SunCal Can't Wriggle Out Of Lehman Automatic Stay

Law360, New York (August 31, 2010, 5:56 PM EDT) -- California real estate developer SunCal, parent company to more than two dozen bankrupt real estate projects, has failed to convince a district court to untie its hands when it comes to $1.5 billion in loans held by Lehman Brothers Holdings Inc., which is also bankrupt.

Judge Richard J. Holwell of the U.S. District Court for the Southern District of New York on Friday declined to lift the automatic stay in the Lehman bankruptcy or shut down a compromise that saw Lehman gain formal control of the...
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