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Earnie makes the call at over $50 pps, but remember, he stayed at the Holiday Inn Express last night, so don't invest on this information. He is not doing well, as he just quit smoking cigars.
I am buying him a box if he is right, but nothing for anything below $50 pps.
During the party, he told me that he will charge $50 for anyone wishing to rub his bald head! Strange man, but he sure must have a lot of brains inside that noggin...
So far these are the pps calls:
Earnie $50's
FF03 $40's
Detearing $30's
Some others $3's
It appears that the Bashers indicate LandAmerica stockholders would have to give all they own, besides what they invested.
Agreed - 2008 is too long ago...
So the moral of the story is to look at MFFAIS, but to open the latest SEC Filings to get the information on the companies latest holdings, all the while, looking at the dates...
Total assets $3,325,100,000 (12/01/2008)
b. Total debts $2,839,800,000 (12/01/2008)
c. $235,000,000 (December 22, 2008: 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.)
a (assets) - b (debts) = $485,300,000
$485,300,000 + c (total purchase price for Commonwealth and Lawyers) = $720,300,000
$720,300,000 / 15,470,000 shares = $46.561 pps
I was very please that LandAmerica owns buildings/properties. I am very pleased also with what is being proposed in DC, which may help the frozen 1031 exchange situation.
Let us assume that the value will be depreciated 30%, this would bring down the pps to $32.592.
I am not counting on hearing anything this month, but hope to by April.
I believe MFFAIS is incorrect and misleading, once again, as both London Company of Virginia and Markel Corp. do not have LandAmerica on their latest SEC Filings...
http://www.sec.gov/Archives/edgar/data/1259887/0001259887-09-000001.txt
http://www.sec.gov/Archives/edgar/data/1096343/0001193125-09-022358.txt
Ol' Earnie says in the pps is in the $50 range, but I am in the $30 range myself.
Some think in the $3 range, but I don't see that at this point...
Enterprise Value (5-Jan-09): $45.79M / 15.47M shares = $2.96 pps
For Example:
Dimensional Fund Advisors Inc Institution 2009-02-06 1,345,053 shares x $2.96 = $3,981,356
Or, if someone owned 200,000 shares, that's $592,000; however, if it goes to $30, that's $6M and at $50, that's $10M.
More DD:
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6116954
http://www.sec.gov/Archives/edgar/data/354204/0000354204-09-000417.txt
I just spoke with Fidelity Investments - they told me that Dimensional Fund Advisors have added to their holding as of December 31, 2008 - once again...GOOD NEWS!!!
They also have the ability to question what is going on, as they are a larger shareholder - over 5%.
The person in my office has run some numbers along with tons of DD - balding older gentlmen with a computer for a brain - claimed he stayed at a Holiday Inn Express last night. Please don't buy or sell based upon his bottom guestimate; however, he I find him quite reliable.
Can't wait to see the new LandAmerica web site...
Someone in my office called the bottom at 0.032 pps.
GO GO LandAMERICA!!!!!!!!
Perfect, let's keep adding to the list!!!
I am thinking the summer time - it will be over a hundred degrees, even during the evening hours, but indoors it will be perfect. They have swimming pools, golf, and one of the best GGP shopping malls directly across the street. WYNN and GGP will be happy to take some of our monies, but we will most certainly have the time of our lives!!!
Then I will be off to Rome!!!
WYNN Resorts, Las Vegas, NV - stay at the hotel and party all weekend!!! And, I mean P-A-R-T-Y!!!!!!!!!!!!
Let's just start an informal list for now on this chatroom...
Please add your name to the list if you plan on attending the celebration party at the WYNN:
Detearing
Arnold25764
FF03
Grumman
Good post FF03!!!
"From Mr. FF03...Hi Rebelnazix, thanks for your continued positive posts and most exact as well. The word that we had recieved from Ron Ramos, Chief Investor for LFGRQ, was do not rely on those stories written by the Richmond Times. He is very pissed with what they are presenting on behalf of LFGRQ. Totally the opposite of what they are doing with the company. The problem is they cannot respond due to the Ch11, gag. Please bring this forward to the board if you would. My many thanks, we are going to win big for holding long.........FF03"
I always thought those stories from the Richmond Times were very biased. The author should be banned from further work due to unethical viewpoints - especially when investors are reading the articles. Blacklist em, I sez...
