LandAmerica Sells Auction Rate Securities

Richmond, Virginia.  The Trustee for the LandAmerica 1031 Exchange Services, Inc. Trust (“LES Trust”) has sold the ARS securities held in the SunTrust account.  The face value of the securities sold totalled $51,400,000.  The gross amount of proceeds received from the sale is $31,152,000; a price of .606 per dollar of face value.  The Trustee negotiated a reduction in the Broker’s fee to 1% of proceeds from 2% of proceeds as per the engagement agreement signed at the time of Plan confirmation.  This saved the Trust $311,500.  The net amount of proceeds received from this sale totalled $30,840,500.  Ronald Page, PLC represents creditors in complex Chapter 11 bankruptcy cases.