LANDAMERICA (fka LFGRQ)

[Renee]

The time to file suit was long before the Judge ruled against the equity holders on October 10th , 2009 . I had advocated for letters to the Trustee to formally request a Shareholder Equity Committee but I did not see or learn of any letters being presented to the Judge . Once the Judge ruled against all equity holders it was too late to file suit....or certainly a waste of time and inordinate expense to try to over-rule a Judge's decision .

As I had argued numerous times it was wrong for Land America to file a Chapter 11 when the company was liquidating entirely . Under a Chapter 7 liquidation BK the equity holders would have received any monies left over , whereas a Chapter 11 allowed for equity to be cancelled in favor of the creditors getting all of the money . Had a Shareholder Equity Committee been formed a lawyer would have demanded to the Court that Land America file Chapter 7 so that shareholders would have received the remains .

Equity Holders were robbed by the improper Ch 11 , and the apathy of shareholders to do nothing allowed it !!

Renee

[Kristallweizen]

Renee, maybe a stupid question but can´t the equity holders file law suits against LFGRQ or would that be hopeless?

[AIOS]

The CFO and Trustee only disagree by $723,678,000

LandAmerica Financial Group,Inc.
Balance Sheet as of December 7,2009
Preparer: Trustee for the Liquidation Trust
($ thousands)

Total Shareholders' Equity $(61,662)

http://chapter11.epiqsystems.com/document/GetDocument.aspx?DocumentId=1142722

LandAmerica Financial Group,Inc.
Balance Sheet as of October 31,2009
Preparer: Chief Financial Officer
($ thousands)

Total Shareholders' Equity $662,016

http://chapter11.epiqsystems.com/document/GetDocument.aspx?DocumentId=1059142

[Renee]

A travesty that is allowed by the Chapter 11 BK Laws that minimalizes and discards common equity holders .

Plain ole WRONG !!!!

[AKAPAK]

Yeah and Spectrum Brands did the same, even with a fight by an Equity Committee that included >10% owners (w/~3x% held by them).

[Renee]

It is always about the Chapter 11 Bankruptcy PLAN , and although LandAmerica had only 15 million shares outstanding the greed mongers wanted every penny for themselves .

Because the U.S. Bankruptcy Laws relegate common shareholders to the bottom of the line on entitled beneficiaries , and because of the precedent of cancelling the common equity in favor of everyone else in the food chain with most Chapter 11 Bankruptcies , it is just too easy for a Judge to rule against the common equity holders , citing those hundreds of precedents .

I contended for months that LandAmerica should have filed Chapter 7 liquidation Bankruptcy where ALL of the residual monies left over after paying off ALL creditors and wind-up expenditures would have automatically and lawfully gone to the common equity holders . The Chapter 11 Filing was a ruse because LandAmerica had absolutely NO intentions whatsoever of re-organizing , and I allege that the improper Chapter 11 was intended for the sole purpose of cancelling the common equity . Very powerful people ensured that LandAmerica remained in Chapter 11 when it should have been a Chapter 7 Liquidation from the onset , and whereby Chapter 7 BK's are mandated to give the Common Equity Holders ALL the money left over .

I do not know the full extent of Washington Mutual's plans for re-organizing but I can attest that the re-organization PLAN will most likely EXclude the common equity holders , just because very powerful people can horde every penny for themselves under the stipulations of the Chapter 11 Laws ....just like the very powerful people did to LandAmerica's common equity .

It is WRONG , WRONG , WRONG . Very powerful people do not care , and advocates for the Common Equity Holders , even Shareholder Equity Committee advocates wearing Lawyer suits , are usually dismissed just because the Chapter 11 Laws are extremely prejudicial AGAINST common equity holders . Unless the Chapter 11 Laws are changed to fairly regard ALL parties the precedents of cancelling the common equity will prevail .

