A judge in San Diego Bankruptcy Court denied a motion from Senior Care Industries and granted Tri-National an extension to file a reorganization plan, during which no other party may file a competing plan. The company also has an additional three months of exclusivity after timely submittal of the plan to solicit the plan's approval.
The judge further agreed to ``fast track'' the lawsuit between the company and Senior Care Industries, with a target trial date in mid June. Senior Care had opposed the company's exclusivity extension.
The extension "allows the company and the court the time needed to hear and rule on Senior Care's claims of their alleged purchase of the Company's assets," says Michael Sunstein, president and chief executive officer.
Sunstein says the company is working on strategic plan that will leverage the value of its real estate assets. Tri-National Development Corp. is an international real estate development, sales and management company, with projects in California and resort property in Baja California.
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