June 19, 2012. This email is to provide you with an update as to the progress of the LandAmerica case. On June 15th, the Trustee for the LandAmerica Financial Group, Inc. Trust (“LFG Trust“) filed a motion to approve another settlement. The proposed settlement is with the former officers and directors of LandAmerica and their insurers (Allied World National Assurance Company, Arch Insurance Company, Arden Reinsurance, AIG Casualty Company, Continental Casualty Company, Illinois Union Insurance Company, Alterra Bermuda Limited, U.S. Specialty Insurance Company and Zurich American Insurance Company), which proposes that the insurers pay $36,000,000.00 to settle their liability in the LandAmerica case. This settlement has been approved by the Trustee for the LandAmerica 1031 Exchange Services, Inc. Trust (“LES Trust“).
It is unknown exactly how much exchangers will receive as part of this settlement. This will most likely be the final settlement in the case. Objections to the proposed settlement are due to be filed July 2, 2012 and a hearing on the motion is scheduled for July 9, 2012 at 11:00 a.m.