Auction of Condo, Bankruptcy with No HOA

Federal bankruptcy court is holding an auction on Oct 15, of the unsold 171 (of 250)units to be sold as a group. The Developer has been in bankruptcy and has refused to form an HOA wand appointing a homeowner to the unformed HOA. Florida law requires the developer to appoint one resident to the B of D once 15% of the units are sold (79 have been sold). My biggest concern is the new developer will rent the units they purchase.
Our docs state that only 25% of the 25 can be used as rentals, it also uses the word may instead of shall in stating the 25% rule. I'm concerned for the value of my condo and the ability to sell. What can I do to ensure the condo remains 75 % residential?

Eric,

I am sorry to say that your fellow owners might be too late to make a difference as for the auction. Get all of the owners together and elect a temporary Board to represent you owners. If you can find an attorney to represent you, then you should. To prevent any purchased unit from becoming rental units, you would have to already have some verbage in your governing documents stating that limit. You cannot enter any rental restrictions into your docs because #1, the developer had not turned the association over to the HOA, #2, to change your documents, there would be a number or percentage of the residents required to change any CC&Rs thru a vote by the entire membership. And it is a good eye that spotted the "may instead of shall". That wording has given Judges and Boards such headaches and should be changed at the first chance of doing so. Unfortunately, the Developer still has the control of your developement with the courts being probably the guardian..

I typed 25% of 25. It should have read 25% of 250.
Of the current 70 +- homeowners about one-half rent their units which leaves about 35 unit owners of the 250 total condos. I have tried to organize these homeowners the past year thru monthly unofficial meetings. There has never been more than 6-8 owners attending. Most are indifferent. I have been unable to find qualified legal help. Most of the attorneys are just looking to represent the non-existent HOA.
I have appealed to state agencies that protect condo homeowners, which all decline to become involved because of the case being in bankruptcy court. I would like to insure in some way that any potential owner be ordered by the court to maintain the residential quality of the condo.
Most people here have given up and many plan to move out and rent their condo. The property manager only functions to keep her job as Manager of the building. Management is still under contract to the original developer. Communication is zero.
I would appreciate constructive ideas about what can still be done within Florida and Federal Bankruptcy law.