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so positive for the shareholders and negative for the people who put their money into the company's hands?
Does this mean that if the people aren't getting their money back it ,in the end, goes back into LFG in its final sale price?
Fate of LandAmerica customers’ funds still in the air
Advertisement
EMILY C. DOOLEY TIMES-DISPATCH STAFF WRITER
Published: April 8, 2009
Customers of LandAmerica 1031 Exchange Services Inc. will have to wait a little longer to find out whether their money belongs to them or the bankrupt company's estate.
That was the primary question discussed during a nearly four-hour hearing in U.S. Bankruptcy Court in Richmond yesterday.
"The court has heard a lot today and I want to digest this," Bankruptcy Court Judge Kevin R. Huennekens said. "It is not an easy answer."
The exchange company and its parent, Henrico County-based LandAmerica Financial Group Inc., filed for bankruptcy protection Nov. 26.
Since then, customers of the exchange company have filed complaints in bankruptcy court claiming the money is not part of the estate and that LandAmerica committed fraud and breach of contract.
The exchange company held proceeds from the sale of investment property as a way for investors to defer capital gains taxes. The investors had 180 days to buy a similar property in which to reinvest, according to Internal Revenue Service regulations.
Bankruptcy court records show the exchange company owes $419.2 million to about 450 customers.
Exchange customer money was held in escrow, in segregated accounts or lumped together in commingled accounts with money from other customers.
Rather than hearing each customer complaint, Huennekens ordered that test cases be tried in order to determine how to handle different classes of claims.
One class of cases involved segregated account holders.
Nebraska-based Millard Refrigerated Services Inc., which placed about $28 million in segregated accounts, was the first test case to be considered. In a request for summary judgment, Millard requested the money be deemed outside the estate and that LandAmerica be ordered to make the money available.
New York attorney Robert S. Friedman, representing Millard, argued that the agreement between his client and exchange company used words implying the money would be held on behalf of the customer and that it ultimately belonged to them.
The unsecured creditors committees for the exchange and parent companies, along with LandAmerica, claim the money belongs to the estate. Nowhere in exchange documents do the words "trust," "trustee," "beneficiary" or "fiduciary" appear, said Keefe M. Bernstein, a Texas attorney for the unsecured creditors committee.
"Millard's trying to, after the fact, fundamentally change the contract," he said. "It's asking the court to read in a relationship that is not there."
If the money belongs to customers, it cannot be used as part of estate funds to pay off creditors. If the money goes to the estate, it is unclear how exchange customers will fare.
A big creditor of the exchange company is LandAmerica Financial Group, which claims it is owed $68.2 million for making a series of loans to the subsidiary.
The segregated account holders, including Millard, are considered to have the strongest case, said Ronald A. Page Jr., with the Richmond firm Cantor Arkema P.C.
If Huennekens rules against Millard, that could, in effect, mean exchange customers' commingled money also will be part of the estate, he said.
"It would be very persuasive if Millard's funds were held part of the estate," Page said.
Hearings related to the commingled test cases are scheduled for April 16.
31 K buy at .052 something needs to be stiring up.
Welcome back good friend
Motion to Sell (MOTION OF DEBTORS FOR AN ORDER AUTHORIZING AND APPROVING EXPEDITED PROCEDURES FOR THE SALE, TRANSFER, OR ABANDONEMENT OF DE MINIMIS ASSETS) filed by John H. Maddock III of McGuireWoods LLP on behalf of LandAmerica Financial Group, Inc.. (Maddock III, John)
Anyone know what the De Minimis Assets include? Good or Bad?
PROPOSED AGENDA FOR THE
HEARINGS SCHEDULED FOR APRIL 7, 2009
A. Introduction
Set forth below is the proposed agenda for the Hearings scheduled for April 7, 2009
beginning at 10:00 a.m. (the “Proposed Agenda”).
The information contained in the Proposed Agenda reflects documents received in our
offices as of the date hereof. Counsel for the Debtors has served a copy of this Proposed
Agenda in accordance with the Amended Order Establishing Omnibus Hearing Dates and
Case 08-35994-KRH Doc 1198 Filed 04/02/09 Entered 04/02/09 18:30:33 Desc Main
Document Page 1 of 10
2
Authorizing Certain Electronic Notice, Case Management and Administrative Procedures
(entered on December 23, 2008 at Docket No. 435).
The matters set for hearing are divided into the following categories for the purposes
of this Proposed Agenda:
A. Introduction
B. Uncontested, Agreed or Settled Matters (5 Matters)
C. Continued or Adjourned Matters (0 Matters)
D. Contested Matters (3 Matters)
E. Adversary Proceedings (4 Matters)
B. Uncontested, Agreed or Settled Matters
1. In re Southland Title Corporation, 09-32063 (KRH)
Motion for an Order Pursuant to Section 105(a) of the Bankruptcy Code (I)
Directing that Certain Orders in the Chapter 11 Case of LandAmerica
Financial Group, Inc. be Made Applicable to Southland Title Corporation,
Southland Title of Orange County, and Southland Title of San Diego and (II)
Granting Other Related Procedural Relief filed by John H. Maddock III of
McGuireWoods LLP on behalf of Southland Title Corporation. (Docket No.
