Excerpt:

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.

Read more: San Clemente Times - SunCal CEO Facing Possible 230 Million Hit