The government's bankruptcy watchdog is objecting to a California developer's plan to bring a long-stalled Hawaii development project known as Hokuli'a out of bankruptcy under the control of an investment group that includes the chairman of retailer Wal-Mart Stores Inc., Dow Jones Newswires reported yesterday. Acting U.S. Trustee Tiffany L. Carroll is objecting to the disclosure document of developer 1250 Oceanside plan to exit bankruptcy under the control of SunChase Holdings, a California real-estate investment firm. Carroll said in a court filing on Friday that the developer's disclosure statement failed to explain how the plan's backers intend to pay the project's unsecured creditors.