3).
Responses Filed: None.
Replies Filed: None.
Related Filings: A. Affidavit of G. William Evans, President and Chief
Financial Officer of Southland Title Corporation,
Southland Title of San Diego and Southland Title of
Orange County, in Support of Chapter 11 Petitions and
First Day Pleadings filed by John H. Maddock III of
McGuireWoods LLP on behalf of Southland Title
Corporation. (Docket No. 4).
B. Notice of Motion and Notice of Hearing filed by John H.
Maddock III of McGuireWoods LLP on behalf of
Southland Title Corporation. (Docket No. 5).
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3
Status: The hearing with respect to this matter will go forward.
2. In re Southland Title of San Diego, 09-32064 (KRH)
Motion for an Order Pursuant to Section 105(a) of the Bankruptcy Code (I)
Directing that Certain Orders in the Chapter 11 Case of LandAmerica
Financial Group, Inc. be Made Applicable to Southland Title Corporation,
Southland Title of Orange County, and Southland Title of San Diego and (II)
Granting Other Related Procedural Relief filed by John H. Maddock III of
McGuireWoods LLP on behalf of Southland Title of San Diego. (Docket No.
3).
Responses Filed: None.
Replies Filed: None.
Related Filings: A. Affidavit of G. William Evans, President and Chief
Financial Officer of Southland Title Corporation,
Southland Title of San Diego and Southland Title of
Orange County, in Support of Chapter 11 Petitions and
First Day Pleadings filed by John H. Maddock III of
McGuireWoods LLP on behalf of Southland Title of San
Diego. (Docket No. 4).
B. Notice of Motion and Notice of Hearing filed by John H.
Maddock III of McGuireWoods LLP on behalf of
Southland Title of San Diego. (Docket No. 5).
Status: The hearing with respect to this matter will go forward.
3. In re Southland Title of Orange County, 09-32065 (KRH)
Motion for an Order Pursuant to Section 105(a) of the Bankruptcy Code (I)
Directing that Certain Orders in the Chapter 11 Case of LandAmerica
Financial Group, Inc. be Made Applicable to Southland Title Corporation,
Southland Title of Orange County, and Southland Title of San Diego and (II)
Granting Other Related Procedural Relief filed by John H. Maddock III of
McGuireWoods LLP on behalf of Southland Title of Orange County. (Docket
No. 3).
Responses Filed: None.
Replies Filed: None.
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4
Related Filings: A. Affidavit of G. William Evans, President and Chief
Financial Officer of Southland Title Corporation,
Southland Title of San Diego and Southland Title of
Orange County, in Support of Chapter 11 Petitions and
First Day Pleadings filed by John H. Maddock III of
McGuireWoods LLP on behalf of Southland Title of
Orange County. (Docket No. 4).
B. Notice of Motion and Notice of Hearing filed by John H.
Maddock III of McGuireWoods LLP on behalf of
Southland Title of Orange County. (Docket No. 6).
Status: The hearing with respect to this matter will go forward.
4. Arboleda Corporation v. LandAmerica 1031 Exchange Services, Inc.,
Adversary Proceeding Number 09-03003 (KRH)
Joint Motion Pursuant to Rule 9019 of the Federal Rules of Bankruptcy
Procedure to Approve Stipulation and Settlement Agreement. (Docket No. 11).
Responses Filed: None.
Replies Filed: None.
Related Filings: Notice of Joint Motions and Notice of Hearing filed by
John H. Maddock III of McGuireWoods LLP on behalf
of LandAmerica 1031 Exchange Services, Inc. (Docket
No. 12).
Status: The hearing with respect to this matter will go forward.
5. IQC Properties, Inc. v. LandAmerica 1031 Exchange Services, Inc.,
Adversary Proceeding Number 09-03049 (KRH)
Joint Motion Pursuant to Rule 9019 of the Federal Rules of Bankruptcy
Procedure to Approve Stipulation and Settlement Agreement. (Docket No. 8).
Responses Filed: None.
Replies Filed: None.
Related Filings: Notice of Joint Motions and Notice of Hearing filed by
John H. Maddock III of McGuireWoods LLP on behalf
Case 08-35994-KRH Doc 1198 Filed 04/02/09 Entered 04/02/09 18:30:33 Desc Main
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5
of LandAmerica 1031 Exchange Services, Inc. (Docket
No. 9).
Status: The hearing with respect to this matter will go forward.
C. Continued or Adjourned Matters
None.
