Welcome!

News Feed Item

Development Specialists, Inc. Secures Successful Bid for Bankrupt Toyota Dealership, Lighthouse Imports

New Owner to Pay $18.7 Million

MIAMI, FL--(Marketwire - March 22, 2013) -  Joseph J. Luzinski, senior vice president of Development Specialists, Inc. (DSI) and Daniel J. Stermer, a consultant with the company, announced the court-approved sale of Toyota dealership Lighthouse Imports LLC, in St. Augustine, Fla.

DSI secured a stalking horse bid from Michael D. Beaver, owner of Beaver Toyota in Santa Fe, New Mexico. No other bids came close to the $18.7 million offer from Beaver, which includes $10 million of value for goodwill and other intangible assets such as customer lists, marketing materials, etc.

"The initial stalking horse bid was so good that no other parties exhibited interest in overbidding that offer," said Luzinski, who is the court appointed chief restructuring officer. Added Stermer: "This bidder hit the ball out of the park on the first swing in an effort to secure the purchase of the dealership."

Luzinski said he anticipates quickly preparing and filing a plan of reorganization that should provide a distribution to approved creditor claims. The purchase is expected to close in early April.

On Oct. 24, 2012 Lighthouse Imports filed a voluntary petition for Chapter 11 bankruptcy protection. The company listed $9.38 million in assets and $10 million to $50 million in liabilities.

Lighthouse, which does business as St. Augustine Toyota/Scion, owns a six-car showroom in St. Johns County, Fla., selling new Toyota and Scion cars and pre-owned vehicles. The business has continued to operate and serve customers uninterrupted during the Chapter 11 process.

The debtor acquired the dealership in September 2007 for approximately $12 million and spent another $16 million on its sales and service center. In late 2009, the debtor was faced with several financial setbacks as a result of the recession. The problems were further exacerbated by the tsunami in Japan that interrupted the supply chain for Toyota dealers, according to court documents.

In 2011, the debtor entered into a management agreement with Werner TSA LLC. Werner infused $1.2 million into the dealership in anticipation of creating a joint ownership, but that plan was rejected by the lender and the bankruptcy court removed Werner as the management company. 

Joseph J. Luzinski has managed the Miami, Fla. office for more than two decades. During this time, he has been involved with a number of significant engagements both within and outside of formal reorganizations. He has considerable experience in restructuring businesses in numerous roles as Chapter 11 Trustee, Chapter 7 Trustee, Chief Restructuring Officer, Chief Financial Officer, President, Director, Financial Advisor, Interim Manager, Receiver, Assignee for the Benefit of Creditors, Plan Agent, Liquidating Agent and Plan Trustee.

Daniel J. Stermer joined DSI in 2009, bringing with him more than 20 years of experience in the private and public sector. He served as an assistant attorney general for the Florida Department of Legal Affairs in the Economic Crimes Litigation Unit. He also has served as special assistant to the United States Attorney in the Southern District of New York assigned to the Organized Crime Unit and as an assistant district attorney with the Bronx County District Attorney's Office. He currently serves as receiver for numerous high-profile companies.

Development Specialists, Inc. (DSI):
DSI is a leading provider of management consulting and financial advisory services, including turnaround consulting, fiduciary roles, financial restructure, litigation support, wind-down oversight and forensic accounting services. Clients include business owners, corporate boards of directors, financial services institutions, secured lenders, bondholders, unsecured creditors and creditor committees. For more than 30 years, DSI has been guided by a single objective: Maximizing value for all stakeholders. With its highly skilled and diverse team of professionals, offices throughout the United States and in Europe, and an unparalleled range of experience, DSI not only achieves that objective, but has also built a solid reputation as an industry leader. For more go to www.dsi.biz.

Court documents available upon request.

Media Contacts:
Todd Templin/Susan Miller
Boardroom Communications
954-370-8999
[email protected] / [email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
In his session at @ThingsExpo, Greg Gorman is the Director, IoT Developer Ecosystem, Watson IoT, will provide a short tutorial on Node-RED, a Node.js-based programming tool for wiring together hardware devices, APIs and online services in new and interesting ways. It provides a browser-based editor that makes it easy to wire together flows using a wide range of nodes in the palette that can be deployed to its runtime in a single-click. There is a large library of contributed nodes that help so...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
Elon Musk is among the notable industry figures who worries about the power of AI to destroy rather than help society. Mark Zuckerberg, on the other hand, embraces all that is going on. AI is most powerful when deployed across the vast networks being built for Internets of Things in the manufacturing, transportation and logistics, retail, healthcare, government and other sectors. Is AI transforming IoT for the good or the bad? Do we need to worry about its potential destructive power? Or will we...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo Silicon Valley which will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is at the intersection of technology and business-optimizing tools, organizations and processes to bring measurable improvements in productivity and profitability," said Aruna Ravichandran, vice president, DevOps product and solutions marketing...
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
SYS-CON Events announced today that mruby Forum will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. mruby is the lightweight implementation of the Ruby language. We introduce mruby and the mruby IoT framework that enhances development productivity. For more information, visit http://forum.mruby.org/.
SYS-CON Events announced today that Suzuki Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Suzuki Inc. is a semiconductor-related business, including sales of consuming parts, parts repair, and maintenance for semiconductor manufacturing machines, etc. It is also a health care business providing experimental research for...
Many organizations adopt DevOps to reduce cycle times and deliver software faster; some take on DevOps to drive higher quality and better end-user experience; others look to DevOps for a clearer line-of-sight to customers to drive better business impacts. In truth, these three foundations go together. In this power panel at @DevOpsSummit 21st Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, industry experts will discuss how leading organizations build application success from all...
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...
SYS-CON Events announced today that SIGMA Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. uLaser flow inspection device from the Japanese top share to Global Standard! Then, make the best use of data to flip to next page. For more information, visit http://www.sigma-k.co.jp/en/.
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
Cloud-based disaster recovery is critical to any production environment and is a high priority for many enterprise organizations today. Nearly 40% of organizations have had to execute their BCDR plan due to a service disruption in the past two years. Zerto on IBM Cloud offer VMware and Microsoft customers simple, automated recovery of on-premise VMware and Microsoft workloads to IBM Cloud data centers.
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.