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Real Estate/Development

Apr. 15, 2010

Lehman's Legacy: Stalled Developments Throughout California

Today a bankruptcy judge in New York is set to hear a key motion that could significantly stall or cripple local contractors in their fight against Lehman Brothers over financial maneuvers that they say left them high and dry after the failure of a number of real estate projects.

By Don J. DeBenedictis

Daily Journal Staff Writer

SANTA ANA - When Lehman Brothers Inc. filed for the largest bankruptcy in U.S. history, many of the real estate projects it backed went under, too.

Among them are two dozen planned residential developments in California, themselves now in bankruptcy in federal court in Orange County. But hundreds of small contractors, vendors and cities that worked on the projects are fighting b...

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