The reason for the filing is apparent from a reading of theschedules: Tri-National has valuable, unencumbered land but no cashwith which to satisfy the claims of its creditors. Tri-National isa Wyoming corporation attempting to develop resort property inBaja. The properties are owned by several subsidiary Mexicancorporations.

"It is my intention to reorganize Tri-National in the voluntaryChapter 11 case in quick order by marketing assets owned byTri-National's Mexican subsidiary corporations, up-streaming thesale proceeds and using the proceeds to pay creditors," saysMichael A. Sunstein, president and chief executive officer ofTri-National. "We intend to work closely with our creditors, and weexpect to have a reorganization plan confirmed and begindistributions to creditors in six months or less."

The reorganization will be facilitated primarily byTri-National's owned and debt-free subsidiary, PlanificacionDesarollos S.A. de C.V., which owns 600 acres of land known asHills of Bajamar. The project is 50 miles south of the US/Mexicoborder. Planificacion has options to purchase an additional 1,750acres for $2,800 per acre.

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