LandAmerica Title Company Sale Approved by Bankruptcy Court

The Richmond Dispatch reports on Bankruptcy Court approval of the sale of LandAmerica's title insurance companies, Commonwealth and Lawyers Title to Fidelity National. See Bankruptcy judge OKs LandAmerica core sale

The U.S. Bankruptcy Court in Richmond yesterday approved the sale of LandAmerica Financial Group Inc.'s core operations to Fidelity National Financial Inc. of Jacksonville, Fla.

Stewart Title Guaranty Co. of Houston, the other suitor for the Henrico County-based company's main subsidiaries, was shut out of the deal.

Fidelity's $282 million offer includes $157 million to recapitalize the subsidiaries so they can continue operating, according to papers filed Monday with the Nebraska Department of Insurance.

Its cash offer was enough to finance LandAmerica's pension shortfall of $59 million, lawyers for LandAmerica argued. Topping off the pension fund would be a requirement of any deal, they said.

The Nebraska insurance authorities have approved the sale and it is expected that the Federal Trade Commission will do so in time to close on Monday, December 22, 2008.

Vested Title Inc., 648 Newark Avenue, P.O. Box 6453, Jersey City, NJ 07306.
Tel 201-656-9220. Fax 201-656-4506.
E-mail vti@vested.com - www.vested.com

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