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I can't understand why the pps
is still as high as it is ....weird.
This activity may prove the insanity of MMs.
For shares that are supposedly worthless, there sure aren't very many for sale at this level. Any buy order causes an immediate uptick.
A few buys today on LFGRQ.... Who knows what will happen. Does anyone think there will be any short covering pushing the price up a bit?
While it may be a lost cause - I think it is worth a try. If enough of us write AND if we are lucky enough to have the judge see/listen there is a chance. It's worth a fight.
I wonder if you are the only one who will:
Not many posts since Renee told us how to do it...
I'm not giving up yet. I'll write my letter.
Time for EVERY shareholder to write ( on paper ) a letter to the CH 11 Trustee with a formal request for a Shareholder Equity Committee , and send the letter by REGISTERED MAIL .
The Trustee is obligated by BK Laws to present ALL the formal requests to the presiding BK Judge for a Formal Ruling .
Writers MUST include their full names , addresses , phone numbers , and photo-copies of their LFGRQ share holdings , or the request will be denied for that person .
*** Be advised that your names , addresses , phone numbers and share holdings will become PUBLIC property and will likely be publicized in a type of document , most likely Pacer .
The letter does not need to be a book , just a simple but formal request for a Shareholder Equity Committee .
Argue in the letter that a Shareholder Equity Committee with legal representation paid for by LandAmerica's Estate is a rightful recourse under U.S. Bankruptcy Laws .
Argue that LandAmerica declared LIQUIDATION from the onset and that a more appropriate Chapter 7 should have been filed whereupon ALL monies left over after all other disbursements have been paid out would then go to equity shareholders . The Chapter 11 circumvented that appropriate process because Chapter 11's allow for equity cancellation and Chapter 7 DOES NOT allow for equity cancellation unless there is NO money left over . There never was any intention to re-organize or restructure and so the Chapter 11 was an incorrect Filing .
A Securities Attorney , IMO , would successfully argue that LFGRQ shareholders' rights were abrogated by LFGRQ's Chapter 11 when the filing should have been Chapter 7 from the onset . The Lawyer would successfully argue that there was collusion from the onset to deny equity shareholders their lawful entitlement to ALL monies left over upon complete liquidation , if any .
Personal disclaimer : I sold out of LFGRQ on the last contrived run-up in the share price , thinking that I could and would buy back at a lower PPS . With the recent Filings that declared cancellation of the equity I have not bought back any shares , BUT , I will extend my limited experience in Chapter 11's and 7's to anyone who may want to pursue their lawful right to challenge the equity cancellation .
Renee
Excerpt : *** Note : LFG Equity Interest are ' deemed to reject ' the vote .
Class
Designation
Impairment
Entitled to Vote
LES
Class LES 1
LES Priority Non-Tax Claims
No
No (Deemed to accept)
Class LES 2
LES Secured Claims
No
No (Deemed to accept)
Class LES 3
LES Escrow Exchange Claims
Yes
Yes
Class LES 4
Segregated Exchange Principal Claims
Yes
Yes
Class LES 5
Note Exchange Collectible Claims
Yes
Yes
Class LES 6
LES General Unsecured Claims
Yes
Yes
Class LES 7
LES Damages Claims
Yes
Yes
Class LES 8
LES Equity Interests
Yes
Yes
LFG
Class LFG 1
LFG Priority Non-Tax Claims
No
No (Deemed to accept)
Class LFG 2
LFG Secured Claims
No
No (Deemed to accept)
Class LFG 3
LFG General Unsecured Claims
Yes
Yes
Class LFG 4
LFG Exchange Guarantee Claims
Yes
Yes
Class LFG 5
LFG Securities Law Claims
Yes
Yes
Class LFG 6
LFG Equity Interests
Yes
No (Deemed to reject)
Subsidiary Debtors
Class SD 1
Subsidiary Priority Non-Tax Claims
No
No (Deemed to accept)
Class SD 2
Subsidiary Secured Claims
No
No (Deemed to accept)
Class SD 3
Subsidiary General Unsecured Claims
Yes
Yes
Class SD 4
Subsidiary Equity Interests
Yes
Yes
What's the point of 8Ks at this point? The common shares are being dissolved, there will be no shares, they are worth nothing, and there are effectively no shareholders. Really there is nothing more to say here. No more news is needed short of that the shares won't be dissolved. That ain't happening.
Todays 8k filing
http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=6798547
So is a "share holder committee" being arranged??