Look no further than LandAmerica's 15 million Outstanding Shares being cancelled at the whim of the Judicial System as I have argued in prior posts on this board .

Renee

[marayatano]

Anything can happen in bankruptcy. They deserve to be paid of course, but the law favors the wealthy and connected. I have only been trading WAMUQ. Good luck.

[pbroadrun]

Maraytano,
You think the same thing will happen with WAMUQ ahsres as what happened here?

[Arnold25764]

Yuppers, glad i got out before the ship sank.....

[faust357]

dead stock=dead board..

[marayatano]

That is because the shares do not trade anymore. Essentially worthless. eom

[Chimaera1950]

It's quiet...Too quiet...

[faisal4]

woe is me

[Renee]

It is a travesty beyond reasonable comprehension , Faust .

[faust357]

I am still holding a bunch of ARTAXZ in my account-zero value,but they have monies owed to them,so one day perhaps it will rain. LFGRQ has so many more assets than liabilities,I cannot see how they can get away with screwing the shareholders like they have..

[Renee]

Yes , Randable . The shares were revoked a few days ago . However , the shares will ( should ) still appear in your account because you still own them . Sometimes a miracle happens where a Law Firm or other entity successfully sues a company and you can be part of any award .
That possibility is remote , but things do happen in the world of skulduggeries where victims are recognized and compensated .

Renee

[Randable]

So, I am new to investment lingo, I owned 22,414 shares of LandAmerica, basically I am bonned my shares are canceled... is that what it means?

[Hedge Starz]

what's the deal with this one? does arnie adamsen hold a high position here

[Stock]

SECURITY DELETIONS

Updated Symbol Company Name Effective Date Unit of
Trade Comments

11:06 LFGRQ LandAmerica Financial Group, Inc. Common Stock 12/8/2009 100 Plan of reorganization effective 12/07/09. All shares cancelled. **

http://www.otcbb.com/asp/dailylist_detail.asp?d=12/08/2009&mkt_ctg=ALL

[lasernat]

all shares cancelled today

[monda2frida]

11:06 LFGRQ LandAmerica Financial Group, Inc. Common Stock 12/8/2009 100 Plan of reorganization effective 12/07/09. All shares cancelled. **

[Renee]

Yoiks ...last sale at .01 ( down from .02 ) and the Bid / Ask is .002 by .003 .

Looks like the equity will be cancelled imminently .

LandAmerica , once a powerhouse stock , now a simpering sub-penny , soon to be a revoked stock .

Lights out .

[Renee]

Complete PPS capitulation in progress . Below .01 cents .

Thanks LandAmerica .

[Yoda0629]

Agreed. I just sold my last bit the other day for some tax losses to offset some gains. I really had high hopes for this stock. Oh well

[Renee]

Gradual capitulation to the share price at .022 cents . Such an injustice to shareholders .

Renee

[andy e]

well thats a shame...

[Renee]

Not to my knowledge , Andy . EOM .

[andy e]

Hi Renee...

was a shareholder commitee ever created...was the court ever presented with an objection??

[stockz]

Anyone going to make an objection on behalf of the common shareholders? I believe we have until Nov 10th to do so. I think most have jumped ship by now, but in reality no one knows for sure what the outcome will be... Yes I have read the court documents.

GLTA

[Renee]

Thanks , Allen , for writing a sensible post .

Renee

[mainegirls]

excellent post.