D. Contested Matters
6. Millard Refrigerated Services, Inc. v. LandAmerica 1031 Exchange
Services, Adversary Proceeding Number 08-03147 (KRH)
Motion for Partial Summary Judgment of the Official Committee of Unsecured
Creditors of LandAmerica 1031 Exchange Services, Inc. filed by Mary Angela
House of Akin Gump Strauss Hauer & Feld, LLP on behalf of the Official
Committee of Unsecured Creditors of LandAmerica 1031 Exchange Services,
Inc. (Docket No. 40).
Responses Filed: A. Debtor's Joinder to Motion for Partial Summary
Judgment of the Official Committee of Unsecured
Creditors of LandAmerica 1031 Exchange Services, Inc.
filed by John H. Maddock III of McGuireWoods LLP on
behalf of LandAmerica 1031 Exchange Services, Inc.
(Docket No. 48).
B. Omnibus Objection to Motion for Partial Summary
Judgment of the Official Committee of Unsecured
Creditors of LandAmerica 1031 Exchange Services, Inc.
filed by David J. Ervin of Kelley, Drye & Warren, LLP
on behalf of Millard Refrigerated Services, Inc. (Docket
No. 54).
Replies Filed: Reply in Support of Its Motion for Partial Summary
Judgment of the Official Committee of Unsecured
Creditors of LandAmerica 1031 Exchange Services, Inc.
filed by Mary Angela House of Akin Gump Strauss
Hauer & Feld, LLP on behalf the Official Committee of
Unsecured Creditors of LandAmerica 1031 Exchange
Services, Inc. (Docket No. 61).
Related Filings: Notice of Hearing filed by Mary Angela House of Akin
Gump Strauss Hauer & Feld, LLP on behalf of Official
Case 08-35994-KRH Doc 1198 Filed 04/02/09 Entered 04/02/09 18:30:33 Desc Main
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6
Committee of Unsecured Creditors of LandAmerica
1031 Exchange Services, Inc. (Docket No. 43).
Status: The hearing with respect to this matter will go forward.
7. Millard Refrigerated Services, Inc. v. LandAmerica 1031 Exchange
Services, Adversary Proceeding Number 08-03147 (KRH)
Motion and Memorandum of the Official Committee of Unsecured Creditors
of LandAmerica Financial Group, Inc. for Partial Summary Judgment filed by
Christian K. Vogel of LeClair Ryan on behalf of the Official Committee of
Unsecured Creditors. (Docket No. 44).
Responses Filed: Omnibus Objection to Motion for Partial Summary
Judgment filed by the Official Committee of Unsecured
Creditors of LandAmerica Financial Group, Inc. filed by
David J. Ervin of Kelley, Drye & Warren, LLP on
behalf of Millard Refrigerated Services, Inc. (Docket
No. 54).
Replies Filed: Reply of Official Committee of Unsecured Creditors of
LandAmerica Financial Group, Inc. to Plaintiff's
Omnibus Opposition filed by Christian K. Vogel of
LeClair Ryan on behalf of Official Committee of
Unsecured Creditors of LandAmerica Financial Group,
Inc. (Docket No. 60).
Related Filings: Notice of Motion and Notice of Hearing filed by
Christian K. Vogel of LeClair Ryan on behalf of The
Official Committee of Unsecured Creditors (Docket No.
45).
Status: The hearing with respect to this matter will go forward.
8. Millard Refrigerated Services, Inc. v. LandAmerica 1031 Exchange
Services, Adversary Proceeding Number 08-03147 (KRH)
Motion for Partial Summary Judgment and Memorandum of Points and
Authorities in Support of Plaintiff's Motion PLACED UNDER SEAL Per
Order Entered on 3-9-2009 filed by Millard Refrigerated Services, Inc.
(Docket No. 50).
Responses Filed: A. Response to Plaintiff's Motion for Partial Summary
Judgment filed by Christian K. Vogel of LeClair Ryan
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7
on behalf of Official Committee of Unsecured Creditors
of LandAmerica Financial Group, Inc. (Docket No. 56).
B. Objection to Plaintiff Millard's Motion for Partial
Summary Judgment filed by Mary Angela House of
Akin Gump Strauss Hauer & Feld, LLP on behalf of
Official Committee of Unsecured Creditors of
LandAmerica 1031 Exchange Services, Inc. (Docket
No. 57).
C. Debtor's Joinder to Opposition to Motion for Partial
Summary Judgment of the Official Committee of
Unsecured Creditors of LandAmerica 1031 Exchange
Services, Inc. filed by John H. Maddock III of
McGuireWoods LLP on behalf of LandAmerica 1031
Exchange Services, Inc. (Docket No. 59).
