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I like the new footer Arnold IMO
I am still long but just waiting for payout.
Good reasoning-thanks. Let's hope the judge agrees...
I have spoken with dooley and hazard and find their reports with unsubstantiated information and even problems with basic grammer. Go LandAmerica!
Everyone, please don't forget about Centennial Bank with over $80M of assets...this should bring a pretty penny for us stakeholders...IMO
We will have earned every dollar that we earn on this after it pops...as we have had to watch many other stocks rise, while this sits in the mud. As I said before, only the tough as nails folks, like Grumman, will be able to withstand the whipshaw effect this stock will take on it's way up - so stay close to this Board and eventually we will all be celebrating at the WYNN...IMO.
Thanks for your post Grumman.
Looks like Ramos, Chandler, Evans and many others; though still holding stock are located close to the court proceedings in VA. All good news IMO
The DD is way over the heads of most investors...and institutions typically have rules so they cannot buy even if they wanted to...listen:
1. The big intitutions, lfg board, lfg employee retirement fund, and the known investors on this board have more than half of the shares.
2. The stock is being shorted big time and manipulated by the MM's.
3. Chandler owned HRH and that closed and merged to get I think around $40pps.
4. Why would the Board pay $1M per month on attorneys fees? - if there are no assets just thow up your hands and file Ch 7 and hire joe blow attorney.
5. Evans signed his name to total shareholder value which is around $48pps.
These are some of the reasons I am staying long along with hundreds of hours of DD and personal discussions with the leaders of the company.
I know it is hard to wait as many other stocks are taking off, but we believe this will be a thousand times more explosive than PGPDQ. We now wait for the judge to continue to side with us as he ALWAYS has! Justice and $$ will prevail for LandAmerica. IMO
The MM's are controlling the pps like a puppetmaster, IMO. There are too many good things about this stock to sell, let alone sell short. Only those tough as nails will last the whipshaw affect that the MM's will play on this stock prior to the final lift off - keep patient and your eyes on the final pps will make you a hero at the WYNN.
Better get em' while the gettin' is good!
LandAmerica Gets OK To Auction Loan-Servicing, Warranty Units 04/23 01:34 PM
LandAmerica Financial Group Inc. (LFGRQ:$0.0520,$-0.0050,-8.77%) received bankruptcy court permission to auction off two of its businesses, having already lined up bidders willing to pay a total of $16.5 million for the units.
Alpine Equity L.P. offered $6.5 million for LandAmerica's LoanCare Servicing Center Inc. Alpine will serve as the lead bidder for the loan-servicing business at an auction scheduled for May 12, according to papers filed Tuesday with the U.S. Bankruptcy Court in Richmond.
LandAmerica separately reached a deal to sell four other subsidiaries, including LandAmerica Home Warranty Co., to Buyers Protection Group Inc. That company, which offered $10 million, will serve as the lead bidder for the assets at an auction scheduled for May 11.
LoanCare is a Virginia Beach, Va., company that administers loans for mortgage lenders, banks and credit unions nationwide.
LandAmerica attorneys said they need to quickly sell the unit because LandAmerica's Nov. 26, 2008, bankruptcy filing caused bond rating agencies to downgrade LoanCare, leading clients to move their business elsewhere.
LoanCare serviced more than 100,000 loans carrying a balance of $13.1 billion as of Nov. 30.
A sale would help LoanCare keep its existing customers and remain compliant with state and federal licensing requirements, according to court papers.
The deadline for bids is May 8. Alpine would be paid a $350,000 breakup fee if it's bested at auction.
LandAmerica Home Warranty sells policies in 45 states that cover home owners for unexpected repair and replacements of major home appliances and systems, such as refrigerators, central air and plumbing.
Buyers Protection Group, a company formed to purchase LandAmerica's home warranty assets, would be owned by Stephens Group LLC and Revell Fraser, a senior vice president at LandAmerica.
LandAmerica is seeking to sell the home warranty business because its bankruptcy is causing partners and vendors, such as CRES Insurance Services Inc., Sears Holdings Corp. (SHLD:$57.47,00$-2.21,00-3.70%) and Whirlpool Corp. (WHR:$36.90,00$-0.87,00-2.30%) , to walk away.
Other interested buyers have until May 7 to submit bids. Buyers Protection Group would receive a $300,000 breakup fee if it's bested at auction.
