Thank you for visiting The islander Newspaper Online.

We are currently updating our website to provide you better service and function.
If you would like to access the new site, please, click here: The islander Newspaper

Sorry for any inconvenience. Our new site and service will resume shortly.

Web Master

The Award Winning & Best News on Anna Maria Island, FL Since 1992

"The Award Winning & Best News on Anna Maria Island, FL Since 1992"

Monday, Mar, 18, 2024
Florida Press Assn. Award-Winning Web Site
Home Latest News Weather Sports Real Estate Classifieds Island Guide islander Store

 SECTIONS

 • 

Main News

 • 

Classifieds

 • 

Opinions

 • 

Streetlife

 • 

Calendar

 • 

Fishing

 • 

Sports

 • 

Real Estate

 • 

Obituaries

 • 

Weather

 Features

 • 

Cortez Cook Off: The Results

 • 

Anna Maria Island Bridge FDOT replacement bridge

 • 

National Hurricane Center (Atlantic)

 • 

Advanced Search

 • 

I love AMI

 • 

Mystery Story

 • 

Fishing Laws

 Classifieds

 • 

Classifieds Page

 • 

Place An AD

 • 

Items for Sale

 • 

Garage Sale

 • 

Estate Sale

 • 

Announcments

 • 

Lost & Found

 • 

Pets

 • 

Transportation

 • 

Boats & Boating

 • 

Fishing

 • 

Kids 4 Hire

 • 

Help Wanted

 • 

Health Care

 • 

Services

 • 

Lawn & Garden

 • 

Landscaping

 • 

Home Improvement

 • 

Business Opportunities

 • 

Rentals

 • 

Real Estate

 Weather

 • 

Today's Forecast

 • 

10 Day Forecast

 • 

Today's Tides

 • 

Emergency e-mail

 • 

Storm Watch

 Archive

 • 

News Archive

 • 

2009 Top Notch Gallery

 • 

2008 Top Notch Gallery

 • 

2007 Top Notch Gallery

 • 

2006 Top Notch Gallery

 • 

2005 Top Notch Gallery

 • 

2004 Top Notch Gallery

 Useful Links

 • 

Island Links

 • 

i.wed

 • 

islander Store

 • 

About this Site

 Contact Us

 • 

islander Store

 • 

Subscribe

 • 

About Us

 • 

e-mail us

Story Tools

GSR proposes the end

GSR Development LLC wants to close its doors forever.

Bankrupt, with properties over-loaded with debt and two principals who apparently are no longer interested in resurrecting the company, GSR restructuring officer William Maloney proposed a company restructuring plan to the federal bankruptcy court in Tampa last week that would sell all the GSR properties at an auction sale and close down the company.

As part of the proposal, Bon Eau LLC of Sarasota will establish a reserve fund of $700,000 in exchange for a "release" by the court from its "compromise controversy" regarding GSR's Villa Rosa property in Anna Maria.

Of the reserve fund, $400,000 will be set aside for administrative claims such as the $567,000 in compensation that Maloney and GSR's law firm - Stichter, Riedel, Blain & Prosser of Tampa - have submitted to the court for work performed.

The unsecured creditors would have a $250,000 fund from Bon Eau, not nearly enough to cover the estimated $6 million in unsecured claims. The plan asks the court to establish a "priority list" for the unsecured claims according to the federal bankruptcy code.

Fifty-thousand dollars would be set aside for "litigation" by the unsecured creditors committee against the "targets," which include GSR principals Robert Byrne and Steve Noriega.

In his submission, Maloney said he "contemplates" that GSR's real estate holdings "will be sold for sums in excess" of what is owed on the properties. This would generate a "cash benefit" to the estate, he added.

Maloney has also asked the court for permission to sell GSR's office and non-real estate related equipment, as the company no longer operates as an on-going business. GSR's office at 5708 Manatee Ave. W. is now closed.

Not to be outdone by the $567,000 in compensation claims submitted to the court recently by Maloney and Stichter, Riedel, Blain & Prosser, attorneys and accountants for the unsecured creditors committee filed their own claims last week.

The law firm of Gray Robinson, representing the committee, filed a compensation claim for $192,223, while committee chairperson Penni Perez filed a claim for $32,454. In addition, Oscher Consulting, P.A., the forensic accountants hired by the committee, have asked for $29,275. The compensation requested by the committee totals $254,252, just $4,252 more than the reserve fund Bon Eau would provide for the committee.

Collectively, the compensation claims by attorneys and accountants on both sides of the GSR bankruptcy total slightly more than $821,000.

Federal bankruptcy Judge K. Rodney May has scheduled a hearing on the reorganization plan and the compensation claims for 10:30 a.m., Thursday, May 17, at the federal courthouse at 801 N. Florida Ave. in Tampa.

Get breaking news

Follow the islander on TwitterBecome a fan of The islander on Facebook

Sign up to receive breaking news alerts via e-mail. We'll send you a notice when the news and classifieds appear online every week, before the print edition hits the streets.

Click here for Gulf oil spill updates related to Anna Maria Island.

Historic Anna Maria City Pier Plank Walk

Put your name, your message, your memorial on the Historic Anna Maria City Pier prior to the Pier Centennial Celebration! And join the fun!

CLICK HERE for Stoltzfus e-mails and related court documents.


FREE Island
Vacation Guide:
get it here

Cortez Cookoff

Click here for 2010 Cortez Cookoff Winner and recipes

To advertise here, please
visit our rates page
or contact us at:
sales@islander.org
Phone: (941) 778-7978
Fax: (941) 778-9392

Back to top of Page

Home | Weather | Real Estate | Classifieds | Archives | Contact | Island Links
islander Store | Subscribe About this site | Classifieds Page | Place an Ad
For Sale | Garage Sales | Announcements | Lost & Found | Pets | Transportation
Boats & Boating | Fishing | Kids for Hire | Help Wanted | Health Care | Services
Lawn & Garden | Landscaping | Home Improvement | Business Opportunities | Rentals | Real Estate

Our Privacy and Copyright Statements © 1992 - 2009, The islander