Replies Filed: Plaintiff Millard Refrigerated Services, Inc.’s Omnibus
Reply To: (1) The Official Committee Of Unsecured
Creditors Of LandAmerica 1031 Exchange Services,
Inc.’s Opposition to Millard’s Motion For Partial
Summary Judgment; (2) Debtors Joinder Thereto; And
(3) The Official Committee Of Unsecured Creditors Of
LandAmerica Financial Group, Inc.’s Opposition to
Millard’s Motion For Partial Summary Judgment And In
Further Support of Its Motion for Partial Summary
Judgment filed by David J. Ervin of Kelley, Drye &
Warren, LLP on behalf of Millard Refrigerated Services,
Inc. (Docket No. 62).
Related Filings: Notice of Hearing filed by David J. Ervin of Kelley,
Drye & Warren, LLP on behalf of Millard Refrigerated
Services, Inc. (Docket No. 47).
Status: The hearing with respect to this matter will go forward.
E. Adversary Proceedings
9. Millard Refrigerated Services, Inc. v. LandAmerica 1031 Exchange
Services, Adversary Proceeding Number 08-03147 (KRH)
Pre-Trial Conference per Order Establishing Protocol for Adversary
Proceedings (08-35994; Docket No. 650).
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Document Page 7 of 10
8
Related Filings: Summons and Notice of Pre-Trial Conference.
Summons Issued to LandAmerica 1031 Exchange
Services, Inc. (Docket No. 7).
Status: The Pre-Trial Conference will go forward.
10. Frontier Pepper's Ferry, LLC v. LandAmerica 1031 Exchange Services,
Inc., Adversary Proceeding Number 08-03148 (KRH)
Pre-Trial Conference per Order Establishing Protocol for Adversary
Proceedings (08-35994; Docket No. 650).
Related Filings: Summons and Notice of Pre-Trial Conference.
Summons Issued to LandAmerica 1031 Exchange
Services, Inc. (Docket No. 5).
Status: The Pre-Trial Conference will go forward.
11. Matthew B Luxenberg, Trustee of the Matthew B. Luxenberg v.
LandAmerica 1031 Exchange Services, Inc., Adversary Proceeding
Number 09-03023 (KRH)
Pre-Trial Conference per Order Establishing Protocol for Adversary
Proceedings (08-35994; Docket No. 650).
Related Filings: Amended Summons and Notice of Pre-Trial Conference.
Summons Issued to LandAmerica 1031 Exchange
Services, Inc. (Docket No. 8).
Status: The Pre-Trial Conference will go forward.
12. Finkelstein v. LandAmerica 1031 Exchange Services, Inc., Adversary
Proceeding Number 08-03171 (KRH)
Pre-Trial Conference per Order Establishing Protocol for Adversary
Proceedings (08-35994; Docket No. 650).
Related Filings: Summons and Notice of Pre-Trial Conference.
Summons Issued to LandAmerica 1031 Exchange
Services, Inc. (Docket No. 3).
Status: The Pre-Trial Conference will go forward.
so are they in court today or is it just the bar date?
Adversary Proceedings
08-03146 (KRH) Lubexpress Land Company, Inc. and Lubexpress Operating Company, Inc.
v. LandAmerica 1031 Exchange Services, Inc.
08-03147 (KRH) Millard Refrigerated Services, Inc. v. LandAmerica 1031 Exchange Services, Inc.
08-03148 (KRH) Frontier Pepper's Ferry, LLC v. LandAmerica 1031 Exchange Services, Inc.
08-03149 (KRH) Healther Care REIT, Inc. v. LandAmerica 1031 Exchange Services, Inc.
08-03151 (KRH) Arbor Oaks I, LLC and Arbor Oaks II, LLC v. LandAmerica 1031 Exchange Services, Inc.
08-03152 (KRH) Chino Spectrum Center, LLC and Chino Wings, LLC v. LandAmerica 1031 Exchange Services, Inc.
08-03153 (KRH) Westminster Peak L.P., NMC Summit, LLC, Tower Summit Colorado, LLC and Westminster Summit, L.P. v. LandAmerica 1031 Exchange Services, Inc.
08-03154 (KRH) Bernadette Aiello, Trustee of the Bernadette Aiello Living Trust and Benjamin Aiello, Trustee of the Bernadette Aiello Living Trust v. LandAmerica 1031 Exchange Services, Inc.
08-03156 (KRH) Gregg Opsahl and Hana Opsahl v. LandAmerica 1031 Exchange Services, Inc.
08-03157 (KRH) Haddon Square Partners, L.L.C. v. LandAmerica 1031 Exchange Services, Inc.
08-03158 (KRH) David R. Shepherd and Merriman Valley Limited Liability Co. v. LandAmerica 1031 Exchange Services, Inc.
08-03159 (KRH) Pillar Investment Group, L.L.C. v. LandAmerica 1031 Exchange Services, Inc.
08-03160 (KRH) Porete Realty Corporation v. LandAmerica 1031 Exchange Services, Inc.
08-03161 (KRH) CDC Glendale LP v. LandAmerica 1031 Exchange Services, Inc. and LandAmerica Financial Group, Inc.