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6513413
Personally, I hold 120,000 LEHKQ Capital Trust shares (rated higher than preferred). I had 200,000 shares of LFGRQ and sold 150000 at nice profit and broke even on the last 50,000
Such is the nature of playing "Q's-I really thought with the low share structure and what appeared to be alot of assets,the commons would stay intact.I made bank with this early on with the first run,and was holding free when they announced the commons would get zilch.Lesson learned?-when playing any high risk stock,GET YOUR PRINCIPAL OUT FIRST!!!!I did this with CEMJQ and could be sitting alot prettier than I am now,but at least I have no real risk. Havent always done this-Rufus and Petar have a nice piece of the Faustian estate...stocks are like buses-there is always another one coming in the next minute or two...
Took some of the cash and will buy 5 Powerball tixs :)
Well, time now to find another dream...eh?
It was dream............for me too
Yup, it is greed! All attorneys do is prolong the case for fees, fees and more fees.
The winner are always the attorneys.
Thanks seabiscuit for all your posts.
Ride it best you can and good luck!
LFGRQ - ut'ing .06 .061 - A little bit of a come back today. After yesterday, I will take any movemente upward....
Thanks. We shall see how it plays out.
Trend22 sorry don't have pm. I have held a position here prior to bk file and have now sold all. risk/reward - not good! you may get a dead cat bounce in time but I don't think we've hit bottom yet ( not even close ) glty. and glt all the longs :)
DAN
Maybe a dead cat bounce in about two months...
bk q stocks have had huge runs in this market. PGPDQ CEMJQ among others have been huge multibaggers. Was hoping LFGRQ was going to be another one. Still might be if there is some value in the shares.
We shall see what we shall see.
Most likely YES
If it does not pass, then the price will start moving up again?
Why the big dump today?
Seattleguy2000 Where Are you?
i guess my play almost three weeks ago was the right play eh?
i still might jump in @ 3-4.....like i said 24hrs is a long enough play for me the rat.
The cliff notes are the company published their proposed Chap 11 Plan yesterday-docket # 1992 (Disclosure statement docket #1991 gives a good explanation)...
the plan is backed by the debtor and creditor committees---and if passed--states the LFG equity will be canceled and the holders will NOT participate in any distributions under the plan...
So I just got home from work. This blows, to say the least...WHat caused this? A PR or something?
But it sure reminds me of this other stock i was in a month or so ago. Had great plans... Just like here. Things were looking positive.
This other company put out 2 great PRs a week for a couple months. 8am, like clockwork. Then we get the 2nd quarter financials, and not only are the numbers horrendous. The OS was doubled...Conviently, the financials were put out about a half hour after close. And it gave everyone a whole night to see it, and freak eachother out. I got pissed, and put my sell order in the night before. Took a 35% loss...
And about 2PM that afternoon. They put out a PR that twisted numbers around, and it closed 200+%...
Funny. None of the other LEGIT PRs made the price move... It was all orchestrated...
Similarities here... Is that the shares dried up. Nobody was selling. And the buyers didnt want to pay more. Volume went way down... So the only other way to get people to sell , is a panic...
sO what actually caused the price drop? A PR? A court doc.? What was it?
And THAT is why LandAmerica did not file Chapter 7 liquidation so that they had the option to cancel the equity under a Chapter 11 .
Under Chapter 7 the BK Judge would have been compelled to disburse ALL monies left over from all other prioritized benefactors to the shareholders . Under Chapter 11 shareholders can be excluded even when there is money left over .....greed factors of the ' entitled ' debt holders .
Months ago I did write about this concern as being highly unusual . Now I know why .
Very , very sneaky ...expletive nasty thoughts !
Renee
One can still hope.
I'm glad I was still waiting for a cheap buy pps, but this isn't what I wanted, of course.
It will be interesting to see if this still has a chance and I wonder how low it will go.
I am holding 10k. Sold the rest after Renee was nice enough to post the information filed yesterday. Saw a drop in price and was like uh-oh, logged in here, and saw the news.
As I have always maintained here, our bottom line return depends on just how much liability and damages are assessed against Land America for the 1031 exchange losses.
Nothing is concrete until the judge signs off on the plan. A judge knows that the true holders of a company are its shareholders and that the fault of the company being in bankruptcy lies with those who manage it. If there is a possibility that there will be assets left when the dust settles, the judge (let me qualify that with a good judge) will not approve the cancellation of shareholder equity.
Sooooo...How many shares were actually sold off today?
