Richmond, Virginia. On November 9, 2012, Gerald A. McHale, Jr., Liquidation Trustee for the LandAmerica 1031 Exchange Services, Inc. Liquidating Trust (“LES Trust”) notified claimants that approximately 15 percent of LES Class 6 claims are to be distributed. The funds are anticipated to be distributed mid to late December.
These funds came from the settlement the LES Trustee negotiated with Lloyd’s of London (“Underwriters”), the E&O insurer, for $37,855,029.06, of which the gross recovery to the LES Trust is $36,855,029.06 (the “E&O Settlement”). That E&O Settlement also involved an $11 million settlement between certain Title companies and a purported class of exchangers of LES, where class counsel has also agreed to cap its fee request at 25% of $9 million (“Class Title Company Agreement”).
With offices in Richmond, Glen Allen, and Hopewell, Ronald Page, PLC services debtors and creditors in bankruptcy proceedings in the Virginia Capitol area including Richmond, Henrico County, Chesterfield County, Hopewell, Petersburg, Hanover County, Caroline County, Powhatan County, Prince George County, Goochland County, New Kent County, and Amelia County.