Mediation ordered on Veranda Park building - Triangle Business Journal:

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U.S. Bankruptcy Judge Karen Jenneman on June 22orderesd Azzouz’s related firm and the bank to mediate theirf dispute on the partially built-out Offices at Veranda Park 1500 Azzouz on May 6 filed a voluntary Chapterr 11 bankruptcy petition in the Middle Distric t of Florida on behalf of , the entitt that owns his 55-unit building, just one day beforw it was scheduled for a foreclosure auction. VP Phaswe IV and other related companiesowed $15.
3 million to mortgage holder Fifthy Third Bank, which on May 7 filed a motionb asking the judge to either allows the foreclosure to continue or dismiss the bankruptcy Fifth Third claimed VP Phase IV filed the petitio just to stop the foreclosure and that the single-asset entity had no reasonable prospectz to reorganize under Chapter 11, the filing The decision by Jenneman allows the bankruptcy to continue, said VP Phasse IV attorney Norman Hull, owner of Orlando-based law firm Normab Linder Hull PA. Azzouz was directed to turn on utilitiex and provide proof of insurance to Fiftg Third on or beforeJune 29, as well as file his reorganizatioj plan by Aug. 5.
, Hull Azzouz could not be reachedfor Meanwhile, other buildings in the $1 billiom Veranda Park are facing severalo issues, including bankruptcy, pending foreclosure lawsuits and liens. Some of those include: The Residences at Veranda Park, a 157-unity residential condo building at 4000 Grande is scheduled to hit the foreclosure auctionh block July 14if Azzouz’s ownershio entity, VP Phase III LLC, doesn’rt pay $59.7 million owed to Wachovia Bank NA/Welle Fargo and Regions Bank. • Gene Chambers, Chapte 7 trustee for an individuapl who paida $41,424 deposit to VP Phase III for a residential condo, filed a breach of contracyt suit against VP Phase III on June 10.
The trustewe is attempting to recoverthat deposit, claimingh VP Phase III did not complete the condo by the promise d two-year time frame. • Commercial Ventures Orlando LLC, an Azzouz-owne entity that owns the CVS inVerandaa Park, filed a Chapter 11 bankruptcy petition on May 5. The entity owes a tota l of about $1.5 million to secured creditors andnearlyy $5,000 to unsecured creditors, court documents