Moderators here don't pump, imo...
good call! lol :(
I did............
yes, almost hit the panic button still not sure why I didn't
Anybody still holding here???????????
I am reading it also and maybe someone
can explain to me something
arent LES and LFG all under the same umbrella whn it comes to
the stock etc. LES is a subsidiary of LFG .. Am I correct in assuming this ?
What!! Listened to you and Fast Flyer trump this for months, now you're saying the company has more debt than assets. Where did this come from? I'm an idiot. Bkunq.
Maybe I'm not understanding all of this. But how does p.36 reflect the common shareholder. Info below is on p.21
1.192. Subsidiary means any corporation, association or other business entity of which at
least the majority of the securities or other ownership interest is owned or controlled by a Debtor
and/or one or more subsidiaries of a Debtor.
1.193. Subsidiary Debtor means a Debtor other than LES and LFG.
1.194. Subsidiary Debtor Chapter 5 Litigation means all claims and/or Causes of Action
of any Subsidiary Debtor arising under chapter 5 of the Bankruptcy Code or analogous
applicable state law.
1.195. Subsidiary Equity Interest means an Interest in a Subsidiary Debtor.
Seems Real validated news In my opinion -- any counter opinions but please provide references to opinions.
You have a link to this docket ?
I've sold my entire position here , as I believe Land America has more debt than assets.jmho
As a lurker on this board for years and a former LFG employee - tough to see it go down this way.
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LFG, the Richmond, Va., title insurer, said on Wednesday that it and a subsidiary filed to reorganize under Chapter 11 of U.S. bankruptcy law. LandAmerica said it filed the petitions in U.S. Bankruptcy Court in Richmond. The unit that filed is LandAmerica 1031 Exchange Services Inc; Virgina Chapter / No other LandAmerica businesses have filed under Chapter 11, LFG said. LandAmerica also agreed to sell its two main title-underwriting subsidiaries Commonweaith, Lawyers & United Capital.
Bankruptcy Court Data:
Court: Virginia, Eastern, Case# 08-35994-KRH LandAmerica Financial Group, Inc.
Case type: bk Chapter: 11 Asset: Yes Vol: v Judge: Kevin R. Huennekens
Date filed: 11/26/2008 Date of last filing: 12/01/2008)
EXHIBIT A TO VOLUNTARY PETITION
1. The Debtor’s SEC file number is 001-13990.
2. Except as otherwise indicated, the following financial data is the latest available
information and refers to the Debtor’s unaudited condition as of September 30, 2008 as
reported in the Debtor’s Form 10-Q (Quarterly Report) filed on November 10, 2008
(unless otherwise indicated below).1
a. Total assets $3,325,100,000
b. Total debts (including debts listed in 2(c), below) $2,839,800,000
The total purchase price for Commonwealth and Lawyers is approximately $282 million. Chicago Title Insurance Company ("Chicago Title") and Fidelity National Title Insurance Company ("Fidelity National Title") will pay a total of approximately $135 million in cash to LFG. Additionally, FNF will pay LFG a total consideration of approximately $147 million consisting of $47 million in cash, a $50 million subordinated note due in 2013, with interest at the 5-year treasury rate at closing plus 1 percent and approximately $50 million in FNF common stock valued at no less than $14.00 per share. The agreement also calls for Fidelity National Title's cash purchase of United for statutory book value at closing. United's statutory book value was approximately $16 million as of September 30, 2008
The agreement is subject to certain closing conditions and regulatory approvals, including the entry of final approved orders by the Chapter 11 court, Hart Scott Rodino approval and the receipt of Form A approvals from applicable state insurance regulators. The stock purchase agreement is subject to termination by FNF if the closing of Commonwealth and Lawyers does not take place on or before December 22, 2008. The United purchase is expected to close in the first quarter of 2009.
1:13p ET December 22, 2008 (PR NewsWire)
Fidelity National Financial, Inc. (NYSE: FNF) today announced that the Chapter 11 Bankruptcy Court has approved amended terms related to the acquisition of LandAmerica Financial Group, Inc.'s ("LFG") two principal title insurance underwriters, Commonwealth Land Title Insurance Company ("Commonwealth") and Lawyers Title Insurance Corporation ("Lawyers").
The amended terms will reduce the total purchase price for Commonwealth and Lawyers to approximately $235 million. Chicago Title Insurance Company ("Chicago Title") and Fidelity National Title Insurance Company ("Fidelity National Title") will pay a total of approximately $135 million in cash to LFG. Additionally, FNF will pay LFG a total consideration of approximately $100 million consisting of a $50 million subordinated note due in 2013, with interest at the 5-year treasury rate at closing plus 1 percent, and approximately $50 million in FNF common stock.
