Bankruptcies, Stock Market
LandAmerica lands its ass in bankruptcy
Title underwriter LandAmerica Financial Group has filed for bankruptcy with $2.8 billion in debts. The company has pointed the finger at Fidelity for pulling out of a $126 million takeover offer. Shares of the company — which peaked last year at $106 — are currently trading around 90 cents.
In a statement, LandAmerica’s CEO, Theodore Chandler had this to say:
“This coordinated Chapter 11 filing and Nebraska rehabilitation action offers our stakeholders the best result available in this brutal real estate, credit and capital market environment.”
Somehow I imagine that “stakeholders” don’t feel that this is the “best result available…”
LandAmerica landslide:
[...] are on their way down the tubes. their titles are hilarious, like Gawker-style hilarious (example: Land America Lands its Ass in Bankruptcy), so i read idiotinc regularly even though i’m not a business-blog-reading kind of a [...]