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"

Friday, Aug, 22, 2014
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

Date of Issue: January 03, 2007

Former Island developer gets the Island boot

galati pic
Get out now
A notice posted two weeks ago at 300 Gulf Drive S. in Bradenton Beach by the Manatee County Circuit Court informs Steve Noriega that he has until Dec. 18 to vacate the premises or be forcibly evicted. Islander Photo: Paul Roat

The man who once bragged that he and his company would change the face of Island real estate and development has been evicted from a Bradenton Beach condominium following a mortgage foreclosure suit brought by Carol and Mel Yudofsky of Holmes Beach.

Steve Noriega of financially troubled GSR Development LLC was served with eviction papers at the Capri Condominiums at 300 Gulf Drive S., Unit B, in Bradenton Beach last week after the Yudofskys won a mortgage foreclosure action in civil court.

The Yudofskys allege they are still owed $191,000 by Noriega and his GSR partner, Robert Byrne, and have filed a claim with the U.S. bankruptcy court in Tampa that is handling the GSR bankruptcy case.

Noriega does not live at the condominium and, apparently, no longer lives on Anna Maria Island.

Sources familiar with Noriega say he now lives in Tampa and rarely ventures to the GSR office on Manatee Avenue or to the Island to oversee GSR’s crumbling real estate fortunes.

Noriega and Byrne did win a small victory in bankruptcy court last week. Judge K. Rodney May extended GSR’s allowed time frame as the exclusive agent to file a company reorganization plan until Jan. 9, preventing any of the major creditors in the case from presenting their own reorganization plan.

GSR’s original filing date was Nov. 13, but May allowed an extension of that date following a motion by GSR lawyer Richard Prosser.

The company also has to list all its financial assets and transactions on that date, a requirement that has likely sent Noriega and Byrne scrambling to piece together the details of their failed real estate empire following the boom years of Island real estate sales and development.

Some of the major creditor banks in the GSR case, along with the unsecured creditors committee, are lobbying May to have all GSR assets sold and the proceeds distributed to all creditors, secured and unsecured, before any funds are given to GSR.

GSR has retained the services of William Maloney to piece together its financial picture along with a reorganization plan and present that to the court for approval. Maloney will receive a $125,000 bonus if he can reorganize the company in order that all creditors, secured and unsecured, are paid back.

At the same time, the unsecured creditors committee is asking the court to hire its own forensic accountant to trace GSR’s money and assets.

Sources close to the bankruptcy case say GSR has received approximately $74 million in loans during the past four years.

When it filed for bankruptcy on July 13, GSR listed assets of $47 million against debts of just $33 million, including about $6 million owed to unsecured creditors.

Byrne and Noriega have presented personal net worth financial statements of $33 million and $22 million respectively.

Have your say:

No comments for this page. Feel free to be the first

Username:

Contact:

(email or url)

Subject:

Your View:

Please enter the security code below:

security  

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