Additionally, the Nebraska rehabilitation court has issued an order to release Commonwealth and Lawyers from rehabilitation subject to the closing of the FNF acquisition of the two underwriters. FNF expects closing of the transaction to take place later this afternoon, December 22, 2008, subject to the satisfaction of all remaining closing conditions.
5:18p ET December 22, 2008 (PR NewsWire)
Fidelity National Financial, Inc. (NYSE: FNF) today announced the closing of the acquisition of LandAmerica Financial Group, Inc.'s two principal title insurance underwriters, Commonwealth Land Title Insurance Company ("Commonwealth") and Lawyers Title Insurance Corporation ("Lawyers"), as well as United Capital Title Insurance Company ("United").
The total purchase price for Commonwealth and Lawyers was approximately $235 million. Chicago Title Insurance Company ("Chicago Title") and Fidelity National Title Insurance Company ("Fidelity National Title") paid a total of approximately $135 million in cash to LFG. Additionally, FNF paid LFG a total consideration of approximately $100 million consisting of a $50 million subordinated note due in 2013, with an interest rate of 2.36 percent, and approximately $50 million in FNF common stock.
"The acquisition of these established title insurance franchises is an historic opportunity for FNF," said Chairman William P. Foley, II. "This combination creates the largest title insurer in the United States, with pro forma 2007 market share of approximately 46% and dominant positions in both the residential and commercial markets. We will have an unrivaled balance sheet, including an investment portfolio of approximately $5.5 billion and reserve for claim losses that will exceed $2.3 billion. We are thrilled to welcome these underwriters and their employees, agents and customers into the FNF title insurance family and are confident that Commonwealth, Lawyers and United will provide significant contributions to our ongoing goal of continually creating value for our shareholders."
Fidelity National Financial, Inc. (NYSE: FNF), is a leading provider of title insurance, specialty insurance, claims management services and information services. FNF is one of the nation's largest title insurance companies through its title insurance underwriters - Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and Alamo Title - that issue approximately 27 percent of all title insurance policies in the United States. FNF also provides flood insurance, personal lines insurance and home warranty insurance through its specialty insurance business. FNF also is a leading provider of outsourced claims management services to large corporate and public sector entities through its minority-owned subsidiary, Sedgwick CMS. FNF is also a leading information services company in the human resource, retail and transportation markets through another minority-owned subsidiary, Ceridian Corporation. More information about FNF can be found at www.fnf.com.
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected
LandAmerica Financial Group, Inc.
Operating Divisions & Subsidiarie
Revised January 20th , 2009
Beech Fly, LLC
Buyers Real Estate Services, Inc.
Capital Title Group, Inc.
County Title Holding Corporation
Geodata Research Systems, Inc.
LandAmerica 1031 Exchange Services, Inc.
LandAmerica Alliance Company
LandAmerica Assessment Corporation
LandAmerica Commercial Search Services Company
LandAmerica Credit Services, Inc.
LandAmerica (Europe) Sarl
LandAmerica Home Warranty Company
LandAmerica Insurance Agency, Inc.
LandAmerica International Holding Company B.V.
LandAmerica LoanSource, Inc.
LandAmerica OneStop, Inc.
LandAmerica Property Inspection Services, Inc.
LandAmerica Services, Inc.
LandAmerica Valuation Corporation
LC Insurance Agency, Inc.
LFG Processing Corporation
LoanCare Servicing Center, Inc.
Orange County Bancorp
Palma, LaZar and Ulsh, LP
Residential Property Maintenance, Inc.
RQ Holdings, Inc.
Chart:
Charts depicted below used to show sudden drop in PPS. Due to failing Richmond Division.