08-03162 (KRH) DECEHC III Investments, LLC and R.E.H.A.M. 7, LLC v. LandAmerica 1031 Exchange Services, Inc., and LandAmerica Financial Group, Inc.
08-03163 (KRH) CDC Rural LP v. LandAmerica 1031 Exchange Services, Inc., and LandAmerica Financial Group, Inc.
08-03164 (KRH) Serena Hospitality Group, Inc., v. LandAmerica 1031 Exchange Services, Inc.
08-03165 (KRH) Pflumm LLC, v. LandAmerica Financial Group, Inc., and LandAmerica 1031 Exchange Services, Inc.
08-03167 (KRH) David Ash, Trustee of the David Ash Trust Dated January 10, 2008 v. LandAmerica 1031 Exchange Services, Inc., and LandAmerica Financial Group, Inc.
08-03168 (KRH) RFL Properties, LLC, v. LandAmerica Financial Group, Inc. and, LandAmerica 1031 Exchange Services, Inc.
08-03169 (KRH) Robert P. Dreyer v. LandAmerica 1031 Exchange Services, Inc.
08-03170 (KRH) Millmar Holdings LLC v. LandAmerica 1031 Exchange Services, Inc.
08-03171 (KRH) Howard Finkelstein v. LandAmerica 1031 Exchange Services, Inc.
08-03172 (KRH) Polygon Enterprises, Inc. v. LandAmerica 1031 Exchange Services, Inc.
08-03174 (KRH) Northwood Boat Works Realty, L.L.C. v. LandAmerica 1031 Exchange Services, Inc.
08-03175 (KRH) Squick, L.L.C. v. LandAmerica 1031 Exchange Services, Inc.
08-03176 (KRH) Titan Real Estate Holdings, LLC v. LandAmerica 1031 Exchange Services, Inc.
08-03177 (KRH) Tony Horner v. LandAmerica 1031 Exchange Services, Inc.
08-03178 (KRH) James G. Clarke v. LandAmerica 1031 Exchange Services, Inc.
08-03179 (KRH) J. Sean Campbell et al. v. LandAmerica 1031 Exchange Services, Inc.
08-03182 (KRH) Kingsview Real Estate Partners II, LP v. LandAmerica 1031 Exchange Services, Inc.
09-03001 (KRH) Five NS, LLC v. LandAmerica 1031 Exchange Services, Inc. and LandAmerica Financial Group, Inc.
09-03003 (KRH) Arboleda Corporation v. LandAmerica 1031 Exchange Services, Inc. and LandAmerica Financial Group, Inc.
09-03006 (KRH) Lisa L. Dobson, Michael W. Dobson, Barbara W. Dobson and Ralph Dobson v. LandAmerica 1031 Exchange Services, Inc.
09-03007 (KRH) Texas AC360 LP v. LandAmerica 1031 Exchange Services, Inc.
09-03008 (KRH) ROHO Investments, Ltd. v. LandAmerica 1031 Exchange Services, Inc.
09-03009 (KRH) Wayne R. Kidd and Kimberly R. Kidd v. LandAmerica 1031 Exchange Services, Inc.
09-03010 (KRH) Alfonso Jones v. LandAmerica 1031 Exchange Services, Inc.
08-03204 (KRH) Charles W. DeVito and Joan C. DeVito v. LandAmerica 1031 Exchange Services, Inc.
08-03205 (KRH) Deblu Realty Corporation v. LandAmerica 1031 Exchange Services, Inc.
08-03206 (KRH) Dico Group, LLC v. LandAmerica 1031 Exchange Services, Inc.
08-03207 (KRH) Central Rockaway D LLC v. LandAmerica 1031 Exchange Services, Inc.
08-03208 (KRH) Carolyn Calvin Kneese Trust v. LandAmerica 1031 Exchange Services, Inc.
08-03209 (KRH) Central Rockaway I LLC v. LandAmerica 1031 Exchange Services, Inc.
08-03210 (KRH) Jill E. Forbes v. LandAmerica 1031 Exchange Services, Inc.
08-03211 (KRH) Central Rockaway Realty LLC v. LandAmerica 1031 Exchange Services, Inc.
08-03212 (KRH) James Phillips, Sandra R. Phillips v. LandAmerica 1031 Exchange Services, Inc.
08-03213 (KRH) Whitten Properties, LLC v. LandAmerica 1031 Exchange Services, Inc.
08-03214 (KRH) Barton Kilgore and Julie Kilgore v. LandAmerica 1031 Exchange Services, Inc.
08-03215 (KRH) Joseph J. Germinaro and Gabriella P. Germinaro v. LandAmerica 1031 Exchange Services, Inc.
08-03216 (KRH) Lincolnway Green, LLC v. LandAmerica 1031 Exchange Services, Inc.
08-03217 (KRH) Doerle Properties, LLC v. LandAmerica 1031 Exchange Services, Inc.
08-03218 (KRH) Texana Pickle Producers, Inc. v. LandAmerica 1031 Exchange Services, Inc.
