LANDAMERICA (fka LFGRQ)

[detearing]

IMO: This is a real "foot-stopper" in the door closing (cancelling) on LandAmerica's stock...

"The amended terms will reduce the total purchase price for Commonwealth and Lawyers to approximately $235 million. Chicago Title Insurance Company ("Chicago Title") and Fidelity National Title Insurance Company ("Fidelity National Title") will pay a total of approximately $135 million in cash to LFG. Additionally, FNF will pay LFG a total consideration of approximately $100 million consisting of a $50 million subordinated note due in 2013, with interest at the 5-year treasury rate at closing plus 1 percent, and approximately $50 million in FNF common stock."

$100M + $50M foot-stoppers = $150M

$150M foot-stopper / 15.469M shares = $9.696 foot-stopper/share

$135M CASH - $10M short with 1031 Exchange = $125M
$125M gravy / 15.469M shares = $8.08 gravy/share

$9.696 foot-stopper/share + $8.08 gravy/share = $17.776/share

This does not include the other assets; therefore, Earnie tells me that he remains solid with the over $50/share. I am skeptical with Earnie's call and will remain cautious with the range of $40.000 to $49.999 for now...