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Court minutes released this week from the Superior Court of California, County of Orange, show that the plaintiffs in Gray 1 CPB, LLC v. SCC Acquisitions, Inc. have increased their total claim against SunCal and SunCal’s CEO Bruce Elieff to $9,165,465.22  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. Responding to a public records request submitted last week by Action Alameda News, the City of Alameda confirmed that they have had no direct communications with SunCal’s declared financial partner, D.E. Shaw, regarding their proposed Alameda Point development. The question is important, because bankruptcy court documents show that SunCal has typically permitted their financial partners – Lehman Brothers, and more recently, D.E. Shaw – to take an ownership stake in their joint projects in excess of 90% thereby making the financial partner, and not SunCal, the majority owner in the projects. Residents opposed to the City of Alameda’s continued negotiations with SunCal, a.k.a. SCC Alameda Point LLC, are circulating an online petition targeted to Alameda City Council, demanding the Council stop dealing with the firm. Minutes from the Orange County Superior Court Docket in the case of Gray 1 CPB LLC v. SCC Acquisitions Inc. indicate that jury selection for the trial will begin this Thursday. In online display ads and print ads in the local newspaper, SunCal has begun reaching out to Alameda residents under the name “SCC Alameda Point LLC.” In an e-mail discussion with Action Alameda News, Alameda City Councilmember Lena Tam said that a legal claim by Gray 1 CPB LLC of San Diego against SunCal CEO Bruce Elieff and SCC Acquisitions, Inc. will have no impact on SunCal’s efforts to develop Alameda Point. However, archived City documents suggest otherwise. A Delaware bankruptcy court has dismissed a bankruptcy filing by SunCal intended to fend-off foreclosure by Barclay’s Bank on their Albuquerque, New Mexico project. Depending on the ownership structure of the project, this dismissal may have implications for SunCal’s plans for Alameda Point. On Monday evening, SunCal gave a presentation to the City of Alameda Planning Board in a “scoping session” meeting to discuss issues to be covered in a potential Environmental Impact Review (EIR) of SunCal’s alternative plan for Alameda Point. SunCal was met there by numerous opponents of the plan. A hearing that could allow a creditor to seize SunCal CEO Bruce Elieff’s property, including SCC Acquisitions Inc., the parent company of SunCal Companies development projects, has been pushed to Tuesday, June 1st. |
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