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I agree - I guess it is "top-secret", the going-ons within the "OFFICIAL COMMITTEE OF UNSECURED CREDITORS OF LANDAMERICA 1031 EXCHANGE". I suppose that not many would understand much in the legalese that such attorney's speak anyhow, so if someone posts, I hope they also provide a plain English interpretation, e.g., "this is good and you will soon be getting at least $3 pps." IMHO
The first one to post the news wins a 1,000,000 bonus points!
Me too!!!
Why not buy more??
Well, if millions of shares are sold, that would not be good, but this has not happened yet - and hopefully never will. This last transaction, appears as though it was a buy, but they masked it as a sell - IMO.
Is there anyone watching the committee proceedings that can post?
Someone did another "911" sell at 12:05pm. lol
When I look at the US banking system, it appears as though the government is quite lenient and, in fact bails them out. Also, look at Geitner's tax returns and how forgiving they are towards him. These are unusual times and the Judge should show mercy and recommend a government sponsored stimulus plan to help the failing real estate - IMHO.
I would love to know if the shareholders voted to sell the company. If so, I would like to know what information was presented to them prior to the vote. Perhaps the shareholders could not vote due to the CH11? The communications from LandAmerica are absent, to me anyway, and causes much speculation. This speculation, combined with inaccurate information from Yahoo and other sources make this a very challenging stock.
It would seem to me that with some investors committing millions of dollars, there would be some type of public communications, even if they don’t know anything, something would be better than silence. Yet, perhaps, LandAmerica is communicating with 80%/majority of the shareholders, and we on this chat-room are simply not privy to it.
Yep - looks like everyone has thier fill and we all await some news.
I would be happy with $3 pps, but would much prefer $17 pps please.
News items from today FWIW:
http://www.richmondbizsense.com/big-biz/658-was-landamericas-1031-business-a-ponzi-scheme.html
http://www.thefreelibrary.com/LandAmerica+unit's+customers+lose+bid+in+court-a01611276801
http://www.timesdispatch.com/rtd/business/local/article/LAND22_20090121-210304/185091/
http://www.tmcnet.com/usubmit/2009/01/22/3931347.htm
Sure seems that it should be worth more that the pps is right now, and to me, at least a $1 per share.
Good point V!
With all of the bad news from the banks and all of the support the government gives them, I would not be surprised if a little help would come our way, as this industry could help in the recovery...
Very strange that the pps did not drop with this old news.
This was news from earlier today from Fidelity Investments:
LandAmerica Financial Group Inc. Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2008 ; Announces Impairment of Goodwill and Other Intangible Assets 01/22 06:06 AM
LandAmerica Financial Group Inc. (LFGRQ:$0.0800,$0.0050,6.67%) announced earnings results for the third quarter and nine months ended September 30, 2008. For the quarter, the company has reported net loss of $599.6 million or diluted loss per share of $39.45 on total revenues of $631.8 million compared to net loss $20.8 million or $1.28 diluted loss per share on $906.8 million in the same period of previous year.
For the nine months, the company reported net loss of $673.8 million or diluted loss per share of $44.33 on total revenues of $2,030.6 million compared to net loss of $8.2 million or $0.49 diluted loss per share on $2,860.4 million in the same period of previous year.
The company announced, in addition to $1.2 million to the impairment of certain securities, non-cash charges include impairments of goodwill and other intangibles of $137.8 million.
LandAmerica Financial Group Inc. (LFGRQ:$0.0800,$0.0050,6.67%) announced layoffs of 120 people, mostly in technology jobs, at its Henrico headquarters.
Looks like it is old news FI (Fidelity Investments) appears to be lagging on presenting news in a timely fashion.
If this thing shoots up - I hope that sound effects are included.
Ok thanks Grumman.
FI told me that no trades were made after around 3:30pm today.
Interesting...because I put an order in at 3:50pm for 10,000 shares at 8-cents.