08-03219 (KRH) E. Michael Spriggs, II v. LandAmerica 1031 Exchange Services, Inc.
08-03220 (KRH) Guerra Brothers v. LandAmerica 1031 Exchange Services, Inc.
08-03221 (KRH) Grayling Green, LLC v. LandAmerica 1031 Exchange Services, Inc.
08-03222 (KRH) Korea Plaza, LLC v. LandAmerica 1031 Exchange Services, Inc.
08-03223 (KRH) Joseph E. Lew, Trustee of the Lew Family Trust, and J.J. Lew, Trustee of the Lew Family Trust v. LandAmerica 1031 Exchange Services, Inc.
08-03224 (KRH) Alonzo Cantu v. LandAmerica 1031 Exchange Services, Inc.
08-03225 (KRH) Regency Hotel Management Company, Inc. v. LandAmerica 1031 Exchange Services, Inc.
Look at that buy volume already
Southland Title Corporation, Southland Title Corporation of Orange County, and Southland Title Corporatoin of San Diego all file for Ch.11 Bankruptcy Protection. All of them value there assets from 1-10 million and there libialites from 1-10 million.
Southland Title Corporation files for Ch. 11 Bankruptcy Protection.
Lets hope you are right. Im running low on cash... :( GO LFGRQ!
Correction April 7th on my previous post
I found this under the judges calendar on April 6th.
10:00 AM
[1]
Ch. 11
Millard Refrigerated Services, Inc.
v.
LandAmerica 1031 Exchange Services, Inc.
08-35994,
APN 08-03147-KRH
MOTIONS FOR PARTIAL SUMMARY JUDGMENT:
1) BY PLAINTIFF – Doc. 50 – Filed Under Seal.
2) BY LES CREDITORS’ COMMITTEE – Doc. 40;
3) BY LFG CREDITORS’ COMMITTEE – Doc. 44;
4) DEBTOR’S JOINDER TO LES MOTION – Doc. 48.
Entry #: 44
(pla)Ervin, David - Millard Refrigerated Services, Inc.
(pla)Wolfe, Craig - Millard Refrigerated Services, Inc.
(dft)Maddock III, John - LandAmerica 1031 Exchange Services, Inc.
(dft)Hayes, Dion - LandAmerica 1031 Exchange Services, Inc.
[2]
Ch. 11
Matthew B Luxenberg, Trustee of the Matthew B. Luxenberg Revocable Family Trust
v.
LandAmerica 1031 Exchange Services, Inc.
08-35994,
APN 09-03023-KRH
PRE-TRIAL CONFERENCE ON COMPLAINT
Entry #: 1
(pla)Burgess, William - Matthew B Luxenberg, Trustee of the Matthew B. Luxenberg Revocable Family Trust
(pla)Ebel, C. - Matthew B Luxenberg, Trustee of the Matthew B. Luxenberg Revocable Family Trust
(pla)Geiger, Jeffrey - Matthew B Luxenberg, Trustee of the Matthew B. Luxenberg Revocable Family Trust
(pla)Gunn, Elizabeth - Matthew B Luxenberg, Trustee of the Matthew B. Luxenberg Revocable Family Trust
(pla)Hudson, Lisa - Matthew B Luxenberg, Trustee of the Matthew B. Luxenberg Revocable Family Trust
(dft)Maddock III, John - LandAmerica 1031 Exchange Services, Inc.
(dft)Hayes, Dion - LandAmerica 1031 Exchange Services, Inc.
Case Number
Docket Number(s)
08-03147-KRH
1
09-03023-KRH
2
End of Docket Calendar
Im praying for that lift off with you guys, I am pinching pennies over here :( GO LFGRQ!!!!
Thanks for clearing that up grumm
I do not have PM Grum. So if you can explain the reasoning of your last PM to me that would be great.
All buy volume today.
why is that Grumm? I am not letting it go to my head. I know he is just another attorney.
Company offers to buy claims from LandAmerica unit’s creditors
Advertisement
EMILY C. DOOLEY TIMES-DISPATCH STAFF WRITER
Published: March 31, 2009
A New Jersey company is offering to buy claims against a bankrupt subsidiary of LandAmerica Financial Group Inc. for pennies on the dollar.
Hain Capital Group has been calling and mailing letters to creditors of LandAmerica 1031 Exchange Services Inc., which filed for bankruptcy protection in late November along with its parent company.
The investment company offered in late February to buy claims for 20 cents per each dollar owed.
But after a court hearing this month, the bid fell to 15 cents, said Kellie Lineberry, an exchange customer from Goochland County.
"The offer is not enough," said Rosanna Passantino, a New Jersey resident who last fall placed more than $350,000 from the sale of a property with the exchange company to take advantage of a tax deferment.
"It's another rip-off," she said of the Hain offer. "It's another company trying to take advantage of us."
