LandAmerica Bankrupty Mediation

On Friday, May 8, 2009, LandAmerica 1031 Exchange Services (the “Debtor”) filed a motion with the Bankruptcy Court for the Eastern District of Virginia, Richmond, Division, presenting a mediation proposal to decide many of the remaining issues present in the bankruptcy case (the “Mediation Protocol”).  The Mediation Protocol would have the Debtor and the Committees litigate and then mediate the $65 million intercompany obligation no later than June 12, 2009.  It then provides for mediation between the Debtor, Committees, and Lead Case Plaintiffs regarding global settlement of the lead cases and liquidation of the Debtor to occur no later than July 1, 2009.