On that date, the commission may act on the draft decision of the administrative law judge, or it may postpone taking action. The administrative law judge's draft decision approving the application conditionally was issued Nov. 14. When the commission acts on the draft decision, it may choose to adopt all or part of it as written, amend it or set it aside and prepare its own decision.
The Newhall Land and Lennar/LNR merger is subject to the commission's approval of the application, along with customary closing conditions. The merger is expected to close much earlier than the originally planned date of by mid-2004.
LNR Property Corp. is a national, diversified real estate investment, finance and management company. Lennar Corp. is a national homebuilder formed in 1954. Newhall Land is a community planner in north Los Angeles County.
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