The practice of buying or trading claims, known as vulture investing, is legal but unregulated. Claims traders bank on the notion they will buy claims for less than they eventually get settled for.
Proponents say it offers creditors a way to get money back fast, takes the uncertainty out of waiting for a claim and removes the burden of dealing with bankruptcy court rules, attorneys and paperwork.
A creditor selling a claim is taking a gamble because it is hard to say how a creditor will fare in bankruptcy court, said Nathan Oman, an assistant law professor at the College of William and Mary.
Robert M. Lawless, a bankruptcy law professor at the University of Illinois, said: "There is a concern and a history of unsophisticated creditors of these bankrupt companies selling claims for less than they possibly should."
In its letter to creditors, Hain Capital assured fair treatment and said it was a member of Trade Claims Buyers Association.
Neither Lawless nor Oman knew of such a group. A Web site could not be found and the group does not appear to be registered with Better Business Bureau or Guidestar, which tracks nonprofits.
An official from Hain did not return two phone calls or an e-mail.
To judge a claim, creditors should try to get an estimate of what the return will be once the bankruptcy debt is processed. Where they stand in terms of priority is a factor, too. Creditors should also deduct for attorney fees, Lawless said.
The popularity of buying and selling claims has increased over the past decade, said Barry E. Silbert, CEO of SecondMarket Inc. in New York. SecondMarket allows creditors to auction off claims to the highest bidder, adding transparency to the market, he said.
In 2008, SecondMarket tracked 309 large bankruptcy cases and recorded 2,937 traded claims with a face value of more than $1 billion, said Christopher Moon, director of SecondMarket's bankruptcy claims market.
"Very often, there are people who will swoop in and buy claims in bankruptcy," said Richmond attorney Kevin J. Funk of Cantor Arkema P.C.
The LandAmerica exchange company's bankruptcy case could set precedent, and Funk said it is too soon to tell how creditors will fare. "There are questions that still haven't been answered," he said.
Just what is part of the LandAmerica 1031 Exchange Services estate is undecided and has to do with the nature of the company.
The 1031 exchange company held proceeds from the sale of investment property as a way for investors to defer capital gains taxes. The investors had 180 days to buy a similar property in which to reinvest.
The process is required by Internal Revenue Service regulations, though there is no industry oversight.
Bankruptcy records show that the company owes $419.2 million. Exchange customers claim their money was held in trust and not part of the estate. LandAmerica disagrees.
At least one customer did take Hain's offer out of fear there would be no money left in the estate. Others are waiting.
"We just decided it might be better to stick it out," Lineberry said. "We've got to take our chances."
In other LandAmerica news:
Los Angeles-area firm Partner Engineering and Science Inc. bought another subsidiary, LandAmerica Assessment Corp., for $2 million yesterday. The division handled construction-project monitoring and environmental assessment.
Another subsidiary, LandAmerica Title Co., filed for Chapter 11 protection Friday and listed assets of up to $10 million and liabilities of up to $50 million, court records show. That unit primarily served customers in Southern California and closed Jan. 31.
"There is unlikely to be any value for shareholders."
I emailed Zolfo Cooper. And JMitchell@zolfocooper.com sent that back to me. :(.
both from today.
California company buys LandAmerica subsidiary
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By Staff Reports
Published: March 30, 2009
A Los Angeles environmental and engineering consulting firm has purchased LandAmerica Assessment Corp. for $2 million.
Partner Engineering and Science purchased the LandAmerica Financial Group Inc. subsidiary today and will take over the company's assets, accounts receivable, existing reports and software systems.
Four LandAmerica Assessment executives will also transfer over to Partner, the company said in a statement.
"Land America Assessment was arguably one of the market leader's in providing building engineering and environmental site assessment services to the commercial real estate market," Joseph Derhake, principal with Partner Engineering, said in the statement. "LandAmerica's national reach . . . combined with Partner's reputation and technical expertise, will create a very strong and dependable company going forward."
LandAmerica Assessment has offices internationally and in California, Illinois, Missouri, New Jersey, New York, North Carolina, Oregon and Texas.
The company filed for bankruptcy earlier this month and announced plans to sell itself, listing assets of between $10 and $50 million in court documents. Liabilities were estimated at up to $1 million.
The firm saw declines in revenue after its parent, Henrico County-based LandAmerica Financial, and one other subsidiary filed for bankruptcy Nov. 26 and announced plans to sell off its primary title-insurance companies, which generated 85 percent to 90 percent of company revenue.
Partner Engineering Acquires LandAmerica Assessment Corporation
LOS ANGELES--(BUSINESS WIRE)--Partner Engineering and Science, a national provider of environmental and engineering due diligence services has acquired the assets of LandAmerica Assessment Corporation (LAC), a LandAmerica Financial Group, Inc. subsidiary which had filed for bankruptcy earlier this month, announced Joseph Derhake, principal with Partner Engineering.
