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SunCal Suffers Setback in Albuquerque Foreclosure Case

The online court docket for Barclays Capital v. Westland DevCo, LP, the foreclosure case against SunCal’s New Mexico development west of Albuquerque, suggests that earlier this week, SunCal suffered a setback in the case, and the property may be headed to a foreclosure auction.

The New Mexico court held a hearing on the case, case number D-202-CV-200914749, on Tuesday, June 8th, and the online docket was updated yesterday. The entries suggest that Albuquerque District Judge Clay Campbell appointed a foreclosure receiver for the property and granted Barclays a partial motion for summary judgment (“P’M/PSG” on the docket) against SunCal. Such a judgment may clear the way for Barclays to seize the property and auction it off to satisfy over $180 million in debt that SunCal and DE Shaw own against the property. Legal sources familiar with the case told Action Alameda News that SunCal and DE Shaw would have 30 days to redeem the foreclosure by coming up with the money to pay the debt.

Portion of New Mexico Court Register of Actions in Barclays Capital v. SunCal

Portion of New Mexico Court Register of Actions in Barclays Capital v. SunCal

SunCal had filed bankruptcy for their Albuquerque special-purpose entity earlier this year, in an apparent attempt to hold off foreclosure, but a court dismissed the filing.

SunCal’s Vice-President for Public Affairs David Soyka did not respond to an inquiry by press time.

Here is a copy of Barclays Capital foreclosure complaint in the New Mexico courts:

SunCal Barclays Albuquerque Foreclosure Complaint

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