NM Development Guarantor Owes Barclays $47M: Referee

Law360, New York (May 21, 2012, 7:59 PM EDT) -- A New York referee ruled Thursday that SunCal Cos. guarantor SCC Acquisitions Inc. is on the hook for $46.8 million still owed to Barclays Capital Real Estate Inc. from 2009, when a SunCal company defaulted on a $212 million loan for a mixed-use community in New Mexico.

Special Referee Lancelot B. Hewitt accepted Barclays method for calculating the amount owed on a foreclosed mortgage it extended to SunCal project company Westland Devco LP in 2006, according to an order filed May 17 in New York state...
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