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Date of Issue: July 26, 2007

Bank objects in GSR listing for Island broker

Sources involved with the GSR Development bankruptcy have been saying for the past year that the company’s Island properties are heavily mortgaged to their value and any sale of company property is unlikely to return any of the $4.6 million in unsecured claims against the company.

In fact, none of GSR’s various Island properties have been sold since the bankruptcy began last July, despite a number of attempts by local real estate agents to market a sale.

The latest effort, however, underscores the distinct possibility the unsecured creditors are going to be left out in the cold with their claims.

Horizon Bank has objected to an application by GSR to employ Island Vacation Properties as the exclusive listing broker for the Rosa del Mar property in Bradenton Beach because the agency wants a 6 percent commission for a sale.

That’s not going to leave enough money for the bank, Horizon said in its objection letter to the federal bankruptcy court.

Island Vacation Properties proposes to market a Rosa del Mar sale for $8.85 million. With a 6 percent commission at about $528,000, that would bring in $8.322 million for Horizon. The trouble is, Horizon claims its owed $8.564 millon.

“Considering the outstanding debt, there is not enough money available to pay Island Vacation Properties on the commission and obviously there is not going to be any money which will benefit the estate,” alleged Horizon.

Not that GSR cares about its estate. It recently abandoned all claims on its properties, leaving the unsecured creditors to fend for themselves in “adversarial proceedings” that begin July 31.

A hearing on Horizon’s objection to the Island Vacation Properties deal to list and sell Rosa del Mar will be held at 10:30 a.m. Thursday, Aug. 2, at the federal courthouse at 801 N. Florida Ave. in Tampa.

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