TurnTo23.com

 
South County News
Related To Story

Ruling Provides Thousands To Maintain McAllister Ranch

POSTED: 5:50 pm PST November 6, 2008
UPDATED: 4:57 pm PST November 7, 2008

The McAllister Ranch development will get thousands of dollars to maintain the faltering condition of the property, a bankruptcy judge ruled Thursday.

An affiliate of Lehman Brothers, Inc., the primary lender for the southwest Bakersfield development, will be required to pay up to $350,000 to pay for numerous obligations like insurance and utilities, according to Scott Belden, an attorney who was present at the hearing via teleconference.

The ruling means any argument that Lehman Brothers makes for foreclosure of the property cannot include discussion of the property being in poor condition, Belden said.

Foreclosure on the property would give Lehman Brothers ownership of the property, and eliminate liens places on the land by several contractors who are owed millions of dollars for the work they put into McAllister Ranch.

An estimated $46 million is owed to contractors like Superior Pipelines of Bakersfield, which is seeking $6.4 million.

Both Lehman Brothers and McAllister Ranch developer SunCal are in varying degrees of bankruptcy filings.

The money will be set aside for McAllister Ranch and two developments in Riverside County. At one of the Riverside developments, hundreds of residents have had utilities at a recreation center intermittently shut off.

At a hearing set for Nov. 20, bankruptcy trustee Alfred Siegel is expected to go before the court with a plan to re-organize the properties in limbo.

The following are comments from our users. Opinions expressed are neither created nor endorsed by TurnTo23.com. By posting your comments you agree to accept our Terms of Use. To report an offensive or otherwise inappropriate comment, click the "Flag" link that appears beneath that comment. Flagging a comment will send it to our editorial staff for review.

Sponsored Links

Links We Like

Sponsored Content
Check out our picks for the most luxurious and unique homes that were on the market in 2009. More

Find out what a sputtering economy and an increasingly difficult to crack job market means to you. More

The following tips can help your car become a less inviting target and slow down, discourage or actually prevent car theft. More

Believing urban legends about sex could be hurting your sex life. Get the truth behind common sex myths. More

Share Your Pics & Vids

This content requires the latest Adobe Flash Player and a browser with JavaScript enabled. Click here for a free download of the latest Adobe Flash Player.

My Life

Date
Showing your love doesn't have to be expensive. Here are some Valentine's Day ideas that won't break the bank. More


California Cash For Appliances

washing machine, appliances
Have you heard of Cash for Appliances? How about Dollars for Dishwashers or Funds for Furnaces? Learn more about the Department of Energy's new appliance rebate program. More


Dollars For Dishwashers
California's rules around the "Cash For Appliances" program have been set. Click inside for more information. More


Auto Reviews & Tips

The vehicles are selected for best protecting motorists in front, side and rear crash tests based on Institute evaluations during the year. More