Yes it is hot off the press from FI: Customers File 2nd Suit Against LandAmerica Financial Group over 1031 Exchange 01/21 06:09 AM
New from Fidelity Investments: "A class-action lawsuit claiming breach of contract, fraud and theft of property has been filed relating to LandAmerica Financial Group Inc.'s (LFGRQ:$0.0800,$0.0050,6.67%) 1031 Exchange business. The suit, filed in U.S. Bankruptcy Court in Richmond, is on behalf of LandAmerica 1031 Exchange Services customers. Named in the suit are the Henrico County-based holding company, its exchange company and several executives, including former chairman and chief executive Theodore L. Chandler Jr., who stepped down Friday; Chief Financial Officer G. William Evans; and controller Christine R. Vlahcevic. A separate class-action suit was filed in U.S. District Court in the Southern District of California against Evans, exchange company executive Stephen Connor and SunTrust Banks Inc. That lawsuit alleges that the LandAmerica executives and SunTrust engaged in or allowed money from new customers to be used to pay off clients who had put money into the exchange company earlier. The class-action suit filed in bankruptcy court could be an attempt to give more weight to the claims of exchange customers. If the bankruptcy judge agrees that the class exists, it increases bargaining power by creating a larger number of claimants."
The same judge approved the purchase of some of the company and to expedite the proceedings.
Any idea how accurate these figures are? Just looking at several other companies, these figures may be pretty accurate...
1y Target Est: 11.67 (20-Jan-09)
http://finance.yahoo.com/q?s=LFGRQ.PK
Enterprise Value (5-Jan-09)3: 45.79M
http://LFGRQ_PK Key Statistics for LANDAMERICA FINL GRP - Yahoo! Finance.mht
Form 4 LANDAMERICA FINANCIAL For: Dec 22 Filed by: CHANDLER THEODORE L 01/20 09:19 AM
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6078329
Filed on: January 20, 2009
This appears to be one of several forms regarding buying and disposing of Phantom Stock: Phantom stock is a method for companies to give their management or employees a bonus if the company performs well financially. Phantom stock provides a cash or stock bonus based on the value of a stated number of shares, to be paid out at the end of a specified period of time.
Thanks - prior to my post, I also reviewed your earlier posts, Grumman's and FF's - as well as MANY others! - all helpful DD in my opinion. Though no one can predict the future, and this being a high-risk stock, all information from reliable sources is helpful. I don't even look at the basher's posts, as they have no facts and appear to have motives-of-suspect.
By the way, I look forward to your leading this chat room; though I GREATLY appreciated FF's leadership as well.
I am still bullish on this stock. Looking at the top shareholders on http://www.mffais.com/lfg.html reveals many adding to their positions and not selling. Bank of America sold some, but not that much in comparison to what they are holding. Also, there seems to be many "outs" - new administration (possible TARP?), small O/S's, business as usual, important companies for the recovery, though early in the game - LFG rep stating doubtful that stock will be cancelled, potential buying the company (by Markel Corp?) and setting it loose on the NYSE, etc.
The question is how will the test cases be resolved. It seems that LandAmerica is expediting things, which to me is an indication that they may be in the right and have a good solution for all parties. These cases appear to be setting new national standards for these types of issues, which hopefully, we will benefit.
I like the thought of adding more shares to increase the cash flow if necessary to benefit the company and perhaps those that were short-changed. As my funds are all "fun-money", worst case is that they are cancelled and they go to benefit those that got short-changed, which makes me feel charitable.
I also wonder if LandAmerica wants the stock to look like a "sickly turkey" so no one will shoot it - or go after the funds - so far alls quiet regarding discussion of cancellation of the shares...
If this thing jumps, it will be like a nuclear explosion upwards - I hope!
OH YEA!!!! Board directors saying "show me the money!!!"
Anticpating WITH Confidence!!!
Anticipation or being enthusiastic, is an emotion involving pleasure (and sometimes anxiety) in considering some expected or longed-for good event, or irritation at having to wait.
Confidence is generally described as a state of being certain, either that a hypothesis or prediction is correct, or that a chosen course of action is the best or most effective.
Very low volume today...
Good Day! 51,255 buy - nice! IMHO
Yes - why not? Calpine (CPN) did it why can't this one? IMHO
No - that is just a range - I mainly speculate (hope) in the $17.568 range...IMHO
So long to answer your question FF, but I think the timing of when this thing pops will be a surprise to many, similar to when a tsunami hits the shore - people will not be ready...being quite bullish, I also think it will be a much larger wave than most think. IMHO
Of course the Board will want to fulfill their fiduciary duty and maximize the earning of the shareholders; however, the following are my speculated pops (PPS): $53.562; $31.358; $33.934; $17.568; $11.235; $9.497; $5.014; $4.738; $2.997;
If it happens - please come to a celebration party in Vegas with me!
