A major shareholder of embattled General Development Corp. has outlined a rescue plan calling for the sale of assets of the scandal-plagued Florida builder. United Capital Corp. filed the restructuring plan Wednesday in response to a letter from the indicted builder saying serious inquiries had been received about buying the Miami-based company, its assets or stock. GDC pleaded guilty to a mail-fraud conspiracy charge March 22 in federal court amid allegations the company priced 10,000 homes well above fair market values and kept buyers from learning the difference. United Capital, a New York-based real estate company that holds 12.6 percent of GDC's common stock, has asked GDC's board to delay any major decisions until its annual meeting May 4 to give stockholders a voice in the company's future. United Capital paid an average of almost $13 a share for GDC stock in 1988. GDU stock was up 50 cents to $4.75 a share in early New York Stock Exchange trading today. The restructuring plan filed by United Capital with the Securities and Exchange Commission proposed selling the company's time-sharing and utility businesses and undeveloped commercial property. The plan also offered short-term operating funds and pledged to complete infrastructure improvements in GDC's planned communities, a big worry for homeowners. GDC acknowledged it ``is experiencing severe financial pressures in large part'' because of the criminal investigation. In a separate SEC filing Tuesday, United Capital called for the ouster of six directors and suggested a replacement slate. GDC responded Wednesday by naming Chesterfield Smith, a senior partner with the Tampa-based law firm of Holland & Knight, to fill one of the vacancies left by the resignation of GDC's top two executives days before the indictment. Smith is a former president of the American Bar Association. ``It's my hope that whatever harmed (GDC's) reputation in the past, my associates and I will correct,'' Smith said. Prosecutors alleged that the 35-year-old GDC, which has developed nine Florida communities, pitched its houses at inflated prices primarily to out-of-state buyers looking for retirement homes.