Under the terms of the transaction, Partner receives all of LAC’s accounts receivables, digital assets, existing environmental reports and LAC’s “best-in-industry” software systems.
Additionally four senior LAC executives will join Partner as principals. Terry Dungan, National Client Management and Director of Construction Services and Monitoring will be located in the firm’s Irvine, CA office; Melissa Dahl, National Client Manager and Sean H. Daly, Director of Engineering Due Diligence joins Partner in the firm’s Ramsey, NJ office; and Kimberly K. Houston, National Client Manager and Environmental Engineer will head Partner’s newly opened office in Charlotte, NC.
“Land America Assessment was arguably one of the market leader’s in providing building engineering and environmental site assessment services to the commercial real estate market,” says Derhake. “LandAmerica’s national reach and industry best software systems, combined with Partner’s reputation and technical expertise, will create a very strong and dependable company going forward.”
Partner Engineering is one of the fastest growing environmental due diligence firms in the United States. In February the firm acquired the environmental site assessment practice of Loveland, CO-based US-Reports, a top provider of Phase I Environmental Site Assessments to SBA Lenders across the United States.
Los Angeles-based Partner is a national environmental and engineering consulting firm focusing on real estate due diligence, building sciences, construction monitoring and environmental site remediation services. Partner has offices in Los Angeles, San Francisco, Corona (California), Denver, New York (metro), Dallas, Chicago and Charlotte.
NEVERMIND BACK UP! lol
BLAH! back down to .06
Do we have support at .08?
Anyone know how many MM's are on .07?
LandAm Title company has 1 million to 10 million in Assets and 10 million to 50 million in liabilites. Something is going on with LandAm Title because they are petitioning that to go into Chapter 11 relief as well. This is under Key Documents. Do not know what to think of it , but just pointing this out.
Nothing to say about the stock so patiently waiting.....
Mar 13, 2009 739,049 shares -1.55%
I am not sure anyone posted the short interest posted on march 13th. So im just posting it to make sure people are aware of it.
I noticed there was a LandAmerica by me about 2 weeks ago when I drove by it. Well I just drove by it and it is know gone. So something I just wanted to point out. maybe means they are getting closer and closer.
Regional Report: Richmond; No longer ‘recession-proof’
March 27, 2009 12:00 AM
Chip Jones
Shortly after New Year’s Day, a crew at Richmond International airport began dismantling a sign for LandAmerica Financial Group. The sign on the wall of the airport concourse identified LandAmerica as one of the elite, locally based firms included on Fortune magazine’s list of the 1,000 largest companies in the U.S.
But the Henrico County company is about to lose its place in that pantheon as it winds down its business. With LandAmerica in bankruptcy, most of its assets sold and hundreds of employees out of work, officials at the title insurance and real-estate transaction services company wanted the sign removed.
A few weeks later, another sign came down. This time, it belonged to Circuit City Stores — another local Fortune 1000 company that has fallen on hard times. After failing to find a buyer, the retail electronics giant decided to go out of business, a move that erased 34,000 jobs nationwide, including nearly 2,000 in the Richmond area.
The missing signs on the concourse wall capture the somber mood around the capital city. So much for the region’s economy being “recession proof.” Yet local business leaders say the collapse of two of its largest companies doesn’t spell doom for the area. They have responded to the downturn by taking a series of steps to make sure that the region’s deep pool of scientific, technical and business talent doesn’t leave town.
The recession also seems to have galvanized the region’s business, government and academic communities to help white- and blue-collar workers connect with promising new sectors. This shift in the local economy could even bode well for the long haul, forcing it to assume a new identity relying more on research and technology while capitalizing on the defense buildup going on at nearby Fort Lee.
“As a community we’ve been fundamentally shook to our core,” says Gregory Wingfield, president of the Greater Richmond Partnership, the area’s regional economic development marketing group. “When we look around and see companies like LandAmerica and Circuit City…virtually disappear over a 60-day period, it’s troublesome.”
Is there a wall at .075? Does this want to burst up?
yupppp.... Im gonna be a wealthy 19 year old soon! hopefully! unfortunately I could only afford 15k shares :(
LoanCare and LC Insurance Agency for 6.5 million
LoanCare Stock sold for $6,500,000
Purchased Shares: On the closing date, LFG shall sell, transfer,
and deliver to the Potential Purchaser the LoanCare Stock and the
assets listed on Section 2.1 of the Disclosure Schedules (i.e, the
Purchased Assets) in accordance with the terms of the Purchase
Agreement, free and clear of all liens, claims, interests, pledges
and encumbrances against the Purchased Assets
Purchase Price: The purchase price of the Purchased Assets shall
total $6,500,000 in cash (the “Purchase Price”).
DOCKET 1143
There you go guys. GO LFGRQ. Closer and Closer
I agree Arnold. I hope we don't stop going up till 50 PPS. but i will gladly take 1.00 PPS. Im 19 and broke right now :(
its all buying volume also.