LandAmerica asks court to approve $2.5 million RealEC stock sale

By Jennifer Lanning Drey

Portland, Ore., June 18 - LandAmerica Financial Group, Inc. requested court approval of the proposed $2.5 million sale of its stock in RealEC Technologies, Inc. to LPS Asset Management Solutions, Inc., according to a Friday filing with the U.S. Bankruptcy Court for the Eastern District of Virginia.

RealEC is a joint venture in which LandAmerica is an approximately 22% owner with 3,065,000 shares.

LPS Asset Management is a 55.9% owner in the joint venture.

LandAmerica did not establish formal bidding procedures for the sale but said the agreement is subject to higher and better offers.

RealEC operates the RealEC Exchange, an electronic partner network for the mortgage industry.

LandAmerica, a title insurance underwriter based in Glen Allen, Va., filed for bankruptcy on Nov. 26, 2008. Its Chapter 11 case number is 08-35994.

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