2nd Circ. Won't Lift Lehman Stay For SunCal

Law360, New York (December 7, 2010, 6:04 PM EST) -- A federal appeals court shot down real estate developer SunCal Cos.' efforts Tuesday to overturn the denial of its bankrupt affiliates' request for relief from the stay in the bankruptcy of Lehman Brothers Holdings Inc., which provided as much as $1.5 billion in debt financing for SunCal projects.

In a summary order the U.S. Court of Appeals for the Second Circuit affirmed two bankruptcy court orders that denied the SunCal entities relief from the automatic stay arising from the bankruptcy of Lehman's commercial paper unit and...
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