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SunCal Declares Bankruptcy at Oak Knoll

SunCal’s problems are slowly creeping north to Oakland. Is the collapse of SunCal at Alameda Point next?

SunCal, the master developer for Alameda Point, has declared bankruptcy at their Oak Knoll project in Oakland. The company has made several bankruptcy filings in southern California related to projects there – they treat each project as a separate company, or LLC (a limited liability company) to limit financial liability for themselves and their capital partners on a project-by-project basis.

Just a weeks before halting the Oak Knoll project, SunCal had told Oakland city officials that the Lehman Brothers bankruptcy would have no effect on the project. Then they halted it. Now they’ve declared bankruptcy on the project. In a strange, bizarre phrase of words, SunCal has somehow convinced the Oakland Tribune that “…that the company is trying to free up money for the Oakland hills project by declaring bankruptcy.” It’s not clear how declaring bankruptcy frees up cash to complete the project – typically when a company declares bankruptcy, it’s because they have no cash. Evidently SunCal thinks Oakland officials and residents – and Alameda residents – are a bunch of rubes. By just how much does SunCal want to insult our intelligence?

Here’s another link on the story.

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