San Clemente Times: SunCal CEO Facing Possible $230 Million Hit, October 7, 2010
There’s a big reason why the 248-acre oceanfront property known as Marblehead Coastal has stalled in its completion, and it has to do with its property owner SunCal.
Bruce Elieff, chief executive of SunCal Cos., a large, closely held developer, hit a major obstacle in 2008 when its biggest lender, Lehman Brothers Holdings Inc., filed for bankruptcy, which forced SunCal to suspend work on 20 large residential property developments, according to a recent report by the Wall Street Journal.
If SunCal cannot find a way to finish the projects or sell them to a developer who can, Elieff could be personally responsible for as much as $230 million. And Lehman plans to hold him to his promises. The Journal reported.
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