Replies to post #9189 on LANDAMERICA (fka LFGRQ)

[OrnateSilk]

Your thinking and concern is valid. I am not 100% sure that the loss of value in the exchange will not be the ultimate responsibility of Land America.

I have never suggested a final share price at all, much less one that is in the $20+ range. I have a position here (have since they declared bankruptcy), but it is one I am prepared to lose in full should things not go as projected by most on this board.

[Eli's Gone]

Here's some LES #'s from the BK petition date...

http://www.les1031creditorcommittee.com/firstdayhearing.pdf

The funds of approximately 50 of the 450 like-kind exchange customers of LES were
held in segregated accounts (the “Segregated Account Customers”). As of the Petition Date, LES
maintained approximately $138.6 million in segregated accounts with Citibank, N.A. and $75.3
million in segregated accounts with Centennial Bank. These segregated funds equal or exceed
the claims of the Segregated Account Customers. The remaining 400 customers’ funds were held
in commingled accounts (the “Commingled Customers”). As of the Petition Date, LES
maintained the Commingled Customers’ funds in (a) treasury bonds worth approximately $46
million and (b) auction rate securities with a par value of approximately $201.7 million. These
government treasury bonds and auction rate securities are held in one of two brokerage accounts
with SunTrust Robinson Humphrey and Smith Barney-Citigroup. The Commingled Customers
hold claims against LES equal to approximately $191.7 million.