The URL can be used to link to this page

Home My WebLink About1993 02 08 Court Documents - Property TransferGARY B. FRESEt CHARLES IAN HASH* VINCENT G. ToRPY, JR. RICHARD E. TORPY GREGORY S. HANSEN J. PATRICK ANDERSON LAURA L. ANDERSON CHARLES A. SCHILLINGER WILLIAM A. GRIMM OF COUNSEL FRE SE, NASH & �/� ORPY, P.A. ATTORN RYW I.? Ito N F�6 X993 �` I► ived 0- � 0� otiio r A� z i7Z February 8, 1993 Robert S. McClary City Manager City of Sebastian P.O. Box 780127 Sebastian, FL 32978 Re: General Development Bankruptcy Our File No. 882489.5496 Dear Robb: 930 S. HARBOR CITY BLVD. SUITE 505 MELBOURNE. FLORIDA 32901 (407) 984-3300 FAX (407) 951-3741 tBOARU CERTIFIED IN TARATION BOARD CERTIFIED IN ESTATE PLANNINCx ANU PROBATE Enclosed please find an Agreed Order Granting Stay Pending Appeal in the General Development Corporation bankruptcy case. I do not believe this matter affects the City of Sebastian. Should you have any questions, please feel free to contact me. Sincerely, FRESE, NASH & TORPY, P.A. Richard E. Torpy RET/lbg Enclosure UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF FLORIDA CASE NO. 90-12231-BKC-AJC JOINTLY ADMINISTERED CHAPTER 11 In re ) GENERAL DEVELOPMENT ) CORPORATION, et al., ) Debtors. ) AGREED ORDER GRANTING STAY PENDING APPEAL THIS MATTER having come before the Court at a hearing on December 29, 1992, upon the Debtors' Emergency Motion for Stay Pending Appeal, (C.P.`l r ) (the "Motion for Stay"; capitalized terms used herein shall have the meaning given them in the Motion for Stay), argument of counsel having been heard and good cause having been shown, it is hereby That the Motion for Stay is hereby GRANTED in accordance with this Order. It is further ORDERED that: 1. If the Debtors sell any of the properties securing any allowed secured Property Tax Claim, the amount of such allowed claim attributable to fees, costs, and charges shall be placed by the Debtors in an escrow account pending a final determination of the Debtors' appeal. The escrowed funds shall continue to earn interest at an annual rate of 9.25 percent until the termination of the escrow upon a final determination of the appeal. 2. If the Debtors and any of the Tax Collectors successfully negotiate an arrangement whereby payment in full on the allowed secured Property Tax Claims of individual 1 Certificateholders will be made before any payments are made to the Tax Collectors on account of their allowed secured Property Tax Claims, then those portions of the amounts paid to the Certificateholders that are attributable to fees, costs, and charges shall be placed by the Debtors into an escrow account, and shall continue to earn interest at an annual rate of 9.25 percent pending a final determination of the appeal. 3. In the event that such an arrangement is not negotiated among the parties, payment of the allowed secured Property Tax Claims of the individual Certificateholders shall be made in the same manner as payment of the allowed secured Property Tax Claims of the Tax Collectors, as ordered below. 4. Pending a final determination of the appeal, all installment payments made on account of the secured Property Tax Claims pursuant to section 5.2.3 of the Plan shall be attributable in their entirety to the payment of taxes and interest, and not to the payment of fees, costs, and charges. If the Debtors prevail on the merits of their appeal after any such installment payments have been made, the amount remaining to be paid on the allowed secured Property Tax Claims shall be -2- recalculated and shall be evenly divided into the remaining number of installments due under the Plan. 6. In the event that the Debtors' appeal is not finally determined by the time substantially all payments attributable to taxes and interest have been made, so that the next installment payment would be, in whole or in part, on account of fees, costs, and charges, then the Debtors shall pay the funds attributable to such fees, costs, and charges into an escrow account at an annual interest rate of 9.25 percent, pending a final determination of the appeal. DONE AND ORDERED in Miami, Florida, thiscal day of December, 1992. U.S. BANKRUPTCY JUDGE Copies furnished to: William J. Perlstein, Esq. (Attorney Perlstein shall transmit a copy of this Agreed Order to the Service List in this case.) -3- M SO OF FLA. In re ) GENERAL DEVELOPMENT ) CORPORATION, et al., ) Debtors. ) �'�B 0 4 14998 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF FLORIDA CASE NO. 90-12231-BKC-AJC JOINTLY ADMINISTERED CHAPTER 11 SUPPLEMENTAL DESIGNATION OF RECORD ATLANTIC GULF COMMUNITIES CORPORATION, formerly known as General Development Corporation ("GDC"), and its debtor - subsidiaries, Town & Country, II, Inc. ("TCII"), and Five Star Homes, Inc. ("Five Star"), (GDC, TCII, and Five Star, collectively the "Debtors"), hereby submit this Supplemental Designation of Record pursuant to Bankruptcy Rule 8007. The following item, attached hereto, is designated as an item of record on appeal, and we respectfully request that it be transmitted to the District Court. Date C.P. No. Document 12/29/92 5091 Agreed Order Granting Stay Pending Appeal Mark D. Bloom GREENBERG, TRAURIG, HOFFMAN, LIPOFF, ROSEN & QUENTEL, P.A. 1221 Brickell Avenue Miami, FL 33131 (305) 579-0500 Dated: January 27, 1993 Respectfully submitted, Wi iam J. Perlstein Gail C. Bernstein WILMER, CUTLER & PICKERING 2445 M Street, N.W. Washington, D.C. 20037-1420 (202) 663 6000 Counsel for the Debtors Mr. Robert S. McClary City Manager City of Sebastian P.O. Box 780127 Sebastian, FL 32978 7 SE , NASH & TORPY, P.A. ATTORNEYS AT LAw April 1, 1993 930 S. HARBOR CITY BLVD. SUITE 505 MELBOURNE, FLORIDA 32901 (407) 984-3300 FAX (407) 951-3741 tBOARD CERTIFIED IN TAXATION *BOARD CERTIFIED IN ESTATE PLANNING AND PROBATE ��3�y67897p�, �2, `o N R8 M, 15V O �SZ�Z £Z ZZ�Z Re: City of Sebastian / General Development Corporation Our File No. 882489.5496 Dear Robb: It appears that 1992 taxes for the five parcels which GDC is conveying to us, pursuant to our Settlement Agreement, may be unpaid. According to the original Settlement Agreement, however, it was contemplated that we might accept these parcels with outstanding 1992 taxes. In that agreement, however, it was contemplated that those parcels would be conveyed to us almost a year ago. Therefore, I think we should consider contacting GDC and requiring them to pay the outstanding 1992 taxes due to the fact that it was their delay which resulted in the taxes being outstanding for a period which the City of Sebastian gained no benefit from the land. If I Ihave not u15,:;Ussed his matter with you prior to your receiving this correspondence, please contact me so we can discuss this issue further. Sincerely, FRESE, NASH & TORPY, P.A. Richard E. Torpy RET/lb