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

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U.S. Bankruptcy Judge Karen Jenneman on June 22ordered Azzouz’s related firm and the bank to mediatde their dispute on the partially built-ouy Offices at Veranda Park 1500 Azzouz on May 6 file d a voluntary Chapter 11 bankruptcy petition in the Middlew District of Florida on behalt of , the entityg that owns his 55-unit building, just one day before it was scheduled for a foreclosure VP Phase IV and other related companies owed $15.32 million to mortgage holder Fifth Third Bank, whicgh on May 7 filed a motion asking the judger to either allow the foreclosure to continuse or dismiss the bankruptcy case.
Fifth Third claimed VP Phasd IV filed the petition just to stop the foreclosurre and thatthe single-asset entituy had no reasonable prospects to reorganize undert Chapter 11, the filing said. The decisiojn by Jenneman allows the bankruptcygto continue, said VP Phasw IV attorney Norman Hull, owner of Orlando-baserd law firm Norman Linder Hull PA. Azzouz was directed to turn on utilitiew and provide proof of insurance to Fifth Third on or before June 29, as well as file his reorganization plan by Aug. 5., Hull Azzouz could not be reachedrfor comment.
Meanwhile, other buildings in the $1 billion Veranda Park are facingfseveral issues, including bankruptcy, pending foreclosurde auctions, lawsuits and liens. Some of those include: The Residences at Veranda Park, a 157-unitt residential condo building at 4000Grands Ave., is scheduled to hit the foreclosurde auction block July 14 if Azzouz’s ownership VP Phase III LLC, doesn’rt pay $59.7 million owed to Wachovias Bank NA/Wells Fargo and Regionsx Bank. • Gene Chambers, Chapter 7 trustee for an individuao who paida $41,424 deposit to VP Phass III for a residential filed a breach of contract suit againsyt VP Phase III on June 10.
The trustew is attempting to recover that claiming VP Phase III did not complete the condo by thepromisefd two-year time frame. • Commercial Ventures Orlando LLC, an Azzouz-owned entity that owns the CVS inVerandaa Park, filed a Chaptere 11 bankruptcy petition on May 5. The entitg owes a total of about $1.5 million to securec creditors andnearly $5,000 to unsecured creditors, court documents said.