Click here to close now.




















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.

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
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes ab...
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
WSM International, the pioneer and leader in server migration services, has announced an agreement with WHOA.com, a leader in providing secure public, private and hybrid cloud computing services. Under terms of the agreement, WSM will provide migration services to WHOA.com customers to relocate some or all of their applications, digital assets, and other computing workloads to WHOA.com enterprise-class, secure cloud infrastructure. The migration services include detailed evaluation and planning...
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
In 2014, the market witnessed a massive migration to the cloud as enterprises finally overcame their fears of the cloud’s viability, security, etc. Over the past 18 months, AWS, Google and Microsoft have waged an ongoing battle through a wave of price cuts and new features. For IT executives, sorting through all the noise to make the best cloud investment decisions has become daunting. Enterprises can and are moving away from a "one size fits all" cloud approach. The new competitive field has ...