Originally Posted By TP2000 A day after the Anaheim City Council adopted the SOAR initiative without a costly election, The OC Register now has a big story and series of articles in todays newspaper about the serious and sweeping financial woes now hitting SunCal. Apparently SunCal is in very serious financial shape and they have not paid many subcontractors for months, they have had property and developments foreclosed and repossesed in recent weeks, and they now have multiple tax liens and lawsuits against them across Southern California. The Register story mentions the Disneyland issue, but also outlines SunCal's other legal problems, unpaid bills, and repossesed properties that SunCal has also racked up in the last few months. It's quite a story, especially considering the bluster and bravado that SunCal was putting up in 2006 and most of 2007 regarding the Anaheim Resort District property. <a href="http://www.ocregister.com/money/suncal-land-homes-1992424-company-bill" target="_blank">http://www.ocregister.com/mone y/suncal-land-homes-1992424-company-bill</a> There's also a hilarious question and answer article between a Register reporter and SunCal's Senior Vice President of Public Affairs, David Soyka. For a guy supposedly worried about public affairs, Mr. Soyka sure comes off sounding rather vague and distrustful. <a href="http://www.ocregister.com/ocregister/money/article_1992447.php" target="_blank">http://www.ocregister.com/ocre gister/money/article_1992447.php</a>
Originally Posted By TP2000 Exactly jonvn. Just what I was thinking when I read this big spread in the newspaper today.
Originally Posted By retlawfan Looks like they put all their hopes on the Anahiem project. Not a good business plan I guess. Darn shame.
Originally Posted By Sport Goofy << Looks like they put all their hopes on the Anahiem project. Not a good business plan I guess. >> This would have happened even if they were allowed to go forward with the project in Anaheim. Their problems stem from the general greed and overbuilding that took place by all the property developers. The business plan of barfing up tract housing and condos beyond what the market could sustain was a Ponzi scheme that is essentially collapsing for all the big developers.
Originally Posted By DlandJB Mr. Soyka sure comes off sounding rather vague and distrustful. <a href="http://www.ocregister.com/ocre" target="_blank">http://www.ocregister.com/ocre</a> gister/money/article_1992447.php>> Do you remember Martin Short's lawyer character named Nathan Therm? That's what I hear in my head when I read Mr. Soyka's answers.
