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Date of Issue: January 30, 2008

Byrne day in court tomorrow

Several of the unsecured creditors of bankrupt GSR Development LLC will have what they hope is their day in court tomorrow.

GSR principal Robert Byrne is scheduled to appear in federal bankruptcy court for the initial meeting of the creditors who forced him to file for involuntary bankruptcy late last year.

According to creditor and Island resident Kent Davis who brought the action, Byrne is not likely to appear, only his attorney.

Other unsecured creditors in the action are Mel and Carol Yudofsky of Holmes Beach and former Island resident Patricia Hart, who now lives in Georgia.

The unsecured creditors will likely claim losses in excess of $1 million invested with GSR, which is in the final throes of bankruptcy.

 Davis and the other unsecured creditors brought the action against Byrne after it became apparent to them that they were probably not going to get a settlement in the GSR bankruptcy that would be close to what they invested, Davis has said.

 Federal bankruptcy Judge K. Rodney May has already denied a motion by attorneys representing the creditors for a summary judgment against Byrne.

The creditors meeting is scheduled for 8:30 a.m. Friday, Feb. 1, at the federal bankruptcy court's Timberlake Annex at 501 E. Polk St. in Tampa. The meeting is open to the public.

In other GSR news, a preliminary hearing on GSR's objections to some of the claims against it is scheduled for 2 p.m. Jan. 30 at the federal courthouse in Tampa at 801 N. Florida Ave.

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