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SunCal Finance Partner to Lose Funds Under Management

According to the Wall Street Journal, Swiss Bank Union Bancaire Privee (UBP) is about to withdraw funds under management with DE Shaw – SunCal’s capital partner for the Alameda Point project – because DE Shaw will not agree to work with an independent administrator.

In this report, the Journal notes that DE Shaw has refused to appoint an independent administrator as requested by UBP in response to the Bernie Madoff hedge-fund Ponzi scheme rip-off. Late last year, Madoff turned himself in to authorities and estimated that he cheated investors out of as much as U.S. $50 billion. DE Shaw appears willing to surrender cash under management – reducing their total assets managed – to avoid the external scrutiny of an independent administrator.

No word yet how this might affect DE Shaw’s ability to continue financing SunCal through the Alameda Point Exclusive Negotiating Agreement (ENA) period. DE Shaw committed to $10 million for the ENA period.

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