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Lehman Bankruptcy Halts SunCal at Oak Knoll

The East Bay Business Times is reporting that SunCal – the master developer for Alameda Point – is halting operations at the former Oak Knoll Naval Hospital in Oakland due to funding problems stemming from the Lehman Brothers bankruptcy.

The news adds Oak Knoll to the litany of failed or abandoned Lehman-financed SunCal projects that have been, until now, concentrated in Southern California. Last month, SunCal sent us a media advisory asserting that the Lehman bankruptcy would in no way affect the Alameda Point project, because the New York hedge fund D.E. Shaw is providing the financing, not Lehman. But according to the East Bay Business Times, SunCal also told Oakland officials last month that the Oak Knoll project was not going to be affected by the Lehman filing:

“Oakland city officials said last month the developer told them SunCal’s financing for the $100.5 million land purchase and redevelopment project was not jeopardized by Lehman’s Chapter 11 bankruptcy filing Sept. 15.”

Has all of this just been more spin and lies from SunCal’s PR department?

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