Replies to post #9391 on LANDAMERICA (fka LFGRQ)

[marayatano]

Anything can happen in bankruptcy. They deserve to be paid of course, but the law favors the wealthy and connected. I have only been trading WAMUQ. Good luck.

[Renee]

It is always about the Chapter 11 Bankruptcy PLAN , and although LandAmerica had only 15 million shares outstanding the greed mongers wanted every penny for themselves .

Because the U.S. Bankruptcy Laws relegate common shareholders to the bottom of the line on entitled beneficiaries , and because of the precedent of cancelling the common equity in favor of everyone else in the food chain with most Chapter 11 Bankruptcies , it is just too easy for a Judge to rule against the common equity holders , citing those hundreds of precedents .

I contended for months that LandAmerica should have filed Chapter 7 liquidation Bankruptcy where ALL of the residual monies left over after paying off ALL creditors and wind-up expenditures would have automatically and lawfully gone to the common equity holders . The Chapter 11 Filing was a ruse because LandAmerica had absolutely NO intentions whatsoever of re-organizing , and I allege that the improper Chapter 11 was intended for the sole purpose of cancelling the common equity . Very powerful people ensured that LandAmerica remained in Chapter 11 when it should have been a Chapter 7 Liquidation from the onset , and whereby Chapter 7 BK's are mandated to give the Common Equity Holders ALL the money left over .

I do not know the full extent of Washington Mutual's plans for re-organizing but I can attest that the re-organization PLAN will most likely EXclude the common equity holders , just because very powerful people can horde every penny for themselves under the stipulations of the Chapter 11 Laws ....just like the very powerful people did to LandAmerica's common equity .

It is WRONG , WRONG , WRONG . Very powerful people do not care , and advocates for the Common Equity Holders , even Shareholder Equity Committee advocates wearing Lawyer suits , are usually dismissed just because the Chapter 11 Laws are extremely prejudicial AGAINST common equity holders . Unless the Chapter 11 Laws are changed to fairly regard ALL parties the precedents of cancelling the common equity will prevail .

Look no further than LandAmerica's 15 million Outstanding Shares being cancelled at the whim of the Judicial System as I have argued in prior posts on this board .

Renee