[Chimaera1950]

So, is everyone's thinking clear on this?
The old school of longs had put all the possibilities and likeleyhoods in context from the end of last year.
No mods ever exaggerated the hopes of others and all the excited talk was based on the hope that the bankruptcy court would reasonably still allow a settlement or PPs award for the approx. 15 million shares outstanding at a nifty, but not pie-in-the-sky amount, of a few dollars a share. (Still creating a hundred-bagger from the PPs of .05....a really wonderful out come!) With the still apparent equity remaining through the recent months of upwards of $800 million, this was not extreme.
THIS was the general view, amount-wise of Renee, aka as Seabiscuit, IHUB LFGRQ's group's resident beacon of common sense and reason.
There were others who seriously expected the ENTIRE apparent $800 million to be divided among the $15 million shareholders, a result CLEARLY in the realm of pie-in-the-sky outcome.
Also, I want to mention that this situation, as just explained by me here, was one where the aforementioned longs DID NOT want to pump the PPs before the bankruptcy court had reached decisions in the on-going court proceedings.
This is why I did not like to see new blood come in and pump this situation from .05 to the area of.20.
It's four times more "BAGGERED" from .05, than from .20 and cheaper to buy in at that level.
New blood did not have the inherent understanding of the experience of the longs from last year.
eom and THANKS for reading this... It is over, now.
Allen, (Chimaera1950)

[tonito]

Some how i always knew that would be the case!

[tonito]

LOL

[marayatano]

WYNN party? There will not be one. Broker Bernie was wrong.

"Posted by: seabiscuit Date: Saturday, October 10, 2009 9:01:53 PM
In reply to: None Post # of 9363 [Send a link via email]
Critical information that everyone must read from September 9th docket :

5.12. LFG Equity Interest (Class LFG 6).
(a) Treatment : The LFG Equity Interests shall be cancelled and holders of LFG Equity Interests shall not be entitled to any distribution under the Plan.
(b) Voting: In accordance with section 1126(g) of the Bankruptcy Code , the holders of LFG Equity Interests are conclusively presumed to reject this Plan and are not entitled
to vote to accept or reject the Plan.

Renee"

See sticky above please.

[tonito]

PATIENTLY WAITING FOR A POP,

coke,sprite,Dr.pepper and then we can all go to the WYNN
for a party

[BlockTrade]

OOPS!!! I spoke to soon on that one.

[Arnold25764]

Well if there's a chance for one last pop then don't miss out!

[Chimaera1950]

I will not say much of what I think,
I won't jinx the chances of the current shareholders,
but yeah, I still don't get it.
(BTW_ I got out at .15, so...)

[Renee]

Critical information that everyone must read from September 9th docket :

5.12. LFG Equity Interest (Class LFG 6).
(a) Treatment : The LFG Equity Interests shall be cancelled and holders of LFG Equity Interests shall not be entitled to any distribution under the Plan .
(b) Voting: In accordance with section 1126(g) of the Bankruptcy Code , the holders of LFG Equity Interests are conclusively presumed to reject this Plan and are not entitled
to vote to accept or reject the Plan .

Renee

[Arnold25764]

Man, why is this still trading????

[Chimaera1950]

Man, I just don't get why that is...

[BlockTrade]

I-box charts updated: Looking bullish again.

[Yoda0629]

Actually not true. If you look at most Q stocks once it has been established for good that shares are worthless ( canceled ) the stock usually gets a pop.

Look at any mentioned WAMUQ LEHMQ MTLQQ DPHIQ. In the end, Yes .000's will come but that will be a year from now.

Oh ya I still own alot of this pos and waiting.

[Chimaera1950]

Yes, that is a given thing...
I don't have the link to the docket schedule now,
so I hope Renee, or someone may be able to tell us.

[Kristallweizen]

Once the shares are cancelled the pps will be in the low 0.000s
Does anybody know if theres a date yet to rule on that matter?

[Chimaera1950]

This stock is alive until the vote
is taken to actually cancel the shares,
but I don't know when that is to be.
I don't think it has happened yet, tho...

[tonito]

No attack here....i here ya loud and clear just can't believe how this once strong company did in everybody.....

[lfginvestor]

Well, it was dead last November, it's just been laying there twitching since then and now the twiches have slowed up and the drool has started.

Please don't attack me, its an attempt at levity.

[tonito]

Hi folks, anybody here?
is this officially dead, or are we waiting for something spectacular to happen,,,???