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SunCal Saga Slips Sopranos Style

The SunCal and Lehman Brothers bankruptcy story – involving 30 some-odd bankruptcy cases in California, but who can keep count? – has reportedly taken a thuggish turn, the Wall Street Journal is reporting.

In this story, the Journal reports that an Orange County SunCal lawyer is claiming that he’s the victim of a “threat campaign” orchestrated by Lehman Brothers attorneys from Weil, Gotshal & Manges. SunCal wants to sell a number of California real estate projects for fire sale prices and keep Lehman’s fingers off of them. We have reported in the past that SunCal has been trying to inject new partner DE Shaw, and some of their capital, into the various bankrupt California projects.

It seems these project developer-capital partner arrangements are nothing more than fair-weather affairs. One hesitates to think what a DE Shaw/SunCal falling out over Alameda Point could look like, and how long it could tie up the land and prevent it from being put to other useful purposes.

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