These are my opinions, please don't invest based upon them...
Ha! Hey, did you see this, LandAmerica was bidding on TARP October 16, 2008 - I wonder if they still have some connections...
"Title insurer LandAmerica Financial Group Inc. is bidding to serve as an asset manager of whole loan portfolios purchased by the U.S. Treasury Department under its soon-to-be-launched Troubled Asset Relief Program."
http://www.tradingmarkets.com/.site/news/Stock%20News/1948884/
That would do...
That would be nice....$17.0136736/share...
I wonder if Chandler (Theodore L Jr) 182,065 3.12 M, will make a statement tomorrow.
I also wonder if the major shareholders have been participating in the decisions to sell, etc. I am sure they are, as required by the bylaws.
I wonder if these shareholders have held and their thoughts are, as they have a lot at stake:
Name Shares Estimated Value of Shares * Holdings Shares Outstanding Turnover Rating
Fidelity Management & Research 1.52 M 36.75 M
Dimensional Fund Advisors, LP 1.35 M 32.62 M
Barclays Global Investors, N.A. 960,535 23.29 M
Schneider Capital Management Corporation 727,075 17.63 M
Old Republic International Corp. 1.53 M 17.60 M
Robeco Investment Management, Inc. 673,565 16.33 M
Kennedy Capital Management, Inc. 589,779 14.30 M
Vanguard Group, Inc. 540,409 13.10 M 0.00% 3.49% Low
Samlyn Capital 469,400 11.38 M
Markel-Gayner Asset Management Corp. 615,099 61,510.00
I believe that Viking Global sold a while ago....
This is not new news, but "In light of the completion of the sale by LandAmerica Financial Group, Inc. of its principal title insurance subsidiaries to Fidelity National Financial, Inc. on December 22, 2008, Theodore L. Chandler, Jr., the Company's Chairman and Chief Executive Officer, is leaving the Company effective January 15, 2009."
(Chandler (Theodore L Jr) 182,065 shares valued at 3.12 M)
IMHO and MWAG OTTOMH PTB (MM's) are a real PITA! (ROTFLAHMS)
http://wiki.goal.cz/seznam_chat_zkratek/index.html
The Q's HS, now that is funny!
Could anyone explain how the MM's can keep the price within these tight ranges? As if you were explaining it to a 5 year old, please...
Cool - very good - thanks!
Thanks for the info.
What do you see as the next steps coming up and when do you think the Q will come off?
And...I would like to spend part of the year in Rome...
Thanks - I thought I would put it out there, since I have enough of this stock for a small army.
IMHO: I speculate that FNF will buy the entire company, similar to Kmart with Sears. They would want a good company and get the stock kick started; however, their hands are tied currently with the court situation. Once that is completed, I speculate that the Q would go off, they take back their stock and pump a bunch of money into LFG. I would speculate that FNF would want the investors that have lost millions of dollars, many reputable companies, e.g., Vanguard, Fedelity Investments, etc. to be happy and not upset with the new owners. (It appears that many of these investment companies have not sold and have hopes for a good outcome.) I also speculate that they would not want to change the signage and computer systems with a new name, simply let it run as it has in the past, but better, and in conjunction with FNF! I would also think that after news comes out that they do have a positive outcome from the upcoming cases that a ton of money will be pumped into this stock by these big investment companies. Since only 2 of the 150 companies put this into the test cases, I believe the other companies are doing just fine. I also believe that the new board members were probably scared from the last class action law suit from the share holders and will want to dot their "i's" and cross their "t's", so that they comply with the bylaws of having the shareholder's best interest in mind. Also, after it is sold, FNF may also be able to address any differences with all of the cash that they have - their stock is doing very well and they have a ton more shares - it appears as though LFG's number of common shares is only around 8% of FNF's. Taking off the Q would allow the true values of the stock to be seen - as apparently the stock is stuck by the MM's. I would hate to be the last one to sell and then see it skyrocket. These are my speculations, of course, do not trade based upon them... Thank you and have a nice day!
...me either!
Yep, that is all it was..., just a lull.