Well, it was dead last November, it's just been laying there twitching since then and now the twiches have slowed up and the drool has started.

Please don't attack me, its an attempt at levity.

Its GREAT to see meaningful discussion and review of the facts on this board.

One question raised was the total amount of the 1031 exchanges. That amount is in the 400-450 million range depending on if you speaking of total or just the comingled accounts. In either event I think we can assume that while the judge did make those funds part of the estate, the 1031 exchangers will have the same priority to any remaining funds as other creditors so they will be ahead of the commons.

I'm hoping for a few cents to a few dollars. Please note that I wouldn't refuse a higher amount, just trying to be realistic given the outstanding claims.

It's probably a result of recent news coverage regarding the case. Specifically the quote shown below from the "LandAmerica Executives file claims for unpaid severance" news report makes it sound like there will be no assets left. We're all in this for the long run, lets just wait and see what happens. I'm not selling yet Actually, I'll never sell, it will either go to the moon or crash to nothing so fast that nobody will have time to put in orders.


"In bankruptcy filings, the company listed assets of $186million and liabilities of nearly $479million. Attorneys fees and administrative costs will be paid out first. The remaining money will be divided among creditors.
To date, more than 2,300 claims valued at more than $1billion have been filed against the estate, bankruptcy records show."

You bring up an interesting point Rebelnazix. There was an 8-K filed in January 2008, before the auction rate securities got locked up, that stated that certain named executives, namely Chandler, Evans, Hill, and Astheimer would receive three times their highest salary and bonus in the event that they lost control of the company through purchase to dissolution. The highest salaries and bonuses are in the 2005 annual report and the 3x figure would work out to about $65 million.

Here's a question for some of you that follow bankruptcies. Is that 8-K valid in the current environment? Would they be considered unsecured creditors just like us? Will they be skimming that off the top before we get to it? Any ideas out there?

Thanks !

Bravo Seabiscuit !!! Well said.

I am frankly hoping for a few dollars per share, but I sure wouldn't buy any shares with money that I wouldn't also be willing to lose 100%. The much quoted $48 per share is based on the outdated shareholder equity value which in turn is based on book value of the subordinate companies at the time they were purchased ca. 2005 at the peak of the market. Many were purchased at much more than they were worth and the offsetting goodwill was never accounted for as their value declined. In fact, as others have highlighted, Landam recently warned to not use published financials to make investment decisions.

We'll all just have to wait and see. Landamerica has made many statements that they hope to wind down completely by the end of the year which seems like a reasonable timeframe given our speedy legal system.