In Re Barker Estates, Inc.

MEMORANDUM AND DECISION

EDWARD D. HAYES, Bankruptcy Judge.

Barker Estates, Inc., debtor herein, is a corporation organized to handle a planned unit development. Its assets consist primarily of undeveloped or partially developed land and some buildings thereon. It filed its petition pursuant to Chapter 11 on December 29, 1979. During the course of this Chapter 11, on a number of occasions, the debtor sought and was granted orders extending the 120 day period in which it had the exclusive right to file a plan or reorganization. The last order extending time extended the period for filing until…