MATTER OF G.A.C. CORP.

Bankruptcy No. 76-131-BK-NCR-B.

10 B.R. 4 (1980)

In the Matter of G.A.C. CORPORATION, Debtor.

United States Bankruptcy Court, S.D. Florida.

August 12, 1980.


Attorney(s) appearing for the Case

Abrams, Anton, Robbins, Resnick, Schneider & Mager, P.A., Paul B. Anton, Hollywood, Fla., for Mailman Devp. Corp.

Bader & Bader, I. Walton Bader, White Plains, N.Y., Robert M. Brake, Coral Gables, Fla., for claimants.

Edward Read Barton, Allegan, Mich., for Gerald Foster.

Cravath, Swaine & Moore, Allen H. Merril and William Struyk, New York City, Steel, Hector & Davis, Jerry B. Crockett, Miami, Fla., for Chem. Bank, indenture trustee.

Sam Brothman, Washington, D.C., for Department of Housing and Urban Development.

Ira F. Gropper, Asst. U.S. Atty., Miami, Fla., for I.R.S.

Dennis E. LaRosa, Staff Atty., Tallahassee, Fla., for Dept. of Business Regulation, Division of Florida Land Sales and Condominiums.

Mahoney, Hadlow & Adams, Thomas M. Baumer, Jacksonville, Fla., for Trustees of Barnett Mortgage Trust.

Jack Meyorwitz, Conboy, Hewitt, O'Brien & Boardman, Marvin Hartung, New York City, Elliot L. Miller, Robert L. Weintraub, Frank J. Callahan, Miami, Fla., for GAC Corp., debentureholders.

Podhurst, Orseck & Parks, P.A., Miami, Fla., for Aura Associates and Mr. and Mrs. Murray Halfonds.

W.F. Esslinger, Miami, Fla., R. Joel Weiss, Hollywood, Fla., for creditors.

Samuel H. Freeman, New York City, for Mabel E. Duane, Evan G. Duane and George B. Duane.

Gerwin, Ehrenclou, Kessler & Weingarten, P.C., New York City, for objectant, Barbara Gerwin.

Ralph Golub, Thomas Elke, Goldstein, Barceloux & Goldstein, Lovitt & Hannan, Inc., San Francisco, Cal., for Weis and Mancini.

Law Offices of Jay H. Hernberg, Fort Lauderdale, Fla., for John Feldmayer and Estelle Clark.

George A. Berkowitz, Chairman, Richard H. Millen, Robinson & Wolas, Herbert Wolas, Los Angeles, Cal., Sandler & Sandler, P.A., Martin Sandler, Miami, Fla., for Cal. Creditors' Committee.

Michael Berman, S.E.C., Washington, D.C., for S.E.C.

Phillips & Phillips, Louis Phillips, Layne & Brill, P.A., Herbert L. Brill, Miami, Fla., for debentureholders.

Henry A. Pominville, P.C., Bay City, Mich., for Thomas J. Drummond and Nancy J. Drummond.

C.F. Poole, Naranja, Fla., Martin E. Silfen, P.C., New York City, Hugh Sawyer, St. Petersburg, Fla., for lot purchasers.

Harold Shapiro, Miami Beach, Fla., for Abraham Simon.

Mortimer A. Shapiro, Nemser & Nemser, New York City, for Protective Committee for Senior Debentureholders of "CREDIT."

Gunn, Venney & Buhler, John H. Gunn, Miami, Fla., Orrick, Herrington, Rowley & Sutclif, Sidney Roberts, and Robert Gloistein, San Francisco, Cal., for B of A, indenture trustee.

Blackwell, Walker, Gray, Powers, Flick & Hoehl, John R. Camp, Jr., Miami, Fla., for Chapter X co-trustees.

Bradford, Williams, McKay, Kimbrell, Hamann, Jennings & Kniskern, P.A., Carl K. Hoffmann, Miami, Fla., Shearman & Sterling, Peter T. DeKoszmovszky, New York City, for Citibank, N.A., indenture trustee.

Carlton, Fields, Ward, Emmanuel, Smith & Cutler, P.A., Leonard H. Gilbert, Tampa, Fla., for Polk, Collier and Osceola Counties.

Weil, Gotshall & Manges, Alan B. Miller, New York City, Smathers & Thompson, Harry L. Durant, Miami, Fla., for Oppenheimer & Co.

Fuller, Feingold, Weil & Scheer, Murray B. Weil, Jr., Miami Beach, Fla., for class action plaintiffs.

Britton & Cohen, et al., Miami, Fla., for debtor.

Greenberg, Traurig, Hoffman, et al., Larry J. Hoffman, Miami, Fla., for Corp. Creditors' Comm.

Stutman, Treister & Glatt, Robert A. Greenfield, Los Angeles, Cal., of counsel, for H.F. Ahmanson & Company.

James D. Tangires, Division of Compliance, Bureau of Consumer Protection, F.T.C., Washington, D.C., for F.T.C.

Trenam, Simmons, Kemker, Scharf & Barkin, William K. Zewadski, Tampa, Fla., for Mrs. Duncan.

Irving Mark Wolff, P.A., Miami, Fla., of counsel, for Halfonds.

James Edward Yacos, P.A., Miami, Fla., Irell & Manella, Milton B. Hyman, Sp. Tax Counsel, Los Angeles, Cal., for co-trustees.

Paul & Thompson, Miami, Fla., Jones, Bird & Howell, F.M. Bird, Jr., Atlanta, Ga., Keith Heller, Minneapolis, Minn., Cummings & Lockwood, James M. Barton, Greenwich, Conn., for Cedar Riverside Properties and LHIW Corp.

Prunty, Ross & Olsen, Miami, Fla., for 700 claimants in four countries d/b/a Prunty Claims.

Russell L. Swarthout, Detroit, Mich., for GAI, Ltd.

Martin B. Whitaker, Atty., Tax Div., Civil Trial Sec., Southern Reg., Dept. of Justice, Washington, D.C., for Dept. of Justice.

Sabatini & Budney, Vincent F. Sabatini, Newington, Conn., for Edward G. and Mary A. Presta.

Irwin Siegel, Encino, Cal.

Coughlin & Gerhart, Gordon Coughlin, Binghamton, N.Y., for Samuel Vail.

Welbaum, Zook, Jones & Williams, Peter C. Jones, Miami, Fla., for Travelers Indem. Co.

McDonald, Brown & Tipler, Steven D. Tipler, Birmingham, Ala., for Charles H. Mullens.

Wakefield, Hewitt & Webster, Miami, Fla., for lot purchasers Mitchell, Decker, Appel, and Destremps.

Paul, Weiss, Rifkind, Wharton & Garrison, New York City, for Roland International Inc.

Cole & Deitz, Robert Rosenberg, New York City, for National Bank of North America.

Pauline M. Stevens, Los Angeles, Cal., for Bank of America.

Robert E. McGarry, McGarry & Brody, St. Paul, Minn., for Ellery A. and Helen M. Likens, Jr.


MEMORANDUM DECISION

THOMAS C. BRITTON, Bankruptcy Judge.

Two bondholders, the Halfonds, seek the removal of the trustees and their counsel and the creditors' committees and their counsel, and to surcharge these persons for fees and expense reimbursement they have received. The motion also seeks delay in the submission of the trustees' plan to the creditors for their vote. (C.P.No.2488) This motion was filed after the Halfonds obtained leave for a major accounting...

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