U.S. Trustee Objects to Third-Party Releases in LandAmerica's Reorganization Plan Nov 17, 2009
The U.S. trustee in LandAmerica Financial Group Inc.'s Chapter 11 bankruptcy proceeding is objecting to the company's reorganization plan because it releases nearly everyone involved, including lawyers, from liability for negligent actions. In the Nov. 12 objection, filed in in the Eastern District of Virginia, U.S. Trustee W. Clarkson McDow Jr. stated that the releases do not comply with the bankruptcy code or case law. (Law.com)
Condominium Development Disaster in... Nov 4, 2009
LandAmerica Commonwealth Policy of Title Insurance Policy/File No.: 67141494. Financials for Erickson Family Trust, October 2007. (Suite101.com)
Bankruptcy fees: Boom, bust, bonanza Sep 17, 2009
In August, for instance, creditors of LandAmerica, a bust insurer, filed more than two dozen objections to the fee requests of the four law firms working on the case. The Obama administration is talking to fee-auditing firms about vetting bills incurred by its rescue programmes. (The Economist)
Cantor Uses Job Fair in District to Attack Stimulus Aug 18, 2009
LandAmerica Financial Group Inc. and electronics giant Circuit City, both headquartered in Richmond, declared bankruptcy late last year. Yet last month, Cantor s district still remained 2 points below the national unemployment rate of 9. (Roll Call)
Investor Report: Bankruptcy Filings Jul 24, 2009
More than $419 million in investors' escrowed money was tied up in the LandAmerica filing, exposing hundreds of investors to potential capital gains taxes because their exchanges could not be completed. In its letter to Dodd, the IRS said it has no statutory authority to extend Section 1031 deadlines to accommodate investors harmed by QI bankruptcies. (RealtyTimes)
Wary of a teed-off public, CEOs shy away from the golf course Jun 23, 2009
Of the 12 best golfers in the 2006 CEO Golf Digest list, seven are no longer with their companies: Jim Crane of EGL, Jerry Jurgensen of Nationwide Financial, Steve Macadam of BlueLinx Holdings, Bennett of Intuit, Mike Eskew of UPS, David Perdue of Dollar General and Ted Chandler of LandAmerica Financial. Patricia Russo, the only woman to ever crack the magazine's list of 200 best golfers, exited as CEO of Alcatel-Lucent in September. (USA Today -- Money)
Old Republic opens D.C. office May 19, 2009
Dennis Vendetti, who previously established a commercial office for LandAmerica, will act as vice president and branch manager of the new Old Republic office in D.C.. The office will provide underwriting services, title insurance and closing services for large, multi-site and other complex commercial real estate transactions. (Washington Business Journal, DC)
LandAmerica Workers Leave Richmond Jobs May 2, 2009
Nearly 50 employees at LandAmerica in Henrico County left their jobs Friday ... According to LandAmerica, the company blames the economy and credit market freeze for the bankruptcy. (WTVR.com, VA)
FNF loses $12.3M in 1Q Apr 29, 2009
The drop in earnings at the Jacksonville-based title insurer (NYSE: FNF) was largely attributed to pre-tax losses from acquiring Lawyers Title Insurance Corp. and Commonwealth Land Title Insurance Co. from LandAmerica Financial Group Inc. late last year, the company said Tuesday. In January, the Lawyers and Commonwealth operations accounted for a more than $17 million pre-tax loss and then a $5 million pre-tax loss in February despite FNF s operations being profitable in both months, said... (Jacksonville Business Journal, FL)
Albuquerque office rents hover while vacancies are on the rise Apr 18, 2009
The larger companies yielding space in the first quarter included LandAmerica Title, First Community Bank and. Among the biggest blocks of contiguous sublease space is 40,000 square feet currently available at 7850 Jefferson NE in Journal Center, at $18. (New Mexico Business Weekly, NM)
Green Light AIG Bonuses Mar 24, 2009
(Part 1 of 3) CEO Spotlight: LandAmerica (300 sec.) CEO Ted Chandler speaks about the resilience of the U.S. real estate market and the future of LandAmerica. Flying High With Cessna's CEO (240 sec.)CEO Jack Pelton on the future of his jet fleet and why he named his son after a plane. (Forbes -- Business)
Investor Report: Mixed 1031 Signals Feb 27, 2009
In the LandAmerica case, the intermediary disputed investors' claims that the company was holding their money in trust - making it untouchable by creditors in a bankruptcy. A federal judge is still looking at the arguments, and a resolution may be months away. (RealtyTimes)
Investors Title doing Fine despite loss Feb 18, 2009
Compare that to, say, struggling title insurer LandAmerica, which had offices around the country. LandAmerica filed for bankruptcy in late 2008, selling off much of its business to competitor Fidelity National Financial Inc., and now plans to shut its doors by the end this year. (Raleigh Triangle Business Journal, NC)
Helter Shelter Feb 8, 2009
The 440 investors had parked the proceeds from their real-estate sales with LandAmerica 1031 Exchange Services Inc. in hopes of delaying capital gains taxes - only to find their entire investment nest egg missing. Some skewered by the bankruptcy are calling LandAmerica's operation a Ponzi scheme that misappropriated the deposits and then paid off older customers with the cash of newcomers ... And worse, the Internal Revenue Service wants those burned in the failure of LandAmerica and other... (New York Post -- Business)
