IRVINE, CA-The CEO of SunCal Cos. Bruce Elieff is facing a debt as much as $230 million surety bonds with Lehman Brothers Holdings Inc. following the bankruptcy filing of the latter in 2008, which forced him to stop his 20 big residential projects.
The outcome of liquidation of Lehman Brothers assets will determine how much Elieff is liable to pay. Lehman Plans to use his personal guarantees to resolve the debt. However, Elieff is confident that the ruling will favor him. For the full story, go to Wall Street Journal.
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