In January, the Trustee for the LandAmerica 1031 Exchange Services, Inc. Trust (“LES Trust“) filed a motion to approve another settlement. The proposed settlement is with one of the insurers, Lloyd’s, London, which proposes that Lloyd’s, London pay $37,855,029.06 to settle its liability in the LandAmerica case. The proceeds shall be allocated 90% to the LES Trust and 10% to the LandAmerica Financial Group Trust for the first $10 million of proceeds, and 100% to the LES Trust thereafter (in other words, the LandAmerica Financial Group Trust will receive $1 million).
This settlement was approved by the Bankruptcy Court by its Order entered April 25, 2012. It is not known at this time when the next distribution in this case will be made or how much will be distributed.