More DD:
Dimensional Fund Advisors Inc 13F December 31, 2008
$117,000 1,303,663 shares @ 0.0898 pps and as of February 6, 2009 they have added 41,390 shares for a total of 1,345,053.
http://www.sec.gov/Archives/edgar/data/354204/0000354204-09-000417.txt
http://www.mffais.com/lfg.html
FF03, you will need to think of some toasts at the WYNN party!!!
Fidelity Investments Fidelity Dividend Growth Fund(FDGFX) 781,200 $7.69 M not listed on the December 31, 2008 monthly holding report and is a contributing factor of a low pps.
Fidelity Small Cap Independence Fund has not been updated from October, 2008, 111,600 $1.28 M so we do not know if that holding was also sold.
I have done my DD for the day - if anyone else wants to check the others, please be my guest...
"US - In August 2007, the board of LandAmerica Financial Group Inc (LF), a provider of title insurance policies and related services, authorized the repurchase of up to $1.5 mil common shares, or about 8.94% of the company's common stock outstanding, in open market transactions. Based on LF's closing stock price of $53.82 on August 27, the last full trading day prior to the announcement of the board's approval, the buyback had an indicated value of up to $80.73 mil in cash."
http://www.alacrastore.com/storecontent/Thomson_M&A/LandAmerica_Finl_Grp_Inc_intends_a_stock_buyback-1960706020
LandAmerica Financial Group, Inc. Employee Stock Ownership Plan (ESOP) 812,901 $27.19 M @ $33.45 pps
Evans (G William) 88,944 $3.51 M @ $39.46 pps
Chandler (Theodore L Jr) 182,065 $3.12 M @ $17.13 pps
Susquehanna International Group, LLP 73,248 $1.78 M @ $24.20 pps
Astheimer (Kenneth) 24,364 $961,647.00 @ $39.47 pps
Alpert (Janet A) 43,891 $752,292.00 $17.14 pps
McCann (John P) 33,813 $579,555.00 @ $17.14 pps
Wishnack (Marshall B) 17,313 $515,581.00 @ 29.78 pps
Foster (Charles H Jr) 31,501 $310,285.00 @ 9.85 pps
Hill (Melissa A) 17,733 $303,944.00 @ $17.14 pps
Dimensional Fund Advisors Ltd. (February 5, 2009)
1,303,663 $117,000 @ 0.09 pps
Vanguard Group, Inc. (not to be confused with Vanguard 500 Index, which a 09 listing is yet to be filed) and MANNING & NAPIER ADVISORS INC must have sold their shares as they do not show up on the 2009 Form 13F.
Putnam Equity Income Fund 2009 Form 13F is scrambled...for me anyway: http://www.sec.gov/Archives/edgar/data/216934/0000928816-09-000069.txt
Waterstone Asset Management Llc (December 31, 2008) 1,356,381 shares (PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9: 8.06%) pps unknown; however, pps range for Dec 31, 2008 was between 0.07 and 0.09; 0.08 x 1,356,381 = $108,510.48) It is my understanding that Waterstone was previously invested into LFG. IMO, they would not have dropped this kind of money without some type of confidence that they would be getting some kind of substantial return - especially with the rest of the stock market so beaten up already....
All of the other larger institutional owners of LandAmerica, above 100,000 shares did not have 2009 SEC Form 13F's.
"Mr Ramos" also stated in our phone conversation, when asked if the common shares would be canceled, he said anythings possible but, doubted it would come to that. although We're still in the early stages of this process."
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=34910662 Thanks Grumman for this post...
Total assets $3,325,100,000 (12/01/2008)
b. Total debts $2,839,800,000 (12/01/2008)
c. $235,000,000 (December 22, 2008: 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.)
a (assets) - b (debts) = $485,300,000
$485,300,000 + c (total purchase price for Commonwealth and Lawyers) = $720,300,000
$720,300,000 / 15,470,000 shares = $46.561 pps
I was very please that LandAmerica owns buildings/properties. I am very pleased also with what is being proposed in DC, which may help the frozen 1031 exchange situation.
Let us assume that the value will be depreciated 30%, this would bring down the pps to $32.592.
I am not counting on hearing anything this month, but hope to by April.
By the way, most of my investment cash is invested in my other favorite stocks: AA, AXP, BAC, C, CAR, GT, TSN, USG, and X. "My precious" is, of course, LandAmerica!!!
Thanks Gruman, FF, Arnold and Renee for your postings. I hope all can make it to the WYNN...
Thanks FF for your recent posts - hope you can continue to post through us...
May our enemy's never be as happy as we will be at the toast in Vegas!!!