Large Block Owners | 206 |
Total Number of Shares Held | 9.7M |
% Change in Ownership | -2% |
% Shares Owned | 77% |
Monthly Rotation | Number of Shares | Value of Change (MM) | % of Shrs. Outstanding |
---|---|---|---|
Buyers 2/28/09 | 3,270,918 | $27.16 | 33.3% |
Sellers 2/28/09 | 38,437,075 | $806.36 | 17.3% |
Institutions | 30 Holders |
Mutual Funds | 145 Holders |
Other Major Holders | 31 Holders |
Top 10 Institutions: | Top 20 Institutions: | Top 50 Institutions: | All: |
| |||||
---|---|---|---|---|---|
Old Republic ... | 1.5M | $17,599,704 | +26% | 9.9% | Low |
Waterstone ... | 1.4M | $122,074 | +23% | 8.8% | Moderate |
Dimensional Fund ... | 1.3M | $117,330 | +22% | 8.4% | Low |
LandAmerica ... | 812.9K | $27,191,538 | +14% | 5.3% | -- |
Chandler ... | 182.1K | $16,386 | +3% | 1.2% | Low |
Evans (G William) | 88.9K | $8,005 | +2% | 0.6% | Low |
Norges Bank | 62.6K | $1,517,250 | +1% | 0.4% | Low |
Byram Capital ... | 47.8K | $1,059,972 | +1% | 0.3% | Moderate |
Alpert (Janet A) | 43.9K | $752,292 | +1% | 0.3% | Low |
McCann (John P) | 33.8K | $579,555 | +1% | 0.2% | Low |
| |||||
---|---|---|---|---|---|
DFA U.S. Micro ... | 515.2K | $5,075,094 | +9% | 3.3% | Index |
iShares Russell ... | 249.4K | $6,048,532 | +4% | 1.6% | Index |
Vanguard ... | 145.2K | $3,520,615 | +2% | 0.9% | Index |
Fidelity Small ... | 111.6K | $1,099,260 | +2% | 0.7% | Growth |
iShares Russell ... | 107.7K | $2,610,682 | +2% | 0.7% | Index |
DFA U.S. Small ... | 107.3K | $1,057,319 | +2% | 0.7% | Index |
Vanguard Total ... | 106.9K | $2,592,349 | +2% | 0.7% | Index |
Vanguard ... | 98.4K | $2,386,709 | +2% | 0.6% | Index |
CREF Stock Account | 90.7K | $2,200,348 | +2% | 0.6% | Index |
Goldman Sachs ... | 84.0K | $827,134 | +1% | 0.5% | GARP |
02/27 OTC US Currency: USD
Price0.050 | Change-0.005 | % Change-9.091 | BidN.A. | AskN.A. | Open0.040 |
VolumeN.A. | High0.054 | Low0.040 | 52-Week High45.21(03/24/08) | 52-Week Low0.03(02/06/09) | 1-Yr Return-99.862% |
EARNINGS
Earnings Past 12 Months-17.140 | Quarter Est. EPS() N.A. | Quarter Est. EPS() N.A. | Year Est. EPS() N.A. |
Price/Earnings (Trailing)N.A. | Relative P/EN.A. | Earnings Growth RateN.A. | Estimated P/EN.A. |
FUNDAMENTALS
Shares (Millions)15.471 | Market Cap (Millions)0.774 | Float (Millions)13.482 | Return on Equity-4.167 |
Short -483,042.000 | Last Dividend ReportedN.A. Discontinued | Dividend Yield (Trailing 12mo.)700.000 | Relative Dividend Yield184.233 |
Price for LFGRQ:USSECTOR COMPARATIVE RETURNS
Chart the Performance of LFGRQ:US | LFGRQ:US SPX:IND |
Name | Shares | Estimated Value of Shares * | Holdings | Shares Outstanding | Turnover Rating |
---|---|---|---|---|---|
LandAmerica Financial Group, Inc. ESOP | 812,901 | 27.19 M | — | 5.26% | Low |
Evans (G William) | 88,944 | 3.51 M | — | 0.57% | Low |
Chandler (Theodore L Jr) | 182,065 | 3.12 M | — | 1.18% | Low |
Susquehanna International Group, LLP | 73,248 | 1.78 M | — | 0.47% | — |
Astheimer (Kenneth) | 24,364 | 961,647.00 | — | 0.16% | Low |
Alpert (Janet A) | 43,891 | 752,292.00 | — | 0.28% | Low |
McCann (John P) | 33,813 | 579,555.00 | — | 0.22% | Low |
Wishnack (Marshall B) | 17,313 | 515,581.00 | — | 0.11% | Low |
Foster (Charles H Jr) | 31,501 | 310,285.00 | — | 0.20% | Low |
Hill (Melissa A) | 17,733 | 303,944.00 | — | 0.11% | Low |
Please Note: In all fairness to the board here at LFGRQ, and the company itself please limit the discussions on the "Q" being dropped as this is a matter that is not controlled by us here and would be pure speculation on our part and may have a negative impact on those making decisions on investing with LFGRQ.
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