The time to file suit was long before the Judge ruled against the equity holders on October 10th , 2009 . I had advocated for letters to the Trustee to formally request a Shareholder Equity Committee but I did not see or learn of any letters being presented to the Judge . Once the Judge ruled against all equity holders it was too late to file suit....or certainly a waste of time and inordinate expense to try to over-rule a Judge's decision .
As I had argued numerous times it was wrong for Land America to file a Chapter 11 when the company was liquidating entirely . Under a Chapter 7 liquidation BK the equity holders would have received any monies left over , whereas a Chapter 11 allowed for equity to be cancelled in favor of the creditors getting all of the money . Had a Shareholder Equity Committee been formed a lawyer would have demanded to the Court that Land America file Chapter 7 so that shareholders would have received the remains .
Equity Holders were robbed by the improper Ch 11 , and the apathy of shareholders to do nothing allowed it !!
Renee
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