bankruptcy petition in the Middlew District of Florida on behalfof , the entity that owns his 55-unit building, just one day before it was scheduled for a foreclosurde auction. VP Phase IV and otherd related companiesowed $15.
3 million to mortgage holder Fifth Thirds Bank, which on May 7 filed a motionj asking the judge to eitherr allow the foreclosure to continue or dismiss the bankruptcy Fifth Third claimed VP Phase IV file d the petition just to stop the foreclosurew and that the single-assett entity had no reasonable prospects to reorganizde under Chapter 11, the filing said. The decision by Jennema allows the bankruptcy to said VP Phase IV attorneyuNorman Hull, owner of Orlando-basef law firm Norman Linder Hull PA. Azzouz was directerd to turn on utilities and provide proovf of insurance to Fifth Third on or beforeJune 29, as well as file his reorganizationh plan by Aug. 5., Hull said.
Azzouz coul d not be reached for comment. other buildings in the $1 billioj Veranda Park are facingseveral issues, includinb bankruptcy, pending foreclosure lawsuits and liens. Some of thoss include: • The Residences at Veranda Park, a 157-unigt residential condo building at 4000Grande Ave., is scheduled to hit the foreclosur auction block July 14 if Azzouz’as ownership entity, VP Phase III LLC, doesn’t pay $59.7 million owed to Wachovia Bank NA/Wells Fargo and Regionx Bank. • Gene Chambers, Chapteer 7 trustee for an individualo who paida $41,424 deposi to VP Phase III for a residential filed a breach of contract suit againsy VP Phase III on June 10.
The trusted is attempting to recover that claiming VP Phase III did not complete the condk by thepromised two-year time • Commercial Ventures Orlando LLC, an Azzouz-owned entity that owns the CVS in Verandaz Park, filed a Chapter 11 bankruptcy petition on May 5. The entith owes a total of about $1.5 millionb to secured creditors andnearly $5,000 to unsecureds creditors, court documents said.