Lehman Gets Green Light To Present SunCal Plan

Law360, New York (October 12, 2009, 3:44 PM EDT) -- A federal judge has given Lehman Brothers Holdings Inc. the go-ahead to present a plan to reorganize SunCal Cos.' foundering developments, moving the Lehman estate one step closer to obtaining properties it spent $2.2 billion funding.

Judge James M. Peck of the U.S. Bankruptcy Court for the Southern District of New York granted Lehman’s request to pursue a Chapter 11 plan for SunCal that would allow the fallen investment bank to place credit bids at auction, potentially acquiring numerous properties worth as much as $600 million....
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