The bankruptcy court will review the results from both auctions at a May 14 hearing.
LandAmerica, based in Glen Allen, Va., filed for bankruptcy protection after one of its other subsidiaries collapsed. The company operated a qualified intermediary business under section 1031 of the U.S. tax code. Such exchanges help taxpayers to defer gains from the sale of real estate.
LandAmerica 1031 Exchange Services shut down prior to LandAmerica's bankruptcy filing amid liquidity constraints as a result of the collapse of the auction- rate securities market.
After LandAmerica filed for Chapter 11 protection last year, it sold its title insurance businesses - Lawyers Title Insurance Corp., Commonwealth Land Title Insurance Co. and United Capital Title Insurance Co. - to Fidelity National Financial Inc. (FNF:$19.63,00$-0.05,00-0.25%) for $298 million.
Those businesses accounted for more than 85% of the company's revenue. Since their sale, LandAmerica has been seeking buyers for, or shutting down, its remaining business units.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)
-By Eric Morath, Dow Jones Daily Bankruptcy Review; 202-862-9279; eric.morath@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http:// www.djnewsplus.com/nae/al?rnd=GkIz17osQJufzhTfqirNCw%3D%3D. You can use this link on the day this article is published and the following day.
My guess is someone needs cash - it has only been several months, but times are tough out there...IMO. The DD remains the same - nothing has changed, except the pps - the DD remains solid, IMO. The spread on the bid and ask pretty much puts the breaks on anyone wanting to buy - interesting tactic by the MM's.
Missing the good ol' days when LandAmerica stock price looked like it was on V___g___ra. Looks like someone could get some cheapies right now...IMO....
Yep - it's all looking good, just sitting on my fill waiting for this to pop. Old Republic still is holding long 9.9% of the shares. If we see a million shares being bought at a time, then it will only be a short time to watch this rocket to the moon...IMO
It is always good to see the big whales holding on, it keeps us little fish content...
On April 15, 2009, the Company received notice from Robert F. Norfleet, Jr. of his resignation from the Company’s Board of Directors effective April 16, 2009.
http://www.implu.com/releases/2009/20090421/24907/implu_viewer
I don't see anything good or bad on this news...IMO.
That is the hope...we simply need some news and this could look like the past 10 days of PGPDQ - IMO.
Arnold and anyone else interested - post 7935 IMO represents the fact that the judge approved the motion to reject or not pay many executed contracts. Contracts are for previous employees, etc...which will increase our monies!!!
This is good news...IMHO.
A penny saved is not much, so we are long in hopes of dollars.
Chup, lookin good - holdin tight - we must be tough as nails as we continue to hold. That decision will greatly help...IMO
Docket 1305 4/22/2009 Order Granting Motion to Set Last Day to File Proofs of Claim for LandAmerica Assessment Corporation. Proof of Claims due by May 18, 2009 and Government Proof of Claims due by September 3, 2009 (Related Doc # [1210]) (Williams, Sharon)
ORDER GRANTING MOTION OF THE DEBTORS FOR ENTRY
OF AN ORDER PURSUANT TO BANKRUPTCY CODE SECTIONS
105(a) AND 365(a) AND BANKRUPTCY RULE 6006 AUTHORIZING
THE REJECTION OF CERTAIN EXECUTORY CONTRACTS
Upon the motion (the “Motion”)1 of the Debtors for entry of an order pursuant to Bankruptcy Code sections 105(a) and 365(a) and Bankruptcy Rule 6006, authorizing the Debtors
to reject certain executory contracts, including any amendments or modifications thereto (collectively, the “Contracts”) listed on Exhibit 1 attached hereto; the Court having reviewed the Motion; and a limited objection having been filed by Roger Blauvelt (“Blauvelt”); and the Debtors and Blauvelt having resolved the objection; and the Court having held a hearing on the Motion on April 16, 2009; and the Court having determined that the relief requested in the Motion is in the best interests of the Debtors, their bankruptcy estates, their creditors, and other parties in interest; and it appearing that proper and adequate notice of the Motion has been given and that no other or further notice is necessary; and upon the record herein; and after due deliberation thereon; and good and sufficient cause appearing therefor, it is hereby ORDERED, ADJUDGED, AND DECREED that:
1. The Motion is GRANTED to the extent set forth herein.
2. The Debtors are hereby authorized to reject the Contracts effective as of the date of entry of this Order. Nothing in this paragraph 2 shall preclude a Counterparty from seeking
rejection damages under the Bankruptcy Code.
