North Carolina-based bank BB&T Corp. will have to wait until May 8 to have its day in court regarding a real estate developer the bank says defaulted on about $4.5 million in loans. While the foreclosure hearing was originally scheduled for Dec. 20, the court recently granted the developer a continuance.
A foreclosure auction for the Advanced Internet Technologies (AIT) building is scheduled for September 26, but the company said that the business is in good health and is not ceasing operations anytime soon. The owner of AIT said the business plans to remain in its space by leasing some of the building long-term, post-foreclosure.
After a slew of lawsuits alleging fraud and a criminal investigation initiated by the federal government, the offices previously held by Smith Advertising & Associates are now in foreclosure.
When deciding to start your own business, it is critical to consider where the base of operations will be located. That decision can have widespread impacts on the future of your new business, including the quality of the workforce available in your labor market and the cost of doing business in the state you choose.