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Date of Issue: March 15, 2007

GSR auction sale proposal withdrawn

A proposal submitted by bankrupt GSR Development three weeks ago to the federal bankruptcy court to allow the company to hire an auction firm to sell its Villa Rosa property in Anna Maria was withdrawn March 2 by GSR attorney Richard Prosser. In the same notice to the court, Prosser withdrew GSR's previous motion to have the court approve inclusion of Villa Rosa lots in the previously approved RoseBay Real Estate marketing plan for GSR properties.

Prosser had originally asked bankruptcy court Judge K. Rodney May to allow the company to hire the international auction firm of GoIndustry Michael Fox International to market Villa Rosa and Rosa del Mar at a public auction.

Under the proposal, "Fox" would spend $50,000 of GSR's money to advertise the properties, then hold a public auction to sell each property in its entirety. Previous efforts to sell Villa Rosa have been by advertising the 14 lots at 401 S. Bay Blvd. in Anna Maria separately and with individual price tags.

According to the proposal accompanying the motion, Fox had set a minimum price of $10 million for the Rosa del Mar property in Bradenton Beach and $9.5 million for Villa Rosa.

Oddly, $9.5 million is reportedly the sale price that GSR principals Robert Byrne and Steve Noriega rejected last September when Gaspar Properties Inc. of Tampa attempted to purchase Villa Rosa. Gaspar had originally been interested at $11.5 million, but subsequently lowered its offer after re-appraising the property and the Island real estate market.

But several unsecured creditors of GSR, including Paul Gallizzi, said it's possible that the motion was withdrawn because Gaspar Properties is still interested in Villa Rosa, particularly at $9.5 million.

Efforts to reach Prosser and GSR chief restructuring officer William Maloney for comment on the withdrawal notice were unsuccessful.

Also in the GSR bankruptcy, the court approved a motion by the creditor's committee to extend the deadline to file a claim against the company to March 24.

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