I have been in Washington DC all week working with the government. It looks to us that this thing will pop big time!!!
Still planning on a party in Vegas this summer!!!
Also, picked up quite a bit of shares and am catching up on Grumman...
IMHO, real simple!!! LandAmerica, should have never entered CH11, to begin with as they had ample funds to deal with the situation that had arisen. They just could not draw from them as quick as they needed them. Due to the failing Richmond, division. Ch11 was a quick roadblock to keep the heavy draw on funds from occurring. The balance sheet for the 3rd qtr ending 2008 clearly points that out. In the mean time they were putting together the deal with Fidelity, that has since closed. Adding enormous capital to this now even smaller company.If you review all the analysts comments you will see that they also agree that this was the easiest route to go isolating the 1031 LES, from the rest of the company while closing up the Fidelity deal.......
Oh yea - I am looking foward to it - you suppose some that used to work for LandAmerica may attend? Such as Ted Chandler?
Will you be flying in on one of your planes?
Let's not forget that this number does not reflect,the recent deal with Fidelity,the earnings for the 4rth qtr of 2008, and whatever remains in the liquidation of current assets after the CH11 - so, I bullishly believe it will be higher - $34 to $45 pps range.
The Party at the WYNN is open to all winners; any bashers that show up WILL be officially BASHED - I will personally see to it! It will be my pleasure...lol
detearing
LandAmerica appears to have some BIG BUCKS! CURRENT ESTIMATE (perhaps low end?): $225,000,000.00 / 15,476,306 shares = $14.53/share
IF one has 140,000 shares, that person could potentially have $2,035,409.00 VERY NICE INDEED!!!
Also, I like the following LandAmerica statement (caps mine): "We are involved in certain litigation arising in the ORDINARY course of our businesses. Although the ultimate outcome of these matters cannot be ascertained at this time and the results of legal proceedings cannot be predicted with certainty, based on current knowledge WE BELIEVE that the resolution of these matters WILL NOT HAVE A MATERIAL ADVERSE EFFECT ON OUR FINANCIAL POSITION or results of operations."
I was hoping for 4-cents again, but we will see; perhaps it will be five...
FF03: Just show me the TARP!!!
We are anticipating the celebration party some time this summer!!! For the winners, that is... WYNN resort has some fine entertainment.
Hi Renee,
Last night I viewed http://www.mffais.com/lfg.html and found many institutions holding long and adding to their shares.
If this is up-to-date, I was impressed; and viewing this link helps me to stay long on this one...Thanks!!!
FF, Do you think that the "bad bank" could impact the 1031 Exchange?
"The markets open higher today boosted by reports that President Obama will establish a "bad bank" to absorb toxic investments."
Perhaps it could be viewed as a toxic asset...
It's ok with me - I will just load up more...
0.005 x 100,000 shares = $500
$17 x 100,000 shares = $1,700,000 That works!
Very good news Grumman - Thanks!!
Since most, if not all, of the activity are BUYS, is not it just a matter of time until the shorts are gone? (Approx. 163,000 shares appears to have been bought so far today.) If they run out of shorts, can they just buy more? I would imagine this could be ongoing until the PR is released.
I am expecting some PR by April or May.
Any news Renee?
I like this letter from LandAmerica written Nov. 24, 2008 letter to customers: "Although the total par value of our 1031 exchange funds EXCEEDS the value of all funds received from our customers,..."
http://www.landam.com/NR/rdonlyres/EED12C33-A5D0-46D2-928A-84CCD5E3267F/0/1031customerletter.pdf
It's a rough life, isn't it? Most people wish it cost more so they would feel better about buying - reverse psychology...
If I had $70k to play with, I would drop it down quick and see what happens...
Absolutely, this is the WWW!!!
Perhaps, some day in the not too distant future, the SEC will look into the going ons of this stock - perhaps, there is something unethical about the MM's handling; however, I should not complain, as I can get more shares this way...
Me too, not sweatin this one...
Patience is a must with this one, as we are waiting for attorney's to work this thing out. I am betting that the LandAmerica Attorneys are going to kick some A$$.
I am in total agreement FF! It is very hard to see the big picture, which makes this a very challenging stock, at least for me...
The MM's are keeping this stock down, which presents a great opportunity for investors; however, they surely know how to use reverse psychology... W. Buffett says to buy when it is low, but most investors will wait till it goes up...
It may hit over $15 pps for what we have calculated - you never know, or even higher...
I would like to see someone buy over a million shares at market, that would give a good pop.