Does this mean SunCal isn't going to be able to build another Rio Rancho (at least not in the near term?)
I honestly wonder who it is who's going to buy all these houses in Mesa Del Sol and Rio Rancho 2. Not to mention where the water will come from.
I sure hope this delays SunCal until we can replace Marty.
http://newyork.craigslist.org/mn.../
836343953.html
Nice post. Something tells me large new developments will be on hold all over the US for some time to come. I watched Charlie Rose last night for a discussion with Robert Rubin and Larry Summers and even what they had to say was dire indeed. Remember these guys are usually trying to "calm" the market so I came away with very little hope we can turn this thing around anytime soon even if Obama is elected.
Actually, the problems SunCal is having with all its other assets absolutely DO have a bearing on Westland. SunCal has been stripped down to a shell through layoffs and defections and its executive "leadership" are 100% consumed with saving the Lehman-financed deals right now. And this will continue to be the focus for years. The progress of Westland development and promotion will undoubtably suffer. Believe me, I work for SunCal, but I am tired of the spin and lies produced by our public relations dept.
If you want to talk - or lose your job if Suncal goes bankrupt - please drop me a line.
Irvine Insider has got it right. Lies and spin indeed! Their so-called restructuring of debt with Lehman now lies in ashes. While the Westland deal isn't backed by Lehman, it is instead "financed" by another wobbling house of cards: D.E. Shaw (in which Lehman has, or maybe I should say had, a minority share). I'm sure SunCal will keep putting lipstick on this pig up to the last oink!
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