IRVINE, CA-The CEO of SunCal Cos. Bruce Elieff is facing a debtas much as $230 million surety bonds with Lehman Brothers HoldingsInc. following the bankruptcy filing of the latter in 2008, whichforced him to stop his 20 big residential projects.
The outcome of liquidation of Lehman Brothers assets willdetermine how much Elieff is liable to pay. Lehman Plans to use hispersonal guarantees to resolve the debt. However, Elieff isconfident that the ruling will favor him. For the fullstory, go to Wall Street Journal.
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