ORANGE COUNTY
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Baldwin Battle: Battalions of lawyers will be maneuvering in federal Bankruptcy Court in Santa Barbara today as beleaguered Baldwin Co., one of Southern California’s largest home builders, mounts an attack aimed at blocking its estranged lender from seizing Baldwin assets or initiating a foreclosure action. The Newport Beach-based builder claims in a lawsuit filed last week that General Electric Capital Corp. intentionally pushed Baldwin into bankruptcy reorganization last summer and since then has used its control over the developer’s cash flow to cause further financial deterioration. General Electric is expected today to refuse to renew its lending agreement with Baldwin.
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