In Re Temple Retirement Community, Inc.

MEMORANDUM OPINION

LEIF M. CLARK, Bankruptcy Judge.

First RepublicBank Temple, N.A., is the indenture trustee for $15.5 million worth of revenue bonds issued by the Bell County Health Facilities Development Corporation for the Village on Canyon Creek project. Capital raised by the bond issue went toward the construction of a retirement community operated by Temple Retirement Community, Inc., the Debtor in this case. The Debtor filed bankruptcy July 31, 1987. The same day it filed bankruptcy it filed a Plan of Reorganization and Disclosure Statement. A disclosure statement was approved by the…