The Albuquerque Journal notes SunCal news that some of us were expecting:
Lenders filed a foreclosure lawsuit against SunCal Cos. in state court in New Mexico this week to collect more than $180 million in outstanding loans their developer used to finance the property purchase from Atrisco Land Grant heirs.
I'm not singing I told you so. The Atrisco Land Grant and SunCal story is too sad. It was a quintessential sell-out of a rich land heritage and history - the 60's corporatization of the communal grant, the board's poorly regulated sale of 55,000 acres to one company, the shameless cash-strewn lobbying during the lege for a huge taxpayer subsidy, the souless mesa-eating sprawl that constitutes progress among the builder boosters and land owning leaders, and now this foreclosure suit.
SunCal's big broad beautiful promises may mean nothing. Zip. Nada. No doubt this will be pinned on the naysayers. If only we'd gotten that tax legislation passed! Wait for it.