GDC'S CREDITORS' COMMITTEE SELECTS NEW BOARD
GDC'S CREDITORS' COMMITTEE SELECTS NEW BOARD MIAMI, Dec. 18 /PRNewswire/ -- The Official Unsecured Creditors'
Committee of General Development Corporation (GDC) announced today the proposed slate of directors for the board of the reorganized company.
The Creditors' Committee selection criteria called for individuals with considerable business experience, capable of financial analysis in order to make sound economic judgments and that the board include persons of substantial real estate experience in light of the company's business being predominantly in the real estate development area. Commenting on the new board, Michael G. Williamson, counsel for the Creditors' Committee said, "In addition to seeking individuals who were not associated with GDC prior to the bankruptcy, the goal of the selection process was to have a board comprised of individuals with the highest personal integrity who will represent the creditors as the new shareholders of the reorganized company. Furthermore, we looked for people who were not associated with the company prior to bankruptcy and who were not creditors or shareholders to make certain to avoid any conflicts in managing the new company." Proposed Board of Directors: James W. Apthorp -- Apthorp will serve as chairman of the board of the board of directors. Apthorp's background includes service as Deputy Secretary of State for the state of Florida, director of the Florida State Land Agency and chief of staff for Gov. Rubin Askew. Involved in a variety of civic affairs, Apthorp has also had substantial business experience in administering governmental affairs, public affairs and major regulatory matters for real estate development companies. Raymond Ehrlich -- A distinguished lawyer, Ehrlich was appointed to the Supreme Court of Florida in December 1981 and was retained in office through a merit retention election in November 1984. He assumed the office of Chief Justice on July 1, 1988. In 1983, Justice Ehrlich received the Donald K. Carroll award for outstanding contributions to the judiciary. He was chosen for membership in the American Law Institute in 1988, and has been a member of The Florida Bar since 1942. John W. Temple -- Temple is the president and chief executive officer of Temple Development Company, a real estate development company engaged in business in the Boca Raton and Palm Beach County areas. Previously, Temple was president of ARVIDA Corporation and ARVIDA/Disney, wholly owned subsidiaries of Walt Disney Company. Jerome J. Cohen -- Since leaving private law in 1962, Cohen has had substantial experience in the real estate and construction business. From the late 1960s to 1983, he served as president and chief executive officer of Land Resources Corporation. He currently serves as director and president of Preferred Equities Corporation, a company headquartered in Nevada. Preferred Equities was founded in 1969 and has been continuously engaged in retail land sales and timeshare development sales. Cohen has had a broad range of real estate experience in Florida and in the western United States. Patrick Sessions -- Sessions is currently vice president, real estate for Huizenga Holdings, Inc. which manages various assets which include real estate projects. Prior to his employment by Huizenga Holdings, Inc., Sessions was president, Weston Division and Special Projects Division of the ARVIDA Company. J. Larry Rutherford -- Rutherford currently serves as GDC's president and chief executive officer and will be a director of the reorganized company. Rutherford came on board in August 1990 as the first person in the company's new management team, and had no involvement with GDC. With the support of Creditors' Committee, he was named chief executive officer of GDC in March 1991. Prior to joining GDC, Rutherford was president and chief executive officer of Gulfstream Land and Development Corporation. Before that, Rutherford was executive vice president of Wintergreen Development, Inc. Rutherford said that the Creditor's Committee has selected individuals of high integrity with outstanding business and judicial expertise. "I am confident of this board's ability to assist in handling the reorganized company's new challenges and to best represent the new company's shareholders," he said. -0- 12/18/91 /CONTACT: Nancy Fritts of General Development Corporation, 305-859-4000/ CO: General Development Corporation ST: Florida IN: CST SU: PER
SS-AW-JJ -- FL014 -- 3613 12/18/91 17:27 EST
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|Date:||Dec 18, 1991|
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