Suncal

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City of Alameda officials are claiming a victory after a federal judge decided to limit the lawsuit that SunCal Companies has filed over Alameda Point to cover just whether the terms of their former exclusive negotiating agreement prevent SunCal recovering damages.

Judge Charles Breyer said he had "a serious concern" with the legal viability of SunCal's claims for $100 million in lost profits, but would not rule on it until discovery was complete, according to city officials.

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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.

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he agreement the Navy and the city of Alameda struck last month over the terms of the transfer of a 918-acre parcel at the former Naval Air Station Alameda was the direct result of the city’s decision to return to the base’s original reuse plan, one that emphasized job growth over housing.

OVER A DECADE OF FAILURE:
WHY MILITARY BASE REUSE AT THE NAVAL AIR STATION, ALAMEDA (ALAMEDA POINT)
HAS BEEN UNSUCCESSFUL

Nicholas Stephen Kosla
B.A., California Polytechnic State University, San Luis Obispo, 1999

THESIS

Submitted in partial satisfaction of
the requirements for the degree of
MASTER OF PUBLIC POLICY AND ADMINISTRATION
at
CALIFORNIA STATE UNIVERSITY, SACRAMENTO

FALL
2010

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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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ALAMEDA—When the Naval Air Station closed here in 1997, the city predicted the sprawling waterfront base would become a budding community, filled with housing, businesses and open space. Fourteen years and a handful of developers later, some of the most prime real estate in the Bay Area remains mostly undeveloped and underused.

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