REAL ESTATE
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Silvercrest Industries Inc. in Santa Ana on Thursday claimed a victory in its legal battle with former partner Kaufman & Broad Inc. of Los Angeles.
A federal bankruptcy judge in Santa Ana rejected several motions by Kaufman & Broad that Silvercrest attorneys said would have restricted Silvercrest’s ownership rights to a San Fernando Valley mobile home subdivision.
Kaufman & Broad in February sued a Silvercrest subsidiary--its former partner in the joint venture--alleging that the subsidiary had defrauded Kaufman & Broad out of millions of dollars it was owed for developing the project.
The lawsuit and financial pressures pushed the Silvercrest subsidiary into filing for protection under Chapter 11 of the federal bankruptcy laws in March.
The Kaufman & Broad suit was then incorporated into the bankruptcy proceedings.
Meanwhile, Silvercrest found a new partner, developer Watt Industries Inc. of Santa Monica.
Sales at the 385-acre Santiago Estates have apparently been going slowly. A Silvercrest spokesman said only eight families have moved in so far.
Silvercrest, a developer and manufacturer of mobile homes, is in good financial shape and is not in bankruptcy proceedings, a spokesman said.
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