Rent Increase Survey

Have you submitted your latest rent increase data to the rent increase survey?

Firm Obtains $7.9 Million Pre-judgment Writ of Attachment Against SunCal CEO Bruce Elieff and SunCal Mothership Holding Company

A secretive firm, “Gray 1 CPB, LLC” has obtained a $7.9 million pre-judgment writ of attachment against SunCal CEO Bruce Elieff’s personal property, and the SunCal “mothership” development company, SCC Acquisitions, Inc.

The news comes as the City of Alameda Planning Board prepares to hold, on Monday, May 10th a “public scoping session” on the environmental questions that should be addressed in any Environmental Impact Report (EIR) pertaining to SunCal’s most recent proposal for Alameda Point.

Sources have told Action Alameda News that the writ of attachment is a pre-judgment writ, meaning that the case must go to trial, that would allow the plaintiff, Gray 1 CPB LLC, to seize and sell the assets identified in the writ, including a residence owned by SunCal CEO Bruce Elieff, on Pelican Point Drive in Newport Beach, California. At press time, the case was scheduled to go before the court tomorrow, Friday.

Gray 1 CPB LLC is the same party in a suit we reported on earlier today, wherein the court issued an order to arrest former SunCal CFO Edward Nolan to force him to appear before the court to comply with a court order. Bail was set at $10,000. That suit is Gray CPB 1 LLC v. SCC Acquisitions LLC and Bruce Elieff, case number 30-2008-00112660 in Orange County Superior Court.

Late today, a woman named Bonnie, former SunCal CFO Edward Nolan’s wife, answered the telephone at a Newport Beach, California, area phone number, and expressed surprise at the warrant. “When was this?” she asked. She told Action Alameda News that Mr. Nolan was “upstairs with our son” and was unable to come to the phone. She asked that we call back tomorrow. Shortly thereafter, Edward Nolan called Action Alameda News back. He told Action Alameda News that the bench warrant has been rescinded. He said that his wife didn’t understand the question about the warrant in the first telephone call. He declined to provide a copy of the recission notice, saying that he saw no need to do so, and he said he didn’t want his name in print, and would have his attorneys contact Action Alameda News if any story went to press about the matter.

As of press time, SunCal spokesperson Joe Aguirre had not responded to an e-mail inquiry about the pre-judgment writ. Robert Odson, a partner with DLA Piper LLP, the firm representing Gray 1 CPB LLC declined to comment, writing “This matter is the subject of litigation and, as a result, we have no comment.”

A Sacramento Bee story tied Gray 1 CPB LLC to Ayers Advisors, of San Diego. Their website says that Ayers is “an opportunistic real estate investment and management company based in San Diego, California. At the present time, Ayres is actively pursuing the acquisition of land and other real estate assets throughout California and in other markets of interest.”

As of press time, Ayres Advisors had not responded to a request for comment on the case.

SunCal Writ of Attachment May 2010

3 comments to Firm Obtains $7.9 Million Pre-judgment Writ of Attachment Against SunCal CEO Bruce Elieff and SunCal Mothership Holding Company

  • Good luck trying to collect from Bruce Elieff. He’s more slippery than snot on a teflon pan.

    Bruce’s residence, I believe, may be owned under the name of a limited liability company: 4627 Camden LLC, Bruce and Kathy Elieff
    Zestimate $6,905,500,-Corona-Del-Mar,-CA_rb/

  • Entity Name: 4627 CAMDEN LLC
    Entity Number: 200318410050
    Date Filed: 07/03/2003
    Status: ACTIVE
    Jurisdiction: DELAWARE
    Entity Address: 2392 MORSE AVE (<- SunCal's address)
    Entity City, State, Zip: IRVINE CA 92614
    Agent for Service of Process: BRUCE V COOK
    Agent Address: 2392 MORSE AVE
    Agent City, State, Zip: IRVINE CA 92614

  • Incredulous

    Mayor Johnson, Councilwoman Tam and most of the rest of the City of Alameda officialdom are literally “Fiddling While Rome Burns” in terms of any contract with SCC Alameda Point LLC, any promises by SCC Alameda Point LLC or by any “SunCal” employee, or any “plans” for development of infrastructure or community benefit improvements.

    What part of “Creditors have seized Bruce Elieff’s assets” and “Creditors have seized SCC Acquisitions, Inc.’s assets” do these foggy brained morons not understand?

    The City of Alameda is negotiating with the equivalent of a homeowner who will be foreclosed-out-next-month.

    Any promises made to the City by SunCal employees are illusory and unenforceable.

    There should be no negotiations, and no “agreements” binding the City of Alameda, until the City Attorney can issue an opinion letter to the City Council, as to who will actually own the party to the ENA, SCC Alameda Point, LLC, after the June 1, 2010 trial in Orange County Superior Court, assuming the creditor wins a judgment against Elieff and SCC Acquisitions as defendants.

    See the Orange County Superior Court-issued Writs of Attachment at the back of the back of this document:

    The Orange County Superior Court has already made a specific factual finding “2.c THE COURT FINDS: Plaintiff has established the probable validity of the claim upon which the attachment is based.”

    What is attached and what will be sold to pay SCC Acquisitions Inc.’s $7.9 Million debt?

    “All corporate property of defendant SCC Acquisitions Inc. which is subject to attachment pursuant to Code of Civil Procedure Section 487.010(a)”

    What is attached and what will be sold to pay Bruce Elieff’s $7.9 Million debt?

    “All interests in real property owned by Bruce Elieff, individually or together with other persons”

    “All securities held or owned by Bruce Elieff, either alone or together with other persons.”

    For those who don’t know, under Federal securities law a membership interest in an LLC is a “security”.

    Bruce Elieff, SCC Acquisitions, Inc. and SCC Alameda Point, LLC are in a Sword of Damocles position. If they claim they have successfully “hidden” or “insulated” cash and ownership of SCC Alameda Point, LLC from attachment by creditors, the creditor can simply file a motion in the exiting Orange County Superior Court case, under the Uniform Fraudulent Transfer Act, to take the hidden or insulated asset away from them. Alternatively, if Elieff and SCC Acquisitions, Inc. tell the truth (as they have in previous bankruptcy court declarations) that they own and control all SunCal entities…meaning that upon judgment in the Orange County Superior Court case, they will no longer own or control SCC Alameda Point, LLC when judgment is entered and the Writs of Attachment become Writs of Execution.

    If Bruce Elieff and SCC Acquisitions, Inc. can win this June 1, 2010 trial, Mazeltov to them. However, they have the burden of proving, to a jury, more than $7.9 Million in bad acts by the plaintiff involved in this case.

    Alternatively, if Bruce Elieff can’t come up with $7.9 Million CASH to make these attachments go away, then it will be all over.

    And, of course, there is the additional matter of the attorneys fees Elieff and SCC Acquisitions, Inc. will owe to all of the other parties in the case if they lose at this trial.

    So, once again, the City of Alameda should not be making any contracts or agreements with SCC Alameda Point, LLC until they know, for sure, who will own and control the membership interests (securities) in that entity by July 2010.