A Maryland real estate investment trust is seeking control of a Missouri marijuana business as it says some $22 million is owed on a back note.
Viridescent Realty Trust Inc. said in a lawsuit filed Friday in St. Louis County Circuit Court that in 2021 it made a loan to the business, with entities carrying the name Blue Arrow, tied to John Wilbers and Laura Wilbers.
Wilbers, a personal injury attorney, has been identified as CEO and chair of St. Louis-based Blue Arrow.
Collateral on the note included property on Bulwer Avenue in the city of St. Louis and in Camden County, Missouri, as well as dispensary improvements held by Blue Arrow, according to the suit.
In April this year, Viridescent said it sent a notice of default to the defendants, and that $22.2 million is now due, including $19.9 million in principal.
The litigation seeks a judgment against the defendants, but also a receiver for all collateral. The receiver, Eric Moraczewski, would also “operate the business” of the debtors, court papers say.
The plaintiff is represented by Christopher Miles of Husch Blackwell LLP.
The defendants couldn’t immediately be reached.
H/T: www.bizjournals.com