3. Each Counterparty shall have until thirty (30) days from the date this Order is entered on the docket to file a proof of claim on account of any and all claims (as defined in the
Bankruptcy Code), including (without limitation) claims arising from or related to rejection of the
Counterparty’s Contract.
4. This Order shall not affect the rights and obligations of non-debtor parties vis-à-vis other non-debtor parties under the Contracts rejected pursuant to this Order, and this court shall not have jurisdiction to hear and determine disputes by and among the non-debtor parties to such Contracts.
5. The requirement under Local Bankruptcy Rule 9013-1(G) to file a memorandum of law in connection with the Motion is hereby waived.
6. The Court retains jurisdiction to hear and determine all matters arising from or related to the implementation or interpretation of this Order.
American Express Corporate
Services
Credit Card Services:
Temporary Staffing
LandAmerica Financial Group,
Inc.
American Express Travel
Related Services Company,
Inc.
United States Business
Travel Services
Agreement: Service
Agreement
LandAmerica Financial Group,
Inc.
Andrew P. Macht, CFA
Consulting: pricing
analytics
LandAmerica Financial Group,
Inc.
A-Star Staffing
Preferred Temp Vendor .
Agreement: Temporary
Staffing
LandAmerica Financial Group,
Inc.
A-Team Staffing
Preferred Temp Vendor .
Agreement: Temporary
Staffing
LandAmerica Financial Group,
Inc.
Bell, Michael Employment Agreement
LandAmerica Financial Group,
Inc.
Belli, Eugene Employment Agreement
LandAmerica Assessment
Corporation
Blauvelt, A. Roger Employment Agreement
LandAmerica Financial Group,
Inc.
Branagan, Brian Employment Agreement
LandAmerica Financial Group,
Inc.
Campbell, Jennifer Lois Employment Agreement
LandAmerica Financial Group,
Inc.
CapGemini Annette Bailey: Contractors
LandAmerica Financial Group,
Inc.
Cobb, Shannon Employment Agreement
LandAmerica Financial Group,
Inc.
Corpedia Corporation
Corpedia: Software
Licenses for Sexual
Harass. (Online training)
LandAmerica Financial Group,
Inc.
Crestani, James V. Employment Agreement
LandAmerica Financial Group,
Inc.
Dataline Consulting Services
Preferred Temp Vendor .
Agreement: Temporary
Staffing
LandAmerica Financial Group,
Inc.
Draper, Lloyd R. Employment Agreement
LandAmerica Financial Group,
Inc.
Feder, Craig Employment Agreement
LandAmerica Financial Group,
Inc.
Gartner, Inc.
Gartner, Inc. Service
Agreement for
LandAmerica: Consulting
LandAmerica Financial Group,
Inc.
Iron Mountain Intellectual
Property
Three-Party Escrow
Agreement: Software
Source Code Escrow
LandAmerica Financial Group,
Inc.
Kezar, Edwin Employment Agreement
LandAmerica Financial Group,
Inc.
Koshork, David W. Employment Agreement
LandAmerica Financial Group,
Inc.
etc.etc.etc....
Anyone familiar with Buyers Protection Group, Inc.?? Don't see them on a Google search...
Docket 1299 4/22/2009 Order Granting Motion to Expedite Hearing (Related Doc # [1222]) Hearing scheduled 4/16/2009 at 10:00 AM at Judge Huennekens Courtroom, 701 E. Broad St., Rm. 5000, Richmond, Virginia. (Williams, Sharon)
ORDER GRANTING MOTION OF THE DEBTOR PURSUANT TO LOCAL
BANKRUPTCY RULE 9013-1 FOR AN ORDER SCHEDULING AN EXPEDITED
HEARING ON THE DEBTOR’S MOTION FOR ORDER (A) APPROVING: (I)
SALE FREE AND CLEAR OF LIENS, CLAIMS AND ENCUMBRANCES OF
DEBTOR’S STOCK IN LANDAMERICA HOME WARRANTY COMPANY,
LANDAMERICA PROPERTY INSPECTION SERVICES, INC., BUYER’S REAL
ESTATE SERVICES, INC., AND RESIDENTIAL PROPERTY MAINTENANCE,
INC., AND RELATED STOCK PURCHASE AGREEMENT, (II) STALKING
HORSE PROTECTIONS AND SALE PROCEDURES, AND (III) FORM AND
MANNER OF NOTICE; AND (B) GRANTING RELATED RELIEF
...approving: (i) the sale of the
Debtor’s interests (the “Home Warranty Stock”) in LandAmerica Home Warranty
Company, LandAmerica Property Inspection Services, Inc., Buyer’s Real Estate Services,
Inc., and Residential Property Maintenance, Inc. to Buyers Protection Group, Inc. (the
“Potential Purchaser”)...
