Lehman-Brothers

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Oak Knoll, the sweeping, picturesque Oakland hills property that once housed a storied Navy hospital, is once again in flux.

As part of the huge Lehman Bros. bankruptcy proceedings, a federal judge recently granted control of the 167-acre site to the liquidation estate handling the Lehman remnants.

The settlement means SunCal, the Orange County developer that bought the property in 2006 for $100 million, is no longer involved in the project - and the project itself may be dead.

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Oct. 24 (Bloomberg) -- Lehman Brothers Holdings Inc. settled a dispute with developer SunCal Cos. over how to reorganize a group of bankrupt California housing projects.

SunCal agreed to support reorganization plans sponsored by the Lehman affiliate that helped finance about 20 developments in California, where the two companies had been partners until the investment firm filed for bankruptcy in 2008, according to court papers filed today. A SunCal affiliate will get an option to buy two of the projects for $57.5 million and be paid $3 million under the proposed settlement.

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After a long court battle, the estate of bankrupt investment bank Lehman Brothers Holdings Inc. has won control of a valuable land portfolio from the SunCal Cos., California's largest land developer.

The two companies, which have been warring over the land for three years, filed papers Sunday in a Santa Ana, Calif., bankruptcy court, outlining a compromise.

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On Monday, Lehman Brothers Holdings Inc. LEHMQ -3.23% and California land developer SunCal Cos. will face off in Orange County, with rival plans to bring about 20 stalled real-estate projects out of bankruptcy.

The failed investment bank and SunCal--once allies during the boom years of the California real-estate bubble but now bitter adversaries--have been sparring for more than three years in bankruptcy courts on both coasts over the fate of the projects.

Remediation and other field work in progress
Operable Unit 2C Feasibility Study Addendum

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One of the nation's largest land developers, SunCal Cos., still is wrestling with the consequences of dozens of failed investments made before the real-estate bubble burst. Yet the company is making deals again.

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With the legal sparring between Lehman Brothers Holdings Inc. /quotes/comstock/11i!lehmq LEHMQ -2.31% and SunCal taking a new, nasty turn in California, Lehman is turning to a New York bankruptcy judge to block the real-estate developer from attempting an "end-run" around the court's previous rulings.

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Irvine-based master developer SunCal Cos. suddenly has the makings of a growth push after several years in legal limbo.

The company, one of California’s most aggressive land buyers during the real estate boom, earlier this month got the lead role in a 180-acre redevelopment at a former Army Reserve base in the Bay Area.

It also reclaimed control of three California mega projects that have been in bankruptcy protection for more than two years.

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A former Navy hospital imploded in a massive cloud of brown dust in the Oakland Hills on Friday, marking the end of a military medical center that served generations of wounded American soldiers.

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In court papers filed Friday in U.S. Bankruptcy Court in Santa Ana, Cailf., SunCal Management LLCLimited Liability Corporation, whose development arm helped to conceive the projects with Lehman's backing, said the trustee's plan tries to "gerrymander" Lehman's claims in a bid to unfairly force a "cramdown" on the properties' junior lenders.