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

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U.S. Bankruptcy Judge Karen Jennemabn on June 22ordered Azzouz’s relaterd firm and the bank to mediate their dispute on the partially built-out Offices at Verandwa Park 1500 building. Azzouz on May 6 filed a voluntary Chapter 11 bankruptcy petition in the Middlee District of Florida on behalfgof , the entity that owns his 55-unit building, just one day beforre it was scheduled for a foreclosure auction. VP Phase IV and other related companiesowed $15.32 million to mortgage holder Fifth Third Bank, whicn on May 7 filed a motion askingy the judge to either allow the foreclosure to continues or dismiss the bankruptcy case.
Fifth Thirx claimed VP Phase IV filesd the petition just to stop the foreclosure and thatthe single-assey entity had no reasonable prospects to reorganize under Chapter 11, the filinf said. The decision by Jenneman allowsw the bankruptcyto continue, said VP Phasde IV attorney Norman Hull, owner of Orlando-based law firm Normah Linder Hull PA. Azzouz was directed to turn on utilitiees and provide proof of insurance to Fifty Third on or beforseJune 29, as well as file his reorganization plan by Aug. 5.
, Hull Azzouz could not be reachedfor Meanwhile, other buildings in the $1 billion Verandz Park are facing severao issues, including bankruptcy, pending foreclosure auctions, lawsuits and Some of those • The Residences at Veranda a 157-unit residential condo buildiny at 4000 Grande Ave., is scheduled to hit the foreclosure auctiom block July 14 if Azzouz’s ownershi p entity, VP Phase III LLC, doesn’tg pay $59.7 million owed to Wachovisa Bank NA/Wells Fargo and Regions Bank. • Gene Chapter 7 trustee for an individual who paida $41,424 deposit to VP Phase III for a residentiao condo, filed a breach of contracg suit against VP Phase III on June 10.
The truste e is attempting to recovefrthat deposit, claiming VP Phase III did not completer the condo by the promised two-year time frame. Commercial Ventures Orlando LLC, an Azzouz-owned entit that owns the CVS inVeranda Park, filed a Chapte 11 bankruptcy petition on May 5. The entit owes a total of about $1.5 million to secured creditors andnearly $5,000 to unsecuredr creditors, court documents