Bankruptcy a boon for some

When Grenelefe Golf & Tennis Resort in Haines City filed for bankruptcy protection in February, its well-to-do residents and vacationers suffered.

Their loss may be Traci Strickland's gain.

Strickland, a Chapter 7 bankruptcy trustee in Tampa, is the person chosen to keep the Japanese-owned resort running until she finds a buyer. If a proposed $14-million offer goes through, she may eventually take home a $443,250 commission.

Grenelefe, known for its three golf courses and 22 tennis courts, frequently hosts professional tours. It also has three restaurants, plus its own police department and post office.

All that changed when the 1,000-acre resort went belly up. Strickland is running it with just 33 employees, less than one-tenth the normal level. The golf courses, police station and post office are closed.

If Strickland's job sounds intriguing, get in line. She's one of 11 Chapter 7 trustees in Tampa. It's reportedly not unusual for a Chapter 7 trustee to earn $200,000 a year, though Strickland wouldn't comment.

Strickland has 350 other bankruptcies in her caseload, most of them consumers with no assets to sell. She earns $60 on such cases, out of which she must pay a full-time assistant. "People ask me what I do for a living, I say I'm a junk salesman," she said. "I take junk, and I sell it."

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