Oasis, Texas foreclosure postponed by judicial restraining order

On March 4, the 200th Judicial Civil District Court of Travis County issued a temporary restraining order that prevents REKR LLC from foreclosing on Oasis, Texas, also known as the Shops at the Oasis, said Virginia Ramsey, executive director of human resources and retail general manager for restaurant The Oasis on Lake Travis.

Ramsey said that the restaurant, The Oasis, is not involved in the foreclosure proceedings.

According to Cornell University Law School's Legal Information Institute's website, a temporary restraining order is a "short-term pretrial temporary injunction." In order for an applicant to be granted a temporary restraining order, a party "must convince the judge that he or she will suffer immediate irreparable harm unless the order is issued."

The restraining order includes all real property owned by Comanche Canyon West Commercial Partners LP and Comanche Canyon East Commercial Partners LP, Ramsey said in a news release.

The restraining order remains in effect for 30 days, said Mike Farley, chief financial officer of Comanche Canyon Ranch Inc., one of the owners of Oasis, Texas. Farley said that the property owners, including the partnerships named in the restraining order, are currently negotiating the future plans for the project and are down to just "a few stumbling points." Farley said that he does not know if some of the partners may drop out of Oasis, Texas ownership but that all partners have agreed that they "do not want it to go into foreclosure."

The order was granted out of a finding that "foreclosure would damage the partnership, and [the property] would sell for less than it was worth," Farley said.

Farley said that he thought the partners "had a deal" prior to the March 5 foreclosure date and anticipates an agreement by Friday, March 8.

The property was originally scheduled on the Travis County foreclosure docket for March 5.