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Date of Issue: May 24, 2007

GSR proposes auction sale for two properties

Bankrupt GSR Development LLC has asked the federal bankruptcy court for permission to sell two properties at a public auction June 1.

Attorney Richard Prosser, representing GSR, requested that the property at 206 56th St., Unit B, in Holmes Beach and at 110-B Seventh St. S. in Bradenton Beach be auctioned off by Michael Saunders & Co. at 10 a.m. June 1 at Courtroom B of the U.S. Bankruptcy Court at 801 N. Florida Ave. in Tampa.

Written or absentee bids must be received by the auctioneer by 5 p.m. May 29, said Prosser.

All offers must be accompanied by a "good faith" deposit of 10 percent, and GSR will retain the right to "recommend to the court the offer it considers to be the highest and best offer" for each property.

"All bids must be for cash, payable in full," on the date the sale closes.

Successful bidders will have 30 days to complete a purchase, or 10 days from the date of the court’s approval of the sale, whichever is later, said Prosser.

Bankruptcy Judge K. Rodney May heard the motion on May 15, but had not yet issued a ruling by press deadline.