Company: INTG
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021858
Chunk: 12

Company: INTERGROUP CORP
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 12
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roachment Permit
(the “Permit”).

On
May 24, 2022, the City purported to revoke the Permit and, on June 13, 2022, directed the Company to submit a general bridge removal
and site restoration plan (the “Plan”) at the Company’s expense. The Company disputes the legality of the purported
revocation and the existence of any obligation to fund removal. Company representatives participated in meetings with the City on and
after August 1, 2019 regarding a potential collaborative removal process; until the 2022 purported revocation, City representatives repeatedly
indicated that the City would bear the costs of any removal.

Without
waiving any rights, and to evaluate available options and respond to the City’s directives, the Company has engaged a project manager,
structural engineer, and architect to advise on the Plan for Bridge removal and reconstruction of the Property’s Kearny Street
frontage. The Company continues to work with the City on approvals and permits and is discussing both process and financial responsibility.
Those discussions are expected to continue at least through the fourth quarter of 2025. A final Plan is not expected to be completed
and approved until winter 2025; permits for Bridge demolition are unlikely to be obtained in the first quarter of 2026, and demolition
is unlikely to commence before June 2026.

At
this time, the Company cannot reasonably estimate a loss or range of loss related to this matter, and no liability has been recorded.
If and when an estimate becomes reasonably possible, the Company will record an accrual or disclose a range of reasonably possible loss,
as appropriate.

Item
1A. RISK FACTORS

We
are a smaller reporting company and are not required to provide the information required by this Item.

Item
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 

There
were no unregistered sale of equity securities and no proceeds from such sales during the three months ended September 30, 2025.

Item
3. DEFAULTS UPON SENIOR SECURITIES 

None.

Item
4. MINE SAFETY DISCLOSURES 

Not
applicable.

Item
5. OTHER INFORMATION 

During
the three months ended September 30, 2025, none of the Company’s directors or officers adopted, modified, or terminated a Rule
10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as each term is