Richmond, Virginia. LandAmerica Bankruptcy Update. On June 11, 2009, LandAmerica Financial Group, Inc. (“LFG”) and LandAmerica 1031 Exchange Service, Inc. (“LES”) filed three omnibus motions objecting to bankruptcy claims. The bases of the rejections were that the claims were duplicate claims, filed late, or filed against the wrong debtor.
A large number of 1031 exchange customers filed claims against both LES and also against LFG based upon a number of grounds. The claims of 1031 exchange customers against LFG were uniformly objected to as having been filed against the wrong debtor.
The hearing on these motions is scheduled for July 21, 2009 at 11 am before the Eastern District of Virginia Bankruptcy Court, Richmond Division, in Judge Huennekens’ courtroom. All objections to the motions must be filed by July 14, 2009.