User 391433

Lennar's Insolvency: Enron Redux?

Great aritcle! I am a Vallejo, California resident. We are in Chap. 9 as well. Lennar is now selling off the parcel on the former Mare Island Naval Shipyard presently leased to Touro University back to Touro. They were given 650 acres for a buck to develop based on the costs of environmental remediation to develop the 650 acres, most of which was funded by the Navy anyway.
The Touro parcel was not part of the industrial activities of the Navy, and already developed as a former Navy schools activity, which Touro essentially just moved in to.
The City of Vallejo is not in line to receive anything from this sale to the best of my knowledge and our council will discuss it soon.