Updated: July 9, 2010, 10:50am - included court tentative decision against SunCal.
A jury in an Orange County Superior Court has reached a verdict against Bruce Elieff and SunCal parent company SCC Acquisitions, Inc. in the amount of over $9 million in the Gray 1 CPB LLC v. SCC Acquisitions and Bruce Elieff case.
Late last month, the Santa Ana court recorded the jury’s verdict form, reproduced below; the form has only now become available to the public. Previously, Action Alameda News had reported that Gray 1 CPB LLC, a San Diego based real estate investment firm, had secured liens against SunCal CEO Bruce Elieff’s personal property, including his residences, and SCC Acquisitions, Inc., the parent of all of SunCal’s varied operating companies.
Gray 1 CPB had purchased loans from Central Pacific Bank in Hawaii, loans that the bank had orginally made to Fillmore Sun LLC, and loans that Bruce Elieff had personally guaranteed. Gray 1 CPB took the case to court to force Mr. Elieff to make good on the guarantees. Mr. Elieff counter-sued Gray 1 CPB and Central Pacific Bank alleging malfeasance on their part, pursuant to the loans and guarantees. The first part of the trial was resolved on June 23rd, when the jury reached a verdict against SunCal in the amount of $9,165,465.22
The jury found that Bruce Elieff and SunCal (SCC Acquisitions, Inc.) failed to maintain minimum liquidity and net worth levels as required by the guarantee and that Bruce Elieff failed to perform according to the guarantees he made on the loans by failing to make payments due on the loans to Gray 1 CPB.
The second part of the trial, the claims against Gray 1 CPB and Central Pacific Bank, has yet to be decided.