LandAmerica commingled exchangers denied official committee representation

By Jennifer Lanning Drey

Portland, Ore., Feb. 5 - A LandAmerica Financial Group, Inc. ad hoc committee of commingled exchangers' motion for official committee representation was denied by the U.S. Bankruptcy Court for the Eastern District of Virginia, according to a Thursday filing.

As previously reported, the commingled exchangers said the company's official committee of unsecured creditors' fiduciary duty to all claimants hinders, if not prohibits, it from adequately representing their interests.

According to the motion requesting the appointment of an official committee, many, if not all, of the commingled exchangers may lose, or have lost, earnest money on deposits. Additionally, many or all will lose, or have lost, the tax benefits of the exchange.

LandAmerica, a title insurance underwriter based in Glen Allen, Va., filed for bankruptcy on Nov. 26. Its Chapter 11 case number is 08-35994.

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