I think the entertainment of the speculation that is abound on this forum is what keeps me reading. You have to remember that your perspective is through a tunnel of your experiences and likely not representative of the whole.

We all do it, but most of what we speculate here just isn't true. I say this because I just got some of the very same orders from LA that had been cancelled from my queue on Friday. And I bet some well-behaved click monkey like me grabbed yours before you ever knew they were there.

But don't let me stop the speculation - it really is entertaining!

Here is the essence of an email I just received from a Landamerica title rep here in the metro-Phoenix area. It would seem that obits for Landamerica are a bit premature:
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Hi Everyone!

As you may already know, the merger between LandAmerica and Fidelity National Financial was terminated. Some of our competitors are trying to raise concerns over LandAmerica’s reserve and surplus levels as it is related to our title insurance companies. Attached is a schedule of public record that shows LandAmerica has nearly $1.2 BILLION in surplus and reserves and our insurance underwriters are strong.

Illiquid investments in auction rate securities made with 1031 exchange funds were a significant component of LandAmerica’s trouble. These securities cannot be sold or borrowed against due to the credit crunch, creating a liquidity issue for our company. LandAmerica has closed its 1031 operations to preserve the financial health of the enterprise as a whole.
---------------

Wally Neal
Broker/Realtor 15+ Yrs Metro Phoenix AZ
www.tntaz.com

Could be, however AIG / Wachovia / WaMu / Lehman Brothers all told how robust they were right before - well you know the rest of the story.

I still wouldn't let them get to far into your pockets unless you can afford to lose it.

Don't get me wrong - I truly hope they make out - I think they have a good system even if they do QC oddly and have low pay and have put me in their doghouse - I think they're a good source of orders.

LandAmerica Financial is a lot more than BPO's and asset management.
It's more like Fidelity or FirstAm with title insurance, flood certs, a relocation division, and a lot of other parts. Here's a website link http://www.landam.com/home.htm

The history of the Fidelity deal kind of went like this:

Nov 5 They delayed their 3rd quarter results announcement
Nov 7 Announced the merger with Fidelity
Nov 10 Announced 3rd quarter results. They lost $599 million (that's about $39 per share) and almost $675 million YTD
Nov 21 - The Fidelity deal is called off. Under the merger agreement, Fidelity had the exclusive right to cancel the deal anytime up until the 21st.

By the way, the stock yesterday was selling for under a $1.00

When a stock drops under a buck it usually is removed from the board and hardly ever returns, not a good thing. I'm not rushing to buy any even though I wish LA all the best.

The timeline also leaves out that during this time Fidelity went over LA's books before deciding to back out of the deal.

Interesting...I got a big batch of orders last Friday but when I went into the system to accept, they were gone. I emailed my rep and she said they were having system problems. Haven't heard from her since or seen the missing orders again. Which is a blessing I guess...I am already snowed under with work.

Pinehurst, a stock is allowed to trade for a certain number of days at under $1 before it is delisted. One day will not delist the stock!

LandAmerica Files Bankruptcy, Sells Three Units to Fidelity (11.26.08) on DSNnews.com Nov 26-
what will happen next?

I'm thinking this is probably not a good time to ask them to send the $35 they owe me?

I know it's not a laughing matter but I do see the irony in that small of an amount since I've already written of between $8,000 and $10,000 in services I've already paid out labor and expenses on.

$6k to $7k of that was just written off in the last 2 months, after waiting since April of this year for most of it, then sending notices of intent to lien. It was the only way to get the OTHER $15k I was owed.

Everyone seems to be scrambling for cash these days. Has anyone else noticed a sharp decline in payments since the end of August or is it just me?

I don't have that kind of money to throw away and my employees get paid before I do. Basically, I paid for the jobs. Now I'm trying to figure out how to survive on peanut butter and jelly.

So, to those particular banks and AM's.......... you're very welcome. Please don't offer me anymore work. I can't afford it.

Linda

Good call, PH. Delisting can occur for other factors. But trading under $1 is an alarm.

Apparently trading was halted per regs, and NYSE has determined that LFG common stock should be suspended immediately. The application for delisting has begun.

Terrible shame.

Don't kiss it all off yet ! Pay attention to the News and watch to see IF the Bankruptcy actually occurs. You should make sure you get your claim(s) onto the list of Creditors so that you're at least considered by the Court. If it actually goes to Bankruptcy Court, it's my experience that this is one place where the "Little Guys" actually get a higher proportion of their claims satisfied than do the bigger Creditors.

This may only result in a few Cents on the Dollar; but you owe it to YourSelf to at least try. Someone will probably "bail" them out and you can get a few ounces out of the bucket. Keep Hope Alive !

Vermont. That's wonderful advice and I love you for it. The problem is that I've already negotiated my invoices with the AM in order to get what I got.

My problem is they eked it out a little at a time and I fell behind in payroll by 3 weeks.

One of my suspended clients just forked over $3,200 that she's owed me for invoices from February to July. She's got a ways to go before she's in the clear and still has invoices pending from February. Nothing gets paid by her in the order it was invoiced. I've been nice and I've been patient, accepting numerous stories. NOW I'm the bad guy.

My payroll's caught up until this Friday but I have other jobs scheduled and not sure where the funds are coming from to cover everything. My tax impound account has been wiped out covering payroll up until now and will have a pretty heavy payroll tax burden at the end of the year.

Payments are so sketchy right now and I feel like I'm begging for every penny I've earned. My profits are sitting in my receivables and I'm spending valuable field time doing collections.

We do a good, solid business and have extended ourselves to our clients in every way possible. I simply don't see anything coming back to me in any bankruptcy settlements. I don't think my clients are filing bankruptcy but perhaps the banks are.

It's scary. But I can tell you that, if you know a way to get what I've written off already, PM me. I could use the help.

Thanks!

Linda

The stock is trading as pink sheet otc stock (last price seen was 12 cents /sh.) Usually after a company goes bankrupt, it trades under a new symbol ending in the letter Q.

Update

Their stock symbol is now LFGRQ and trading at .10