For anyone interested, PM Grumman - he has the info on the shorts from E-trade...he says quotes/research tab, under fundamentals page...
I thought the same: FNF buys whats remaining and gets back the FNF stock. We could wind up with shares of FNF or a choice for cash. IMO
Stuert Title and Old Republic also are potential parties that may be interested. Remember, the Board members have not sold and this may be their retirement, as they have invested for many years...
21.27% short per E-Trade...thanks Grumman!
Thats a for shizzle ma man! They will have to pay taxes and perhaps take care of other possible suits...ouch...
LandAmerica would not hire attorneys for over $700 an hour without having some objective, which is to maximize the shareholder value...IMO. Otherwise, they would simply file Chapter 7, there is an agenda...IMO.
Feb. 22, 2007 was the date that 1.3M shares were traded to raise the price of LandAmerica from $64.75 to $69.72, a $4.97 increase or 7.1%.
Apr. 13, 2009 was the date that 1.1M shares were traded to raise the price of LandAmerica from 5.8 cents to 7.8 cents, a 25% increase.
Arnold, we need more of those "good-ol-days" in order to cover the shorts, which are reportedly 25% of OS. Cover the shorts of around 3.8M shares and we should be golden and on our way to the moon...IMO
Even if the QI goes bankrupt and no malfeasance has taken place, under the U.S. Bankruptcy Code, deposit holders with the QI are considered unsecured creditors, placing them on the lowest rung of the payout ladder.
Either scenario will most likely kill the replacement property deal and the buyer will have to pay taxes on the proceeds from the relinquished property. In addition, the buyer may be subject to penalties or even a law suit due to breach of contract on the replacement property transaction...
Kind of what you were saying Grumman!
http://cbcmarketconnect.com/2008/12/03/qualifying-qualified-intermediaries-the-landamerica-lesson/
Perfectly said Arnold!!!
Now we just wait for the judge to continue to side on our side and look for a public statement.
This thing will skyrocket once we hear, then it will be too late. Then we will celebrate at the WYNN...the all you can eat buffet has all kinds of foods, best on the strip...king crab legs, thin cheese pizzas, salads, fresh smoke sliced salmon, etc...
Exactly...LandAmerica utilizes its centralized cash management system to act as a disbursement agent for its various affiliate entities. LES’s bank accounts are not linked to LandAmerica’s cash management system, and LES only uses LandAmerica’s cash management system to process miscellaneous vendor expenses. To the extent LES’s expenses are paid through the use of LandAmerica’s cash management system, an intercompany payable is created between LES and
LandAmerica, which LES then repays at least monthly. The Debtors maintain that none of LES’s funds are utilized by LandAmerica or its other affiliates.
LandAmerica has total assets of approximately $3,325,100,000 and total liabilities of approximately $2,839,800,000.
Make em' count FF03!!!
...constitute property of the bankruptcy estate of LES...
"In accordance with the Memorandum Opinion entered this date, the Court having found therein that the “Exchange Funds” (as that term is defined in the Memorandum Opinion) deposited into segregated bank accounts of Defendant Debtor LandAmerica 1031 Exchange Services, Inc. (“LES”) for the purpose of facilitating like-kind exchange transactions for Millard Refrigerated Services, Inc. (“Millard”) constitute property of the bankruptcy estate of LES, and are not held by LES pursuant to a resulting trust or an express trust for the benefit of Millard, IT IS ORDERED that the motion for partial summary judgment of Plaintiff Millard Refrigerated Services, Inc., is DENIED..."
Good News!!!
Well said...
More money for the shareholders...
