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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.
Grum and seabiscuit, are you still holdin your positions?
Note : The Equity is typically cancelled only when the full PLAN has been approved by the BK Judge . The stock will likely continue to trade until that advent which could still be months away ....then POOF .
Renee
short covering, non believers in the facts -- the news is a red flag. took my loss and investing more in a better lotto ticket guys if your interested join us at MSGI board nice little gem in my opinion.
Not sure if you've seen this yet?
http://www.les1031creditorcommittee.com/8.31.09_highlights.pdf
you guys give up too easy, this doesn't look like it has been passed yet and someone is buying up these shares, i wonder who? never know whoes getting duped here until the final say has been issued.
Just the pits - the lawyers are the only ones that got rich - the board should have just let it go to Chapter 7 IMO and have communicated the reality to the shareholders instead of using misinformation on the 10K's.
yeah, that .119 is looking nice about now.
Ouch - that was a surprise - thanks Renee for posting as I have not been watching. I suppose there is a very slim chance the the equity committee could convince the judge otherwise; however, it is not worth the risk for me at this point. I feel disappointed that the attorneys made mega bucks and that the board members did not fulfill their fiduciary duties in making decisions in the best interest of the shareholders. It is also a shame that the shares would be cancelled prior to the cases being brought against the banks and the other issues of misrepresentation of the 1031 exchange.
Thanks, Renee.
This is the news I was leary of from the beginning amidst all the $40+ posts.
I'm keeping a small 'just in case' position because the judge still has to approve a loss of equity.
Was lucky to catch that and got out fast-took a 40% haircut. So it goes in Pinkieland...
I see the chart as first support line @ 0.09 then critical support level @ 0.08 this must close above this price or could free fall to 0.032
Guess thats not happening huh?
Also spoke with Zolfo Cooper and they said the shares are worthless.
Yep - this is NOT good. I sold.
Andy , the statement that had not been made before , that the equity will be cancelled .
Time for a Shareholder Equity Committee request through the Trustee to the BK Judge .
Renee
What does that mean in english Renee???
Critical information that everyone must read from yesterdays 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
I'm sorry but the question is hard to understand.
Can one of the moderators answer this very good question?
no pumps please
has anyone spoken to any executive in the company for any of their feed back. also after this is their a good shot this company will become a shell not effecting the current shareholders?
That IS great news to see!
I am always trying to add.
I can't agree with you more.
I have no idea why LFGRQ would pay those legal fees unless there was a green outcome for the stockholders. They would have thown up their hands and sent it to Chapter 7 IMO. The judge keeps on siding with LandAmerica IMO and this is good news - has and always will be a waiting game unless you have a strong will and can part with your shares and hope you can pick up more at a cheaper price - scary IMO.
I like this as well... "Also yesterday, Huennekens approved a request to hire special counsel to litigate, investigate and pursue claims against firms that marketed auction-rate securities to LandAmerica." http://www2.timesdispatch.com/rtd/business/local/article/B-LAND26_20090825-215207/288302/
This is great news and can play out big, but again will take time.
They're paying in legal fees close to 30 cents a share each month.
I don't think this will go above $40.00/share...
But hey...
LFGRQ 52 week high $25.67.......
LFGRQ back in 2007 before the crash... $100+
You want to talk about buying at rock bottom??? LOL We're here...
Bought in today, a whopping 3000 shares. Hoping to win the lotto with this.
It sure is hard waiting...
I know it gonna go big. But the wait is the hardest part... One pick I would've bought opening bell today, ended up 100%.But I got a double stack here, waiting for the big jump...Could've made alot more if I was home watching, than I did at my slave driving job...:)
Anyways. I'm not selling a single share till we are up a couple hundred percent... Double stacked. A stack for the long haul. And a stack to flip...
Cant win em all. But I'm not missing this for nothing.
Thanks for the info.
Short interest as of Aug 14
Aug 14, 2009 316,370 -19.56
WOW. its just climbing downward. Must be a lot of investors holding on tightly to their shares. Hopefully it goes to 0.
GO LFGRQ!
That would really be the big one if the judgement is at least partially in Landamerica's favor.
We will see but it does not matter until the juge renders the final verdict. Also remember the cases against the banks.
Nice post. It's going to be an exciting week.
I love the idea of a chartist talking about "golden cross"!!!
I know a huge move up is coming. But it's nice to know the charts think so toooooooo..... YAHOOOOOOO!!!!!!!!!!!!!
A final hearing, not THE final hearing, imo
50 day is about to cross over the 200 day moving average forming a Golden Cross - perhaps next week sometime?
Hope everyone has their fill...
Investopedia explains Golden Cross
As long-term indicators carry more weight, the Golden Cross indicates a bull market on the horizon and is reinforced by high trading volumes. Additionally, the long-term moving average becomes the new support level in the rising market.
FINAL HEARING RESCHEDULED by agreement of parties and with approval of Court (Re: related document(s)[1726] Motion for Relief from Stay filed by Heritage Owner, LLC, Sunburst Heritage, LLC, Heritage Center Enterprises, LLC, Etzi Heritage, LLC, Z Heritage LLC, Suisun City Investments, LLC) Hearing scheduled 9/21/2009 at 11:00 AM at Judge Huennekens Courtroom, 701 E. Broad St., Rm. 5000, Richmond, Virginia. (Fathergill, Gail)
Have a good nite Renee...
Appreciate your timely report , EllisC. EOM .
Docket 1976 filed today...Motion for one of LFG's subs to sell asset for $6M to T & F Acquisition Group LLC...also motion seeking court approval to sell other LFG assets....
1976 9/4/2009 Motion to Authorize (DEBTORS MOTION PURSUANT TO 11 U.S.C. 363 REQUESTING AUTHORITY TO (A) EXECUTE A SHAREHOLDER CONSENT WITH RESPECT TO THE SALE OF LANDAMERICA ONESTOP, INC.S TAX AND FLOOD ASSETS, AND (B) EXECUTE SHAREHOLDER CONSENTS AS NECESSARY WITH RESPECT TO FUTURE SALES OF ASSETS BY OTHER NON-DEBTOR SUBSIDIARIES) filed by Dion W. Hayes of McGuireWoods LLP on behalf of LandAmerica Financial Group, Inc.. (Hayes, Dion)
Debtor: LandAmerica Financial Group, Inc.
I've added post # 9164 to the sticky notes.
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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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