LANDAMERICA (fka LFGRQ)

[johnny2525]

This quote came from a link that money had in a previous post.

"If a company is successful in chapter 11, it will typically be expected to continue operating in an efficient manner with its newly structured debt. If it is not successful, then it will file for chapter 7 and liquidate. In both instances, common shareholders will most likely see little (if any) return on their investments. "

Now the thing is that Land never filed for chapter 11. They just filed for chapter 11 protection. They are now asking to be released from it because of the fidelity deal. One would presume that the fidelity deal took care of there debt. It wouldnt make much sense to get out of chapter 11 protection if you still needed to be protected. It doesnt make sense to file for chapter 7 if you chapter 11 protection was succesful. To me it sounds like they made it out of chapter 11 protection and they have some money left over. They figure that they dont want to continue business with whats left, so they want to sell the remaining portions.