Millard trial off calendar due to summary judgement in LandAmerica's favor.
Good news
As always
Order Entered in Adversary Proceeding No. 08-03147 (i) Denying Motion for Partial Summary Judgment of Plaintiff Millard Refrigerated Services, Inc., (ii) Granting the Motions for Partial Summary Judgment of Intervenors the Official Committee of Unsecured Creditors of LandAmerica Financial Group, Inc. and the Official Committee of Unsecured Creditors of LandAmerica 1031 Exchange Services, Inc., and (iii) Dismissing Count I and II of the Complaint filed by Plaintiff Millard Refrigerated Services, Inc.
Wow this is amazing!!!!!
Looks like it will be divied-up to the shareholders soon...
Train is leaving, tickets please....
Thanks Grumman for your hard work and serious deep digging DD. My thoughts...
Summary judgement is appropriate...
LandAmerica 1031 Exchange has total possession, dominion, control and use...
Can't help lovin how the LFG attorneys have written these agreements...iron-clad...IMO....
This just keeps getting better and better right on grumman!
I truely believe that when this thing pops it WILL be too late to get in...IMO
Mornin bleek and warbones
Get your limit and hold tight as things are looking real good! They could stop trading and give us $xpps as what happened with the chandler owned HRH stock.
Wake up LandAmerica, you sleepy $green$ giant!
Good Morning Grumman, FF03, and Arnold!
ORDERED that the motion for partial summary judgment of Intervenor The Official
Committee of Unsecured Creditors of LandAmerica Financial Group, Inc., is GRANTED; and it is further
ORDERED that the motion for partial summary judgment of Intervenor The Official
Committee of Unsecured Creditors of LandAmerica 1031 Exchange Services, Inc., is
GRANTED; and it is further
ORDERED that Count I and Count II of the Complaint filed by Plaintiff Millard Refrigerated Services, Inc. be, and they hereby are, DISMISSED.
ENTERED: _____________________
/s/ Kevin R. Huennekens
UNITED STATES BANKRUPTCY JUDGE
ORDER
In accordance with the Memorandum Opinion entered this date, the Court having found therein that the “Exchange Funds” (as that term is defined in the Memorandum Opinion) deposited into segregated bank accounts of Defendant Debtor LandAmerica 1031 Exchange Services, Inc. (“LES”) for the purpose of facilitating like-kind exchange transactions for Millard Refrigerated Services, Inc. (“Millard”) constitute property of the bankruptcy estate of LES, and are not held by LES pursuant to a resulting trust or an express trust for the benefit of Millard,
IT IS ORDERED that the motion for partial summary judgment of Plaintiff Millard
Refrigerated Services, Inc., is DENIED; and it is further
Therefore, the Court will
deny Millard's motion for partial summary judgment and grant partial summary judgment in favor of the Committees against Millard. The Court will dismiss Millard’s requested relief for declaratory judgment and injunctive relief as set forth in Counts I and II of its Complaint. A separate order shall issue.
ENTERED: _____________________
/s/ Kevin R. Huennekens
UNITED STATES BANKRUPTCY JUDGE
Conclusion
The Exchange Funds are not excluded from property of the estate pursuant to 11 U.S.C.
§ 541(d) because of the existence of an express trust or as a result of the imposition of a resulting trust. The plain, unambiguous language of the Exchange Agreements clearly establishes that it was not the intent of LES or Millard to create an express trust. As the Exchange Agreements were integrated contracts, Millard cannot use parol evidence to prove the existence of an express trust. Given the parties’ clear intent in the Exchange Agreements not to create an express trust, it is inappropriate for the court to impose a resulting trust upon
them.
Furthermore, as all of the
parties have filed motions for summary judgment, no party can be heard to complain that it
will be deprived of a right to trial if summary judgment is entered.
We are golden!
Grumman, FF03 and I are all holding our shares TIGHT - No way are we sellin now...good news is anticipated on April 24th where the Judge personally gets to rule on the Millard v. LandAm 08-3147 Trial at 10:00AM. The judge has already made MAJOR rulings in our favor yesterday and we stongly believe the same will be true on the 24th. We hope everyone has their fill...we do...that is all...enjoy the weekend Arnold and thanks for your input!!
I am off to the WYNN for a pre-celebration party - need to practice...lol