After a merger agreement that pointed out the dire situation of LandAmerica, Fidelity ends their shotgun wedding, leaving an all-too publicly wounded LandAmerica to fend for itself.
FNF today announced the termination of its definitive merger agreement with LandAmerica Financial Group, Inc., pursuant to its contractual due diligence termination right.
If another solution doesn’t present itself in the near term, we will get to witness what happens when a large underwriter becomes insolvent. It won’t be good for the industry or the policy holders.
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http://www.tradingmarkets.com/.site/news/Stock%20News/2043699/
Looks like they parked 1031 exchange dollars in securities that turned illiquid.
I’ve always hoped for a LandAm Old Rep merger.
I was wondering why they were playing in auction rate securities…
Hard to get over $235 million tied up in a seriously declining market.
LandAm files Chpater 11 for some of its business lines and sells Title ops to fidelity for 300 mill