LandAmerica Bankruptcy Update

On November 26, 2008, LandAmerica Financial Group, Inc. (“LFG”) and its subsidiary LandAmerica 1031 Exchange Services, Inc. (“LES”), filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Eastern District of Virginia, Richmond Division (the “Bankruptcy Court”).

LES’ principal business was serving as a qualified intermediary (“QI”) for deferred, like-kind property exchanges consummated under Section 1031 of the Internal Revenue Code, 26 U.S.C. § 1031 (“Section 1031”). As a prominent QI serving Section 1031 exchange customers, LES received billions of dollars of exchange funds to hold for its customers.

To date the following LandAmerica entities have filed bankruptcy:

LandAmerica Financial Group, Inc.
Filed November 26, 2008
LandAmerica 1031 Exchange Services, Inc.
Filed November 26, 2008
LandAmerica Assessment Corporation
Filed March 6, 2009
LandAmerica Title Company
Filed March 27, 2009
Southland Title Corporation
Filed April 11, 2009
Southland Title of San Diego
Filed April 11, 2009
Southland Title of Orange County
Filed April 11, 2009

All of LandAmerica’s entities are being jointly administered by the Bankruptcy Court.