When Lehman Brothers filed for bankruptcy in the early morning of Sept. 15, 2008, the impact on one of the nation's largest land developers, SunCal Cos., registered barely a footnote in the countless articles chronicling the collapse of the nation's fourth-largest investment bank, Dow Jones Daily Bankruptcy Review reported today. But in California communities such as San Clemente and Oakland, work on more than a dozen multimillion-dollar real estate developments ground to a halt. In the aftermath of Lehman's collapse, it wasn't clear who actually owned the SunCal properties. Lehman wasn't even sure whether the properties had been part of the billions of dollars in extra collateral that clearing bank JPMorgan Chase & Co. had demanded in the weeks before the bankruptcy. (Subscription required.)
http://bankruptcynews.dowjones.com/Article?an=DJFDBR0020130916e99gbjt6o…
To hear key players discussing Lehman's chapter 11 filing and the lessons learned from the case, click here:
http://news.abi.org/educational-brief/lehmans-chapter-11-filing