LandAmerica $12.2 million home warranty entity stock sale approved

By Caroline Salls

Pittsburgh, May 21 - LandAmerica Financial Group, Inc. received court approval of the $12.2 million sale of its interests in home warranty operating entities to Buyers Protection Group, Inc., according to a Thursday filing with the U.S. Bankruptcy Court for the Eastern District of Virginia.

The home warranty operating entities include LandAmerica Home Warranty Co., LandAmerica Property Inspection Services, Inc., Buyer's Real Estate Services, Inc. and Residential Property Maintenance, Inc.

As previously reported, Buyers Protection's shares will be owned by Revell Fraser and the Stephens Group, LLC or Stephens Group affiliates.

Stephens Group will be the majority owner or will own the controlling interest in Buyer Protection, and Fraser will own a minority interest and will be a senior executive and officer of the stalking horse bidder.

In addition, the company said Fraser is currently an officer and director of some divisions of the home warranty business and is also a LandAmerica senior vice president.

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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