FAQs
On November 26, 2008, LandAmerica Financial Group, Inc., and its affiliate LandAmerica 1031 Exchange Services, Inc. (collectively, the "Debtors"), filed voluntary petitions (the " LandAmerica Cases") for relief under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (as amended, the "Bankruptcy Code").
The questions and answers that follow provide general information concerning the LandAmerica Cases, the Official Committee of Unsecured Creditors of LandAmerica 1031 Exchange Services, Inc. (the "Committee"), and various topics related to the LandAmerica Cases and the Committee.
What is the Committee?
Pursuant to the Bankruptcy Code, the United States Trustee is authorized to appoint a committee of creditors holding unsecured claims as soon as practicable after the filing of a case. Generally, a creditors' committee is a group (typically seven) of general unsecured creditors appointed to represent, in a fiduciary capacity, the interests of all general unsecured creditors. In such role, creditors' committees act to protect and promote the interests of general unsecured creditors by, among other things, monitoring a debtor's business operations, investigating its business and financial affairs, and negotiating the terms of a plan of reorganization (a "Plan"). The overarching goal of a creditors' committee is to maximize value for general unsecured creditors.
In accordance with this authority, on December 3, 2008, the United States Trustee appointed the Committee in the bankruptcy case of LandAmerica 1031 Exchange Services, Inc.
What is the Committee's role in the LandAmerica Cases?
Pursuant to the Bankruptcy Code, the Committee may: (1) consult with the trustee or debtor in possession concerning the administration of the LandAmerica Cases; (2) investigate the acts, conduct, assets, liabilities, and financial condition of the Debtors, the operation of the Debtors' businesses and the desirability of the continuance of such businesses, and any other matter relevant to the LandAmerica Cases or to the formulation of a Plan; (3) participate in the formulation of a Plan, advise those represented by the Committee of the Committee's determinations as to any Plan formulated, and collect and file with the court acceptances or rejections of a Plan; (4) request the appointment of a trustee or examiner under section 1104 of the Bankruptcy Code; and (5) perform such other services as are in the interests of the unsecured creditors.
Who are the members of the Committee?
- Millmar Holdings, LLC
- Endless Ocean, LLC
- MB Venture, Ltd.
- Amarillo Tower Limited
- Petaluma Southpoint, LLC
Who represents the Committee?
The Committee retained Akin Gump Strauss Hauer & Feld LLP to act as its counsel and Tavenner & Beran, PLC as its co-counsel.
Which LandAmerica entities are in bankruptcy?
| Main Debtor | LandAmerica Financial Group, Inc. Case No. 08-35994-KRH |
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| Related Debtor | LandAmerica 1031 Exchange Services, Inc. Case No. 08-35995-KRH |
Who is the United States Trustee?
The United States Trustee for the LandAmerica Cases is Robert B. Van Arsdale. The Trial Attorney assigned to the LandAmerica Cases is Shannon F. Pecoraro.
What role does the United States Trustee Play?
The United States Trustee Program is a component of the Department of Justice responsible for overseeing the administration of bankruptcy cases. For further details on the United States Trustee's role, please visit http://www.usdoj.gov/ust/r04/index.htm.
Does the Committee represent individual creditors?
No. The Committee represents the interests of all unsecured creditors through oversight of and negotiations with the Debtors. Neither the Committee nor its counsel represent individual creditors that may have claims in the LandAmerica Cases.
What is the deadline for filing proofs of claims?
On February 27, 2009, an Order was entered fixing April 6, 2009 at 4:00 PM (Prevailing Eastern Time) as the deadline for filing proofs of claim. Click here to view a copy of the Order.
Do I need to file a proof of claim?
If you believe that you or an entity you represent has a claim arising prior to November 26, 2008 against one or more of the Debtors, you may wish to file a proof of claim to protect your rights. You should consult your own counsel in deciding to file a claim in the LandAmerica Cases. For additional information regarding proofs of claim, please refer to http://chapter11.epiqsystems.com/clientdefault.
Have the Debtors filed any chapter 11 plan(s) or disclosure statement(s)?
The Debtors' Amended Joint Chapter 11 Plan was filed with the Bankruptcy Court on November 16, 2009 and the Disclosure Statement was filed with the Bankruptcy Court on October 13, 2009. A hearing to approve the disclosure statement was held on October 13, 2009. To view these documents, please click on the Plan of Reorganization and Disclosure Statement link on the left side of the page.
How long will the LandAmerica Cases last?
There is no specific time estimate for the LandAmerica Cases.
Who is the judge presiding over the LandAmerica Cases?
The LandAmerica Cases are assigned to the Honorable Kevin R. Huennekens, United States Bankruptcy Judge for the Eastern District of Virginia, Richmond Division.
For additional frequently asked questions regarding the Debtors, please visit the LandAmerica Financial Group, Inc. website http://www.landam.com/Home.htm.