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GENERAL DEVELOPMENT CORPORATION'S CREDITOR'S COMMITTEE COMPLETES BOARD SELECTION

 GENERAL DEVELOPMENT CORPORATION'S CREDITOR'S COMMITTEE
 COMPLETES BOARD SELECTION
 MIAMI, March 18 /PRNewswire/ -- The Official Unsecured Creditors' Committee of General Development Corporation (GDC) has announced that it has added G. Robert Durham and the Honorable Bill Frederick to the designated slate of directors thus completing the selection process for the board of the reorganized company. Durham and Mayor Frederick join the following designated board members: James W. Apthorp (chairman of the board), Raymond Ehrlich, John W. Temple, Jerome J. Cohen, Patrick Sessions and J. Larry Rutherford.
 "The committee's initial intent was to designate one additional individual to complete a seven-member board of directors," said J. Larry Rutherford, president and CEO of the reorganized company. "After meeting with various qualified individuals, the committee determined that it would be in the best interest of creditors, future equity security holders, and with public policy to designate two additional individuals to serve as members of the new board of directors -- one of these as a regular board member and the other as an ex-officio member."
 Commenting on the new board, Michael G. Williamson, counsel for the Creditors' Committee, said, "The Creditors' Committee selection criteria called for individuals of high integrity, with considerable business experience and community service, who were capable of financial analysis in order to make sound economic judgments. Furthermore, we looked for people who were not associated with the company prior to the bankruptcy and who were not creditors or shareholders to make certain to avoid any conflicts in managing the new company."
 G. Robert Durham has been president and chief executive officer of Walter Industries, Inc., since June 1991. Durham previously served as chairman, president and chief executive officer of Phelps Dodge Corporation headquartered in Phoenix.
 Durham currently serves as a director of Walter Industries, Inc., Homestake Mining Company, and G.F.C. Financial Corp. and is a trustee Mutual Life Insurance Company of New York. He is a former director of Phelps Dodge Corporation, Manufacturer's Hanover Corporation, Public Service Company of New Mexico and of the U.S. Chamber of Commerce.
 Prior to his retirement from Phelps Dodge Corporation, Durham served as chairman of the board for the Copper Development Association; vice chairman of the American Mining Congress; and as a member of the executive committee and board of directors of the International Copper Research Association, Inc.
 In February of 1988, he received the Copper Club's Copper Man-of-the-Year award. The following month, Durham was honored as the Financial World 1987 CEO of the Year. Additionally, he was named 1988 Executive of the Year by the University of Arizona.
 Durham would serve as the seventh voting member of the new board of directors.
 The Honorable Bill Frederick currently serves as the Mayor of the City of Orlando. (Frederick does not plan on seeking re-election when his term expires in October 1992.) The Office of the Mayor of Orlando is a full time position charged with the chief executive function of overseeing the operations of Orlando -- a city with over 3,000 employees and a budget in excess of $250 million.
 Mayor Frederick also serves as a director of the Greater Orlando Aviation Authority and a director of the Orlando Utilities Commission. Additionally, he was appointed as chairman of the Frederick Commission which was created by Gov. Lawton Chiles to recommend ways to improve state government efficiency.
 He has previously served as chairman of the Florida Environmental Regulation Commission and chairman of the Florida Department of Pollution Control.
 Frederick would serve as an ex-officio (non-voting) member of the board of directors.
 -0- 3/18/92
 /CONTACT: Nancy Fritts of General Development Corporation, 305-859-4000/ CO: General Development Corporation ST: Florida IN: CST SU: PER


AW-SS -- FL003 -- 9089 03/18/92 09:25 EST
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Date:Mar 18, 1992
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